Page 3 - Diamonds

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

Budget: Initiative to boost lab-grown diamond sector cheers Surat industry

The Union government has announced a package for Research and Development for five years, which will give a jump to lab-grown diamonds

Centre should reduce import duty on cut and polished diamonds: GJEPC

Whereas to protect the domestic jewellery market, it has suggested that the basic customs duty on gold/silver/platinum jewellery should be increased from 20% to 25%

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

Russian exports of diamonds are rising again after sanctions chaos

The sudden shortage of stones sent diamond prices surging, especially for the smaller and cheaper gems that Alrosa specialises in

Surat's polishing industry in for a treat as lab-grown diamonds find favour

Of the roughly 8,000 polishing units in Gujarat city, 15% polish lab-grown diamonds exclusively

Exports of India's lab-made diamonds may hit $8 bn amid rising US demand

Exports of polished lab-grown diamonds may double in the current financial year started April 1 from $1.3 bn in the prior year, says GJEPC vice chairman

Angola: Rare pink diamond may be the largest one found in 300 years

The 170-carat stone from the Lulo alluvial mine has been named the "Lulo Rose"

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

Buying a diamond? Get a fix on the four Cs before you pick up a fiery stone

Your love affair with the precious stones doesn't end with the purchase. You've really got to take care of the ice to keep the blemishes away. Here are tips on how to buy diamonds.

How diamond baron Govind Dholakia got Rs 920 from his first trade

Diamond tycoon Govind Dholakia has come out with a tongue-in-cheek account of his journey of life, recalling how he created a billion-dollar company

Polishing industry faces production cut amid delay in rough diamond imports

The industry is facing a hit of at least 30-40 per cent to its production capacity, due to delayed diamond imports.