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Diamond Industry
India's natural diamond polishing industry faces a 28-30 per cent fall in revenues to USD 12.50 billion in this financial year as the steep 50 per cent tariff imposed on Indian exports by the US kicks in, a report said on Thursday. An additional 25 per cent tariffs on Indian products entering the American market came to effect on Wednesday after the US administration's move to penalise India for purchasing Russian oil. This is on top of the 25 per cent the reciprocal tariff imposed by US President Donald Trump in April. During 2024-25, the revenue of the natural diamond polishing industry in India stood at around USD 16 billion, Crisil Ratings said in a report. The blow will follow a 40 per cent degrowth over the past three fiscals because of a fall in both prices and sales volume of natural diamonds as demand in the US and China dropped, and competition from lab-grown diamonds rose, it added. Crisil Ratings said 50 per cent tariffs, effective this week, makes exports to the US tou
Leading lab-grown diamond brand Solitario Lab Grown has raised USD 3.6 million in a pre-IPO funding round. The funding round attracted notable investors including Neeraj Gupta (Founder of Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Promoter, Solar Industries), along with several ultra-high-net-worth individuals including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh, a company statement said on Tuesday. Co-founded by jewellery industry veteran Ricky Vasandani, and Bollywood actor Vivek Oberoi, Solitario crafts sustainable, eco-conscious diamond jewellery including necklaces, rings, earrings, bracelets, and pendants. "The newly raised capital will be used to expand Solitario's retail network both domestically and internationally, enter new geographical markets, enhance branding and marketing initiatives, broaden its product portfolio, and strengthen its manufacturing capabilities," Co-founder Vivek Oberoi, said. The company has
Commerce and Industry Minister Piyush Goyal on Friday ruled out additional regulations for the lab-grown diamond industry, stating the sector has flourished under the existing self-regulatory framework. Speaking during Question Hour in the Rajya Sabha, the minister said the Kimberley Process Certificate for natural diamonds is widely accepted in international markets. "Wherever we have given free hand, the industry has prospered. Bringing more regulation for this is not in the interest of the industry," Goyal said. He pointed out that the Kimberley Process provides international certification for natural diamond traceability, while separate certification systems exist for lab-grown and natural diamonds. The minister said the government maintains regular dialogue with industry stakeholders and has permitted self-regulation, which has proven effective. On G7 nations imposing traceability requirements, the minister said they have the right to put them in place. "However, to ensure o
De Beers, a global leader in the diamond industry, on Wednesday announced it will foray into the retail segment with the opening of 15 Forevermark brand stores in India in the current year. De Beers India Managing Director Amit Pratihari said the plan is to establish 100 retail stores by 2030 with a revenue target of USD 1 million. "We are investing in retail through Forevermark jewellery brand. We will open 15 stores, eight in Delhi and the rest in Mumbai this year," he told reporters here. The retail space for opening the stores has been identified and probably, the first retail store will open in June-July, the official said, but declined to share the financial details. Pratihari said there is no threat to the natural diamond industry from synthetic diamonds while emphasising the need for quality certification to differentiate both to protect the interest of consumers. The company is working closely with the government in this regard, he added.