Page 3 - Diamond Industry

8-carat 'Modi diamond' with PM's engraved face at Surat exhibition: WATCH

'Modi diamond': The 8-carat lab-grown gemstone, showcased by the Surat Diamond Association, took about a month to prepare

Karnataka must give opportunities for manufacturing to grow: Titan MD

State's effort will help country in achieving target of being a $5-trn economy: C K Venkataraman

Despite Q3 margin miss, Street remains positive on Titan's prospects

Analysts remain cautious about near-term consumption trend

Gem, jewellery exports decline 4.52% in Nov to Rs 19,018 crore: GJEPC

The overall gem and jewellery exports witnessed a on-year decline of 4.52 per cent in November to Rs 19,018.180 crore (USD 2,263.34 million), GJEPC said on Friday. Exports stood at Rs 19,917.73 crore (USD 2437.53 million) during November 2022, according to the data by the Gem and Jewellery Export Promotion Council (GJEPC). "The decline in shipments has narrowed to just 4.52 per cent. There is an improvement in gem and jewellery exports in November mainly due to supply disruptions. "The industry in India had urged the industry to stop importing rough diamonds from October 15 till December 15, following geopolitical issues and lack of demand. This disruption and the festival demand has rejuvenated the demand scenario leading to improvement in exports," GJEPC chairman Vipul Shah told PTI. The industry expects things to improve going forward and expects the exports in FY24 to be better than the previous financial year, he added. Meanwhile, the overall export of Cut and Polished diamon

Gujarat's diamond sector sparkles, new bourse to take turnover to Rs 2 trn

The diamond sector in Gujarat, where eight of the world's 10 rough diamonds are processed by around eight lakh polishers based in Surat, is a major contributor to the state's economy, and the new diamond bourse coupled with the Vibrant Gujarat Summit are projected to spur its growth further, experts feel. Prime Minister Narendra Modi on Sunday inaugurated the sprawling Surat Diamond Bourse, calling it a symbol of strength and determination of new India. According to industry experts, the contribution of the state's diamond sector is only going to get bigger with the new bourse as the turnover is projected to go up to Rs 2 lakh crore annually. The industry is set to provide employment to another 1.5 lakh people and help achieve the central government's ambitious export targets for gem and jewellery, they say. The Vibrant Gujarat Global Summit will help in the growth of the gems and jewellery sector, which accounts for 3.5 percent of world's export, which will add sheen to the state's

Diamond polishing industry revenue may drop 30-35% this fiscal: CRISIL

India's diamond polishing industry will see its revenue drop by 30-35 per cent to USD 14-15 billion in current fiscal year on poor demand from the US, EU and China, rating agency Crisil said on Wednesday. These three geographies account for 75 per cent of India's polished diamond exports, it added. "Israel imports USD 1.25 billion worth of polished diamonds annually from India. With the country now declaring a war on the Palestinian militant group Hamas, this number could be at risk," said Rahul Guha, Director, Crisil Ratings. There is some increase in demand in the second half of every fiscal from festivities such as Thanksgiving, Christmas and the Chinese New Year, but this is unlikely to provide a significant offset this time, he said. "Consequently, we see the Indian diamond industry shrinking by over a third on an annualised basis this fiscal," he noted. According to Crisil, with the inventory of higher-cost polished diamonds piling up to over four months of sales, profitabil

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.