Page 3 - Diamond Industry

Cheaper diamonds bring life into the hidden world of gem trading

After refusing to budge on diamond prices during much of the pandemic, De Beers and Alrosa PJSC cut prices by 10%

Consumer sentiment for diamonds improving, to reach pre-Covid level by 2022

If the current economic trends continue at the same pace, the consumer demand is expected to return to the pre-coronavirus times by 2021-22, he added

India Coronavirus Dispatch: Non-experts must stop speculating on the virus

Surat diamond units reel under Covid, Delhi's well-planned battle, panic in Mumbai, which accounts for disproportionately high number of cases and deaths--news on how India is coping with the pandemic

Gems, jewellery exports slump 38% to $1.36 bn in July as Covid-19 bites

India's cut and polished diamond exports in July fell 39% from a year ago to $918.4 million, the Gems and Jewellery Export Promotion Council (GJEPC) said in a statement

More flexibility for Surat diamond, textile markets but with conditions

Restrictions were imposed on the functioning of the two sectors last month as Surat witnessed a sharp increase in Covid-19 cases over the past few weeks

Unlock 3.0: Surat diamond industry crawls back to work amid relaxed norms

Number of hours of operations extended from four to six; industry is estimated to be sitting with a rough diamond inventory of over $2 billion before fresh supply can be imported for polishing

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

Diamond industry may extend voluntary ban on imports beyond June

The discontinuance of imports was aimed at stabilising prices, a motive that the industry seems to be achieving now

Indian processors suspend rough diamond import for the whole of June

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

Surat's diamond industry starts operations with reduced workforce

Nilesh Bodke, who is associated with the diamond industry said that this sector is resilient and will overcome the impact of Covid-19 lockdown in 2-3 months

Surat diamond exports resume but a $2 billion inventory headache remains

So far, initial exports are estimated to be of the tune of Rs 600 crore which is minuscule compared to the polished diamond inventory

Diamond processors told to curtail import of rough stones for one month

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

Covid-19: Domestic diamond industry expects revenues to drop by 20-25%

Banks' outstanding loans to the gems and jewellery sector declined 16.8% in February 2020 after growing 2.6% a year ago

Diamantaires stare at decade-low revenue as Covid epicentre shifts to US

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

Covid-19 impact: Surat diamond industry seeks stimulus to pay minimum wages

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

March Gem & Jewellery exports halve as Covid-19 delivers a body blow

The lockdown is the latest in a string of adverse events to have hit the industry

Coronavirus scare: Russia's Alrosa to cut supply on falling demand

Confirming the development, Jim Vimadalal, director, Alrosa India, said, "We have decided to trim supply to match the global demand, which is currently subdued."

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

Scandal and slowdown: Diamond hub Surat latest pillar of economy to wobble

Banks have been scared off from lending to jewelers in Surat after the Nirav Modi scandal broke, with credit to the sector down 14% in October from March 2018.