Page 5 - Diamonds

Jewellery exporters contact mines to directly supply rough diamonds to SMEs

Leading global diamond miner De Beers, which contributes nearly 20% of global rough diamond supply, normally, allocates rough diamonds to pre-selected large processors across the world

Coronavirus impact: Surat diamond hub stares at Rs 8,000 crore loss

Hong Kong has one of the world's busiest airports and is a major transit point for China

Budget 2020: Diamond exporters want relief as export slump continues

Data from the Gem and Jewellery Export Promotion Council shows a 1.9 per cent fall in the country's gross shipment last month, from a year before, to $2,435.9 million (Rs 17,300 crore).That brings the overall fall in the current financial year's first nine months to 5.3 per cent in the segment, to $27.7 billion (nearly Rs 2 trillion). The sector says this will be another dismal year for export. Colin Shah, vice-chairman at the Council, says they hope the central government is noting this fall in a sector which generates and sustains a large number of jobs. "With the Union Budget round the corner, we hope the government will give us some respite on our long-standing requests for duty reduction on gold, platinum and diamonds. Also, ease of doing business on Customs issues, resolution on GST (goods and servis tax) input credit and a progressive SEZ (Special Economic Zones) policy."Apart from a working capital crunch over the past two years, from a sharp cutback in bank lending, the ...

Diamond exports fall sharply on Customs' approach; changing preferences

Polished diamonds and coloured gemstones were big underperformers in this basket. But gold and silver jewellery as well as synthetic gemstones have shown positive trends

Bharat Diamond Bourse may allow trade in lab-grown stones in three months

Bourse has to ensure lab-grown and natural diamonds don't mix and a proper process of segregating the two varieites using firewalls is established

India-mined rough diamonds garner Rs 7.38 crore worth tenders in Surat

In a first since 1998, the rough diamonds mined in India were up for display for auction by state-run NMDC in association with GJEPC

GST rate cut in diamond job work to free up Rs 1,500 cr working capital

Move is likely to encourage polishing units to upscale manufacturing

In a first since 1998, NMDC and GJEPC to auction rough diamonds in Surat

Panna diamonds to be showcased first time ever at Surat International Diatrade Centre; stones weighing 24,000 carat in all, and valued at Rs 25 cr will be displayed between Sept 24-27

Record gold prices would take sparkle off diamonds: Citigroup analyst

Compared to gold, diamonds are an inferior store of wealth and therefore unlikely to benefit significantly from an investor flight from fiat currencies, the analyst wrote

How a glut in diamonds is taking a toll on an already embattled industry

The blossoming popularity of lab-grown diamonds - and production in China and India - is another potential headwind for miners of natural gems

Lab-grown diamond jewellery exports from India to capture 2% of US market

Apart from the US, India exports its lab-grown diamonds to France, Italy and Australia apart from other European and Asian countries

Importers protest recent circular from Customs office on rough diamonds

Last year, India imported rough diamonds worth $19 billion

Global diamond production to fall 33% as mining reserves dry up

In 2018, diamond production touched a near record high of 150 million carat

Jewellers warn public against duplicate diamonds, say ask for invoice

Chennai-based Vummidi Bangaru Jewellers recently unveiled the screening device 'SYNTHdetect' that would be used to identify synthetic diamonds with an aim to create awareness among the public

How diamonds can become 'the new gold' for investors

Diamond trading has gradually become more open

Miner ends large gem drought with 114-carat find

Gem Diamonds said it unearthed a 114-carat diamond at its Lesotho mine in southern Africa

Demonetisation will haunt diamond demand in 2017: De Beers

De Beers see India's demonitisation haunting diamond demandDe Beers, world's top diamond mining group, now 85 per cent owned by Anglo American has said today that India's demonitisation along with US administration policies and strengthening US Dollar will haunt diamond market outlook in 2017.The mining jiant declared its annual results today for 2016 in which it has cut production by 5% to 27.3 million carats and rough diamond prices decreased 10% on an average to $187/carat, However sales and profit has seen a sharp increase. However total revenue increased by 30% to $6.1 billion driven by higher rough diamond sales, which increased by 37% to $5.6 billion.After declaring results for 2016, world's largest diamond mining group said that, "diamond jewellery demand growth sustained in 2016 which is a large market but In India, a month-long jewellers' strike in March and the government's surprise demonetisation programme which started in November, had a considerable negative impact on ...

India's rough diamond imports drop 4.7% in December: Trade body

India is a global diamond polishing hub where 14 out of 15 rough diamonds in the world are polished

Demonetisation: Rough diamond imports may fall 30%

Processors expect combined imports of less than 14 million carats in November-December

Diamond exporters eye 8-10% rise in exports in coming quarter

India exported $14.2 bn worth cut and polished diamonds between April to Oct this year, which is up by 14.62% over last year