Page 3 - Diamonds

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

Temporarily stop import of rough diamonds: Industry body ask members

The gems and jewellery industry has asked its members to stop import of rough diamonds for two months starting from October 15 amid slowing global demand and rising inventories of domestic players. "...demand for loose polished diamonds and jewellery from large consuming economies such as the USA and China have been materially affected over the last many quarters, on the back of all-time highs of 2021 and 2022, with a visible slowdown in orders. "As a result, our country's exports have declined by 25 per cent during January-August, with a similar trend in September. Due to such factors, our inventories in polished diamonds have increased over the past few months and prices are softer as an effect of this mismatch in demand vs. supply," according to a circular. The circular was issued jointly on Tuesday by the Gem Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Surat Diamond Bourse, Mumbai Diamond Merchants Association and Surat Diamond Association. Mining compani

Russia's Alrosa suspends diamond supply for Sept-Oct to aid weak prices

Shah also said the GJEPC had communicated with top diamond producer De Beers, a unit of Anglo American, which had pledged to "provide complete flexibility to all their clients."

Diamond city of Surat faces upheaval as demand declines due to sanctions

The demand for diamonds fell as sanctions were imposed on diamonds mined, processed or produced in Russia; India sourced almost 35 per cent of its rough diamonds from Russia

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

Unveiling Surat Diamond Bourse, World's Largest Office

India's gem capital Surat in Gujarat has surpassed the United States to host the largest office in the world. ‘Surat Diamond Bourse’ - a one-stop shop for over 65,000 diamond professionals. >

UK extends Russian export ban to diamonds, metals over Ukraine conflict

The UK on Friday extended its package of sanctions against Russia with a ban on Russian diamonds, an industry worth USD 4 billion in exports in 2021, as well as imports of Russian-origin copper, aluminium and nickel and sanctioned 86 more people and entities linked with the country over the Russia-Ukraine conflict. British Prime Minister Rishi Sunak, who is in Japan for the G7 Summit, said the trade measures and individual sanctions will hit Russian President Vladimir Putin's key revenue streams. During talks with world leaders in Hiroshima the site of the World War II atomic bombing, Sunak warned against complacency in defending democratic values and standing up to autocratic regimes. For the sake of global peace and security, we must show that brutal violence and coercion does not reap rewards, said Sunak. As today's sanctions announcements demonstrate, the G7 remains unified in the face of the threat from Russia and steadfast in our support for Ukraine. We are meeting today in

Rs 2.6 crore worth diamond fragments seized from Dubai-bound flyers

The Directorate of Revenue Intelligence (DRI) has seized diamond capsule fragments worth Rs 2.6 crore from two passengers at the Mangaluru International Airport (MIA), official sources said on Monday. The DRI sleuths, with the help of CISF personnel at the airport, confiscated the diamonds from two passengers, Anas and Amar from Bhatkal, as they were about to fly to Dubai on Saturday, DRI sources said. Acting on a tip-off, the DRI sleuths found two packets of diamond capsules hidden in the shoes of one of the passengers during an intensive physical check at the immigration counter. The CISF personnel handed over the two passengers to DRI officials for further investigation, the sources added.

Budget 2023: IIT Madras to get Rs 242 cr for research on lab grown diamonds

This research will be focused on driving indigenization of the LGD manufacturing process