Page 3 - Diamond Industry

Indian diamond industry set to focus on domestic markets, ASEAN countries

The diamond industry is set to focus on domestic markets and emerging markets in ASEAN countries in an attempt to neutralise the impact of reduced demand from the US and the European Union (EU)

US freezes fund transfers worth Rs 2.6 crore by Indian diamantaires

The US authorities told banks to hold the nostro accounts of the suppliers' banks, and thus, rough diamond sellers did not receive payments

MSMEs to face headwinds due to economic slowdown in US, Europe: CRISIL

A fifth of the MSME sector by value is expected to witness an increase in working capital requirement this fiscal, the report said

From green-diamonds to Robert Frost poems: Gifts that Modi, Biden exchanged

The green diamond gifted to the US First Lady Jill Biden reflects earth-mined diamonds' chemical and optical properties

Blackstone to pay up to $550 million to acquire diamond grading firm IGI

Blackstone, the world's largest private equity firm is likely to sign an agreement with Fosun and IGI's other shareholders by the end of this week

India's diamond exports sluggish on weak US, China demand amid slowdown

India reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March

US sanctions on Russian diamonds: Surat industry stares at 25% job loss

Urges that sanctions be imposed on only high-valued diamonds of one carat and above

Diamond production down 21%; 10K workers lose jobs, salary cuts for others

According to Surat Diamond Workers union's rough estimate, some 10,000 diamond workers have lost their jobs in the last few months because of production cuts and small units closing down

Indian diamond traders hit by rupee risks amid Russian supply woes

"The Russians are not comfortable with the rupee invoicing as far as the gems and jewelry sector is concerned," said Gem & Jewellery Export Promotion Council

No shine in Surat diamond industry this Christmas, thanks to bad US economy

Festive orders, sales in December down by 15-20% over last year

Russia's secret gem sales fracturing diamond trade from Mumbai to New York

Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa PJSC was hit with US sanctions

Double the pain for Surat diamond industry as demand falls, costs rise

Western markets fear recession and domestic business is uncertain ahead of festival season later this year

Surat diamond industry pins hope on new mines amid staggered work

With some mines in Botswana being put to work, rough diamond trade could ease by 10% amid US sanctions on Russia's Alrosa which commands 27% global supply

As US buyers check for source, Surat diamond industry changes sales plan

Polishing units shift focus to domestic business as American clients shun Russian stones and company partly owned by the Kremlin comes under sanctions.

TMS Ep176: SC on GST, diamond industry, volatile markets, delimitation

How will the SC ruling affect the GST framework? How is Ukraine crisis impacting Surat's diamond industry? Are markets poised for deeper cuts down the road? What is delimitation? All answers here

Russia impact: Surat diamond industry stares at massive job losses in June

The month of May offers some respite with 25 per cent workers sent on leave till June

US lawmakers want India to restrict sale of Russian-origin diamonds

A bipartisan group of American lawmakers has sought the help of the Biden administration in restricting the international trade and sale of Russian-origin diamonds

Business as usual, assures Russia's Alrosa as Indian diamond trade frets

While almost 50% of the Indian industry's rough diamonds come from Africa, Alrosa is the second biggest source with 30-35% share

A silver lining in Surat's diamond industry amid production crisis

Lower output has let the industry hold on to bargaining power over polished gems

Gujarat: Diamond workers in Surat quitting jobs due to low wages

The diamond industry in Surat is facing a shortage of workers as they are quitting jobs due to low wages.As the COVID cases are decreasing across the world the diamond industry is booming again. Diamond Workers Union says that there is a high demand for polished diamonds in the international market due to which the export of polished diamonds and jewelery has increased. But diamond workers in Surat have not benefited from this.The union says the diamond merchants are reluctant to increase the salaries of workers despite the increase in work.The Diamond Workers Union has alleged that wages during the lockdown have not been paid leading to a 20 per cent shortage of artisans in the industry. Many workers went home due to non-payment of salary in the lockdown.Speaking to ANI, Diamond Workers Union Vice President Bhavesh Tank said, "At least 20 per cent diamond workers from Surat quit jobs due to low salaries. Despite the high demand for polished diamonds in the international market, ...