Polished Diamond

US tariff impact: Cut and polished diamond exports to fall 17-20% in FY26

India processes over 90 per cent of the world's polished diamonds by volume and exports nearly 47 per cent of the country's total gems and jewellery exports

Diamantaires likely to witness 25-27% decline in revenue in FY25: Report

India's natural diamond polishing industry is likely to witness a 25-27 per cent decline in revenue to a decadal-low of USD 12 billion this fiscal on lower demand in key markets and a shift in preference to consumer lab-grown diamonds, according to a report released on Wednesday. The decline in revenue is mainly due to muted demand in key export markets of the US and China, a 10-15 per cent fall in diamond prices amid oversupply and a shift in consumer preference towards lab-grown diamonds (LGDs), Crisil Ratings said in its report. Declining for the third fiscal in a row, the natural diamond polishing industry's revenues are estimated to fall 25-27 per cent year-on-year to a decadal low of USD 12 billion this fiscal, it added. The industry's revenue contracted 29 per cent in the previous fiscal and 9 per cent in FY23. The report stated that tepid demand amid decreasing prices has seen diamond polishers limiting the purchase of roughs and have curbed manufacturing. In turn, miners

Budget 2024: GJEPC seeks import duty cuts on gold, polished diamonds

Ahead of the Union Budget, the Gem and Jewellery Export Promotion Council (GJEPC) have urged the government to reduce import duty on gold and cut and polished diamonds to help the sector stay competitive globally. India's gem and jewellery industry is dependent on imports for raw materials, including gold, diamonds, silver, and coloured gemstones. The GJEPC seeks a reduction in import duty on precious metals to 4 per cent from the current 15 per cent. It demands bringing down customs duty on cut & polished diamonds to 2.5 per cent from 5 per cent at present. The apex industry body stated that imposing higher import duty on cut and polished gemstones would lead to reduced exports, fewer employment generation in the jewellery industry thereby making survival difficult due to losing competitive edge to other competing countries like China and Thailand. It urged the government to introduce the Diamond Imprest Licence again and cut import duties. This will provide a level playing field

Cut and polished diamond export likely to decline 15% this fiscal: Report

After a robust growth in the past two fiscals, exports of cut and polished diamonds saw a 32 per cent decline in the April-July period, according to a report. The exports of Cut and Polished Diamond (CPD) may end the fiscal with a decline of around 15 per cent, the report by CareEdge Ratings. In 2021-22, CPD exports grew to USD 24.43 billion while in 2022-23 it declined marginally to USD 22.04 billion, according to the report. The agency attributed the steep fall in exports to the prevailing high inflationary pressures across major diamond-consuming markets. Consequently, CPD exports plunged 32 per cent during the first four months of the current fiscal as compared to the year-ago period. The agency expects CPD exports to decline about 10-15 per cent to about USD 19 billion this fiscal. While natural diamond is going through a temporary disruptive phase, green shoots appear in the Lab-Grown Diamond (LGD) segment. Exports of LGD jumped around 41 per cent in the last four years en

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

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

Commerce ministry to reconcile data conflict on polished diamond import

A controversy has been created after two entities under the Union ministry of commerce have reported differing figures for import of cut and polished diamonds for April-November 2017, first eight months of the financial year.Kolkata-based Directorate General of Commercial Intelligence and Statistics (DGCIS) reported $6.3 billion. The other agency, Gems and Jewellery Export Promotion Council (GJEPC) showed net import at $1.5 bn.The ministry has called a meeting with both on the coming Thursday.India is traditionally a major exporter of polished diamonds. GJEPC says of the polished diamonds import, $4.9 bn was returned unsold and that cannot be considered av increase in import. Said its spokesperson: "The total figure of $6.3 bn comprises two distinct categories, of Actual Imports and Return Consignments, both terms officially used in trade parlance and by the Customs department." In diamonds, a lot of export is on a consignment basis, said the spokesperson. Meaning that if goods are ..

ICEX to commence futures trading in polished diamond by December

Begins mock trading with large diamond traders on board