Page 4 - Diamond Industry

Gujarat: No impact of Covid-19 pandemic on Surat's diamond industry

Many migrant workers have left Gujarat's Surat city

Factory reset: Surat's textile hub weaves a revival story amid Covid-19

Severely affected by the pandemic, the businesses have made a spectacular comeback

Global diamond trade is roaring back thanks to stuck-at-home shoppers

The boom is being driven by bumper holiday jewelry sales, particularly in the vital US and Chinese markets.

Diamond sector to cap revenue loss at 20%; to clock $15 bn this fiscal

Recovery in key export markets and pent-up demand are likely to arrest the decline in revenue of the country's diamond industry

Angola invites Indian companies to invest in diamond mining, processing

Angola is the third largest producer of diamonds in Africa and has only explored 40 per cent of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment.

Cheaper diamonds bring life into the hidden world of gem trading

After refusing to budge on diamond prices during much of the pandemic, De Beers and Alrosa PJSC cut prices by 10%

Consumer sentiment for diamonds improving, to reach pre-Covid level by 2022

If the current economic trends continue at the same pace, the consumer demand is expected to return to the pre-coronavirus times by 2021-22, he added

India Coronavirus Dispatch: Non-experts must stop speculating on the virus

Surat diamond units reel under Covid, Delhi's well-planned battle, panic in Mumbai, which accounts for disproportionately high number of cases and deaths--news on how India is coping with the pandemic

Gems, jewellery exports slump 38% to $1.36 bn in July as Covid-19 bites

India's cut and polished diamond exports in July fell 39% from a year ago to $918.4 million, the Gems and Jewellery Export Promotion Council (GJEPC) said in a statement

More flexibility for Surat diamond, textile markets but with conditions

Restrictions were imposed on the functioning of the two sectors last month as Surat witnessed a sharp increase in Covid-19 cases over the past few weeks

Unlock 3.0: Surat diamond industry crawls back to work amid relaxed norms

Number of hours of operations extended from four to six; industry is estimated to be sitting with a rough diamond inventory of over $2 billion before fresh supply can be imported for polishing

CBIC extends deadline for re-import of cut, polished diamonds by 3 months

The re-import in the extended period would be without payment of basic customs duty and integrated goods and services tax

Diamond industry may extend voluntary ban on imports beyond June

The discontinuance of imports was aimed at stabilising prices, a motive that the industry seems to be achieving now

Indian processors suspend rough diamond import for the whole of June

Many diamond processors are expecting the moratorium to pressurise minrts to reduce rough stone prices

Surat's diamond industry starts operations with reduced workforce

Nilesh Bodke, who is associated with the diamond industry said that this sector is resilient and will overcome the impact of Covid-19 lockdown in 2-3 months

Surat diamond exports resume but a $2 billion inventory headache remains

So far, initial exports are estimated to be of the tune of Rs 600 crore which is minuscule compared to the polished diamond inventory

Diamond processors told to curtail import of rough stones for one month

GJEPC says the move will help the industry clear inventory and ease the working capital situation

Covid-19: Domestic diamond industry expects revenues to drop by 20-25%

Banks' outstanding loans to the gems and jewellery sector declined 16.8% in February 2020 after growing 2.6% a year ago

Diamantaires stare at decade-low revenue as Covid epicentre shifts to US

Stretched receivables, financial concerns have tightened the grip over the industry

Covid-19 impact: Surat diamond industry seeks stimulus to pay minimum wages

While most units have paid March wages in full, there has been no revenue during lockdown; workers workers have not gone back home need to be paid minimum wages at least, they say