Page 2 - Diamonds

GJEPC urges govt to lay rules for disclosure of natural, lab-grown diamonds

Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to formulate stringent regulations mandating traders to clearly disclose whether a diamond is natural or lab-grown while marketing to prevent ambiguity. In a communication to the Department of Consumer Affairs, the council has said that ensuring transparency and implementing clear and standardised guidelines are essential to protect consumers and maintain the integrity of the domestic industry. It was informed that there is a widespread misuse of terminology in the marketing and advertising of lab-grown diamonds in India. To address this critical issue, the council has "decided to advocate for the adoption of the Federal Trade Commission (FTC) guidelines of the US. "These guidelines clearly define, standardised nomenclature and provide mandatory disclosure requirements for both natural and lab-grown diamonds." The diamond industry is already facing issues due to the Russia-Ukraine conflict, as it has ...

India’s iPhones outsmart diamonds in export race!

India’s smartphone exports, led by Apple’s iPhones, have surpassed non-industrial diamonds to become the country’s largest product export to the US!

CPD exports to contract by 18-19%; sector outlook remains negative: Report

With continued decline in demand in key markets like the US and China, cut and polished diamond (CPD) exports are likely to decline by 18-19 per cent in 2024-25, a report said on Thursday. CPD exports are estimated to decline 18-19 per cent year-on-year to decade-low levels of USD 12.5-13 billion in FY25, led by a 13-14 per cent fall in volumes, along with the softening of average realisations by 5-6 per cent, Rating Agency Icra said in its report. According to the Icra report, CPD exports from India contracted by 28 per cent in FY24 due to the worsened global macroeconomic conditions and increased competition from lab-grown diamonds (LGD). With sustained subdued demand conditions in the two key consuming markets - the US and China - the downturn in exports continues as the industry is witnessing a 19 per cent contraction in CPD exports in the first four months of FY25. The US demand contracted due to inflationary pressures and in China on account of changing consumer preferences a

Diamond sector faces severe crisis with factory closures, job losses: GTRI

India's diamond sector is facing a severe crisis as both imports and exports have sharply declined in the past three years, which has triggered defaults, factory closures, and widespread job losses, think tank GTRI said on Wednesday. It said that while export returns have surged, a large inventory of unprocessed rough diamonds is piling up due to reduced orders and growing competition from lab-grown diamonds. "This has triggered defaults, factory closures, and widespread job losses. Tragically, more than 60 people in Gujarat's diamond sector have committed suicide, reflecting the severe financial and emotional strain India's diamond sector is facing," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said that immediate action is essential to address these problems and safeguard the future of the sector. According to the think tank data, a 24.5 per cent drop in rough diamond imports from USD 18.5 billion in 2021-22 to USD 14 billion in 2023-024 shows weaker

Tanishq, De Beers collaborate to push sale of natural diamonds in India

This has also caused India to replace China as the second-largest market in the world for natural diamond jewellery

Canadian firm discovers world's second-largest diamond in Botswana

A 2,492-carat diamond was found in Botswana, which is the second largest, and now only behind the 3,106-carat Cullinan diamond that was found in South Africa

Blu Diamonds London: Crafting Timeless Elegance

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Lab grown diamonds export may grow by 7-9% to reach $1,500-1,530 mn in FY25

Exports of lab-grown diamonds are expected to rise by 7-9 per cent to USD 1,500-1,530 million in 2024-25 as demand for naturally mined diamonds remains sluggish, a report by CareEdge Advisory said on Monday. Both domestic consumption and exports of man-made diamonds are expected to increase this fiscal due to their low cost, the report said. "The LGD (lab-grown diamonds) exports are expected to witness a revival with expected growth of 7-9 per cent to reach USD 1,500-1,530 million in FY25. Faced with ongoing geopolitical and economic disruptions globally, the gems and jewellery industry is relying on the rapidly growing LGD market to mitigate the effects of low demand for natural diamonds," CareEdge Analytics and Advisory Director Tanvi Shah said. LGD exports have been declining in recent times, and have seen around 16.5 per cent year-on-year decline in FY24, mainly on account of declining prices even though the volumes grew, the report stated. Nevertheless, the depreciating rupee

India's polished diamond exports decline by 27.5% as key markets falter

The fall in exports forced the world's biggest diamond polisher to reduce imports of rough diamonds by 18% from a year ago to $14.27 billion in the financial year ended March 31

Gems and jewellery exports in FY24 down 12.17% at Rs 2.65 trillion: GJEPC

Gems and jewellery exports declined by 12.17 per cent to Rs 2,65,187.95 crore (USD 32,022.08 million) during 2023-24, compared to the previous financial year due to high interest rates in the US and slow recovery in China, Gem and Jewellery Export Promotion Council (GJEPC) data showed. Gems and jewellery exports in FY23 stood at Rs 3,01,925.97 crore (USD 37,646.17 million), according to GJEPC data. "The last financial year was very challenging for all product categories. This was mainly due to slowdown in the US, India's biggest export market in the segment, due to high interest rates. Also, slow recovery in China post Covid-19," GJEPC chairman Vipul Shah told PTI. Meanwhile, the overall exports of Cut and Polished diamonds declined by 25.23 per cent during FY24 to Rs 1,32,128.29 crores (USD 15,966.47 million) compared to Rs 1,76,716.06 crores (USD 22,046.9 million) for the same period of previous year. Provisional gross export of Polished Lab Grown Diamonds dipped by 13.79 per ce

Exports of diamond expected to hit 5-year low in FY24 at $15-16 billion

India's cut and polished diamond (CPD) exports are expected to hit a five-year low in 2023-24 with a dip of around 25-30 per cent to USD 15-16 billion, according to a rating agency. The demand in the near term is expected to remain subdued with no significant recovery anticipated in the segment in FY'25, CareEdge Ratings said in a note. The US and China, the primary diamond-consuming markets, together account for approximately 65 per cent of India's diamond exports. However, the economic conditions in the US and China, the rise of alternative discretionary spending options, the growing market for lab-grown diamonds (LGD), and geopolitical tensions have negatively affected India's cut and polished diamond exports, the rating agency note said. These factors resulted in a 28 per cent year-on-year drop to USD 13.04 billion in the first ten months (April-January) of FY'24, driven by decreases in volume and value, it said. The impending impact of G7 sanctions on Russian-origin diamonds

Billions awarded in Indian brothers' Los Angeles real estate court feud

The trial, over allegations that Haresh breached a long-standing partnership with his siblings, continues with a punitive damages hearing Monday that could add to the award

EU targets world's biggest diamond miner Alrosa as part of Russia sanctions

The European Union imposed sanctions on the world's biggest diamond mining company and its chief executive officer on Wednesday as part of what it called its unwavering commitment to Ukraine in the war against Russia. The move targeted Alrosa, which accounts for about 90% of Russia's diamond production, and CEO Pavel Marinychev. The EU headquarters said the company constitutes an important part of an economic sector that is providing substantial revenue to Moscow. It means Alrosa's assets in Europe will be frozen and EU citizens and companies will be barred from making funds available to the company. Marinychev, who was appointed CEO last May for three years, also faces a travel ban in Europe. The EU had already banned the import, purchase or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewelry from Jan. 1. The measure applies to diamonds originating in Russia, exported from Russia, transiting through Russia and Russian diamonds processed ...

India urges G7 to delay ban on Russian diamonds as rules not clear: Report

India has urged the Group of Seven (G7) countries to delay an incoming ban on Russian diamonds because the rules to trace the origins of gems remain unclear, two sources aware of the matter said.

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Dhanteras shopping list now includes lab-grown diamonds, digital gold

Lab-grown diamonds have become more popular in this year's festive season as prices plunged to less than half year-on-year

Fertilisers & diamonds may be hit slightly due of Mideast crisis: Crisil

Domestic credit ratings agency Crisil on Tuesday said some sectors such as fertilisers and diamonds may be slightly impacted by the conflict in the Middle East. On a broader basis, the conflict has caused only a negligible disruption in India's trade so far, it said in a note. Some sectors such as fertilisers and diamonds both cut and polished may see a slight, but manageable, impact, while for most others impact will be insignificant, it said. However, it said that the conflict which started after the surprise October 7 attacks by Hamas against Israel has driven up prices of gold and crude oil which need to be watched. It said crude oil price movements are especially important for a country like India which depends on imports, and added that elevated crude oil prices have a cascading impact on a host of other sectors that consume the oil itself or linked raw materials. The agency said India's trade with Israel is relatively low, with the country accounting for only 1.9 per ce

How declining demand for natural diamonds is changing the dynamics of Surat

Lab diamonds are new sparklers on the block

Solitaire sheen: Sales of solitaire diamonds rise in post Covid-19 era

Since the economic slowdown in developed markets has dented demand, diamond prices have decreased by about 35 per cent in the past year and a half

India's diamond firms in the rough as global trade sanctions mount

As Ukraine lists Indian diamond major on its list of "international war sponsors," diamantaires back home fear loss of livelihood, and rising unemployment