Diamond Imports

Significant fall in prices, eroding consumer interest and competition with imports are some of the major challenges being faced by the domestic lab-grown diamond industry, think tank GTRI said on Sunday. It also said that while India faces the issue of production overcapacity, it continues to import lab-grown diamonds in large amounts and this issue needs deeper investigation. To address these challenges, the government needs to take certain steps such as setting clear and consistent rules to standardize quality, certification, and market practices; issuing a Quality Control Order to check quality of imports; and investment in research and development to improve production processes, reduce costs, and enhance the quality of lab-grown diamonds. The Global Trade Research Initiative (GTRI) said that India's lab-grown diamond industry is facing a major challenge, with prices falling by 65 per cent in the past year, from Rs 60,000 to Rs 20,000 per carat due to local overproduction and ..

The government on Friday said G7 nation's decision to impose curbs on direct imports of Russian-origin diamonds will have a minimal impact on India's diamond trade, a government official said on Friday. Indian officials are continuously in touch with the G7 technical team on the issue and they have managed to resolve certain issues like checking of diamonds at only one place. The G7 leaders have decided to introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, from January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries from March 1, 2024. Commerce Secretary Sunil Barthwal said as long as diamonds are processed in India, there should not be further checks on that because India can maintain tracking of rough diamonds. "In that respect perhaps, it is a respite to our diamond industry. They will not be put through double check," he said. Explaining further, joint secretary in t

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

India's diamond polishing industry will see its revenue drop by 30-35 per cent to USD 14-15 billion in current fiscal year on poor demand from the US, EU and China, rating agency Crisil said on Wednesday. These three geographies account for 75 per cent of India's polished diamond exports, it added. "Israel imports USD 1.25 billion worth of polished diamonds annually from India. With the country now declaring a war on the Palestinian militant group Hamas, this number could be at risk," said Rahul Guha, Director, Crisil Ratings. There is some increase in demand in the second half of every fiscal from festivities such as Thanksgiving, Christmas and the Chinese New Year, but this is unlikely to provide a significant offset this time, he said. "Consequently, we see the Indian diamond industry shrinking by over a third on an annualised basis this fiscal," he noted. According to Crisil, with the inventory of higher-cost polished diamonds piling up to over four months of sales, profitabil

Mumbai-based Gemological Science International (GSI) Pvt Ltd has been allowed to import diamonds for certification, grading and re-export, according to an official notification. This will be the sixth agency permitted by the government for the work. The other agencies include Gemological Institute of America (GIA), Mumbai; Indian Diamond Institute, Surat; and De Beers India Pvt Ltd, Surat. "GSI Pvt Ltd, Mumbai, Maharashtra is added as an agency to import diamonds for certification, grading and re-export," the Directorate General of Foreign Trade said in a notification.

In October, India's engineering exports to China fell 64 per cent and there has been a fall in demand for cut and polished diamonds as well as gold

Western markets fear recession and domestic business is uncertain ahead of festival season later this year

How is Ukraine crisis taking away the shine of Surat's diamond industry?

The supply of rough diamonds in Gujarat's Surat has almost come to a halt after US sanctions on Alrosa -- the biggest diamond miner in Russia, leaving diamond cutting and polishing units high and dry

The re-import in the extended period would be without payment of basic customs duty and integrated goods and services tax

The extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad

Many diamond processors are expecting the moratorium to pressurise minrts to reduce rough stone prices

GJEPC says the move will help the industry clear inventory and ease the working capital situation

Stretched receivables, financial concerns have tightened the grip over the industry

While most units have paid March wages in full, there has been no revenue during lockdown; workers workers have not gone back home need to be paid minimum wages at least, they say

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 ...

the fact that the estimates of the size of the black economy in India varied from 7 per cent to 120 per cent of GDP is a matter of surprise - and some concern

Currently, 3% IGST is levied on exports and another 3% on imported unsold goods, which dents overall jewellery shipments

Russian Economic Development Minister said Russia was preparing a strategy to increase economic cooperation with India