Diamond Industry

Leading lab-grown diamond brand Solitario Lab Grown has raised USD 3.6 million in a pre-IPO funding round. The funding round attracted notable investors including Neeraj Gupta (Founder of Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Promoter, Solar Industries), along with several ultra-high-net-worth individuals including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh, a company statement said on Tuesday. Co-founded by jewellery industry veteran Ricky Vasandani, and Bollywood actor Vivek Oberoi, Solitario crafts sustainable, eco-conscious diamond jewellery including necklaces, rings, earrings, bracelets, and pendants. "The newly raised capital will be used to expand Solitario's retail network both domestically and internationally, enter new geographical markets, enhance branding and marketing initiatives, broaden its product portfolio, and strengthen its manufacturing capabilities," Co-founder Vivek Oberoi, said. The company has

Commerce and Industry Minister Piyush Goyal on Friday ruled out additional regulations for the lab-grown diamond industry, stating the sector has flourished under the existing self-regulatory framework. Speaking during Question Hour in the Rajya Sabha, the minister said the Kimberley Process Certificate for natural diamonds is widely accepted in international markets. "Wherever we have given free hand, the industry has prospered. Bringing more regulation for this is not in the interest of the industry," Goyal said. He pointed out that the Kimberley Process provides international certification for natural diamond traceability, while separate certification systems exist for lab-grown and natural diamonds. The minister said the government maintains regular dialogue with industry stakeholders and has permitted self-regulation, which has proven effective. On G7 nations imposing traceability requirements, the minister said they have the right to put them in place. "However, to ensure o

Forevermark, which went through an internal restructuring and shifted focus from supplying loose diamonds to companies to a jewellery label in the country

De Beers, a global leader in the diamond industry, on Wednesday announced it will foray into the retail segment with the opening of 15 Forevermark brand stores in India in the current year. De Beers India Managing Director Amit Pratihari said the plan is to establish 100 retail stores by 2030 with a revenue target of USD 1 million. "We are investing in retail through Forevermark jewellery brand. We will open 15 stores, eight in Delhi and the rest in Mumbai this year," he told reporters here. The retail space for opening the stores has been identified and probably, the first retail store will open in June-July, the official said, but declined to share the financial details. Pratihari said there is no threat to the natural diamond industry from synthetic diamonds while emphasising the need for quality certification to differentiate both to protect the interest of consumers. The company is working closely with the government in this regard, he added.

This move comes in response to policies in diamond-producing countries like Botswana and Namibia, where manufacturers must process diamonds locally

The Gem & Jewellery Export Promotion Council (GJEPC) on Saturday reported a 12 per cent jump in gold jewellery exports during the current fiscal, contrasting with a 10 per cent decline in diamond exports over the first nine months. The apex trade body expressed optimism about a turnaround in diamond exports, particularly in the US, which accounts for nearly half of the total exports. The exports of cut and polished diamonds between April and November of FY25 dropped by 18.8 per cent to USD 8,980.2 million compared to the same period the previous year. China's sluggish demand remains a concern for diamond exports, officials said on Saturday. Nonetheless, a five per cent surge in US demand during the Thanksgiving festival provided some relief for December month, they said. "We believe the worst is behind us, with a 10 per cent decline in the first nine months of this fiscal. With the new government in the US under Donald Trump, we are optimistic about a revival in demand and expect .

Suddenly, the legendary advertising line - a diamond is forever - is losing its shine. Worse, the prices of natural diamonds are declining

The Central Consumer Protection Authority (CCPA) will soon release guidelines on diamond sector to ensure explicit labelling and certification of all diamonds and prohibit the use of misleading terms in trade. The CCPA has organised a stakeholder consultation on consumer protection in the diamond sector to deliberate on the use of appropriate terminology for diamonds, an official statement said on Tuesday. The consultation, chaired by Nidhi Khare, Chief Commissioner, Central Consumer Protection Authority (CCPA), brought together key industry stakeholders and experts. "The CCPA will soon release a robust framework to ensure transparency, accountability, and consumer protection across the diamond industry," the statement said. The meeting addressed critical concerns regarding the lack of standardised terminology and inadequate disclosure practices in the diamond sector. "These gaps have resulted in consumer confusion and misleading practices, especially concerning the differentiatio

Geopolitical tensions, sanctions, and competition have led to a decline in consumer demand and exports for Surat's diamond industry

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

A suicide helpline number launched on July 15 by the Diamond Workers Union Gujarat (DWUG) has received more than 1,600 distress calls from those in the sector, a functionary associated with the initiative said on Monday. Citing media reports, DWUG vice president Bhavesh Tank said 65 diamond workers have committed suicide in Surat in the last 16 months, most of them taking the extreme step due to hardships caused by salary cuts and loss of jobs, a result of the slowdown in the industry. Surat is among the premier centres of the sector, with about 90 per cent of the world's rough diamonds being cut and polished here by around 10 lakh workers employed in more than 2,500 units. "We launched a suicide helpline number on July 15. So far, we have received more than 1600 calls with many of them saying they are on the brink of ending their lives due to financial stress. Most of those who call have been rendered jobless in the last few months. They also call in distress looking for ...

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 ..

Commerce and Industry Piyush Goyal on Saturday announced restoration of Diamond Imprest Licence, which allows import duty exemption on cut and polished diamonds up to a specified limit. The gems and jewellery exporters were demanding for this licence. In the absence of this licence, the cut and polished diamonds were getting imported in Dubai and getting assorted there and re-exported, impacting India's exports and jobs in the sector. The minister announced the restoration of the licence during a session at the India International Jewellery Show (IIJS) 2024 here. It was organised by the Gem and Jewellery Export Promotion Council (GJEPC). "Shri Piyush Goyal, Minister of Commerce and Industry announced the introduction of the Diamond Imprest Licence," the GJEPC said in a statement. The licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds. Exporters can import diamonds up to 5 per cent of their average turnover

In the FY24, exports of cut and polished diamonds, which account for about 60 per cent of India's gems and jewellery exports, fell nearly a third year-on-year

With over 90 per cent of the world's diamonds being processed in India, primarily in the city of Surat, the sector is renowned for its skilled workforce and intricate craftsmanship

'Modi diamond': The 8-carat lab-grown gemstone, showcased by the Surat Diamond Association, took about a month to prepare

State's effort will help country in achieving target of being a $5-trn economy: C K Venkataraman

Analysts remain cautious about near-term consumption trend

The overall gem and jewellery exports witnessed a on-year decline of 4.52 per cent in November to Rs 19,018.180 crore (USD 2,263.34 million), GJEPC said on Friday. Exports stood at Rs 19,917.73 crore (USD 2437.53 million) during November 2022, according to the data by the Gem and Jewellery Export Promotion Council (GJEPC). "The decline in shipments has narrowed to just 4.52 per cent. There is an improvement in gem and jewellery exports in November mainly due to supply disruptions. "The industry in India had urged the industry to stop importing rough diamonds from October 15 till December 15, following geopolitical issues and lack of demand. This disruption and the festival demand has rejuvenated the demand scenario leading to improvement in exports," GJEPC chairman Vipul Shah told PTI. The industry expects things to improve going forward and expects the exports in FY24 to be better than the previous financial year, he added. Meanwhile, the overall export of Cut and Polished diamon

The diamond sector in Gujarat, where eight of the world's 10 rough diamonds are processed by around eight lakh polishers based in Surat, is a major contributor to the state's economy, and the new diamond bourse coupled with the Vibrant Gujarat Summit are projected to spur its growth further, experts feel. Prime Minister Narendra Modi on Sunday inaugurated the sprawling Surat Diamond Bourse, calling it a symbol of strength and determination of new India. According to industry experts, the contribution of the state's diamond sector is only going to get bigger with the new bourse as the turnover is projected to go up to Rs 2 lakh crore annually. The industry is set to provide employment to another 1.5 lakh people and help achieve the central government's ambitious export targets for gem and jewellery, they say. The Vibrant Gujarat Global Summit will help in the growth of the gems and jewellery sector, which accounts for 3.5 percent of world's export, which will add sheen to the state's