Diamond Industry

No more forever? Lab-grown diamonds pose serious challenge to natural ones

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

CCPA to bring regulatory framework for diamond sector to protect consumers

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

Surat's diamond industry hopes to regain its shine this festive season

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

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

Suicide helpline of Gujarat diamond industry gets 1,600 calls since launch

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 ...

Falling prices, imports major issues for lab-grown diamond industry: GTRI

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 ..

Goyal states restoring Diamond Imprest Licence for gems, jewellery sector

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

CRISIL SME Tracker: Weak demand a painful cut for diamond polishers

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

Budget 2024: India promises safe harbour rates for diamond industry

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

8-carat 'Modi diamond' with PM's engraved face at Surat exhibition: WATCH

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

Karnataka must give opportunities for manufacturing to grow: Titan MD

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

Despite Q3 margin miss, Street remains positive on Titan's prospects

Analysts remain cautious about near-term consumption trend

Gem, jewellery exports decline 4.52% in Nov to Rs 19,018 crore: GJEPC

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

Gujarat's diamond sector sparkles, new bourse to take turnover to Rs 2 trn

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

Diamond polishing industry revenue may drop 30-35% this fiscal: CRISIL

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

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

MSMEs to face headwinds due to economic slowdown in US, Europe: CRISIL

A fifth of the MSME sector by value is expected to witness an increase in working capital requirement this fiscal, the report said

From green-diamonds to Robert Frost poems: Gifts that Modi, Biden exchanged

The green diamond gifted to the US First Lady Jill Biden reflects earth-mined diamonds' chemical and optical properties

Blackstone to pay up to $550 million to acquire diamond grading firm IGI

Blackstone, the world's largest private equity firm is likely to sign an agreement with Fosun and IGI's other shareholders by the end of this week