Diamond Trade

Govt introduces Diamond Imprest Authorization scheme to support exporters

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

Indriya jewels plans 100 stores, open to lab grown diamond pivot

The design-focused brand is also open to pivoting into lab grown diamonds if the category sees sustained consumer interest

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

Exports of diamond expected to hit 5-year low in FY24 at $15-16 billion

India's cut and polished diamond (CPD) exports are expected to hit a five-year low in 2023-24 with a dip of around 25-30 per cent to USD 15-16 billion, according to a rating agency. The demand in the near term is expected to remain subdued with no significant recovery anticipated in the segment in FY'25, CareEdge Ratings said in a note. The US and China, the primary diamond-consuming markets, together account for approximately 65 per cent of India's diamond exports. However, the economic conditions in the US and China, the rise of alternative discretionary spending options, the growing market for lab-grown diamonds (LGD), and geopolitical tensions have negatively affected India's cut and polished diamond exports, the rating agency note said. These factors resulted in a 28 per cent year-on-year drop to USD 13.04 billion in the first ten months (April-January) of FY'24, driven by decreases in volume and value, it said. The impending impact of G7 sanctions on Russian-origin diamonds

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

DREAM city project to help Surat become safest diamond trading hub: PM Modi

Prime Minister Narendra Modi on Thursday said once the Diamond Research and Mercantile (DREAM) city project is completed, Surat will emerge as the safest and convenient diamond trading hub in the world. Addressing a rally after laying the foundation stone and inaugurating a host of projects here in Gujarat, Modi said in the last 20 years Surat has progressed by leaps and bounds. Remembering the struggle to get an airport in Surat city, Modi said they (when he was the chief minister of Gujarat) got tired in explaining the need for an airport here to the then UPA government. Now, many people come and go from the airport here and it has helped in the city's development. This is the benefit of the double engine government, he said. Modi said many families are dependent on the diamond and textile industries of Surat. "Surat will emerge as the safest and convenient diamond trading hub in the world once the DREAM city project is completed," Modi said. He also said that more than four cr

Russia's secret gem sales fracturing diamond trade from Mumbai to New York

Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa PJSC was hit with US sanctions

Double the pain for Surat diamond industry as demand falls, costs rise

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

Surat diamond industry pins hope on new mines amid staggered work

With some mines in Botswana being put to work, rough diamond trade could ease by 10% amid US sanctions on Russia's Alrosa which commands 27% global supply

Global diamond trade is roaring back thanks to stuck-at-home shoppers

The boom is being driven by bumper holiday jewelry sales, particularly in the vital US and Chinese markets.

Lockdown: Migrant workers pelt stones at Diamond Bourse office in Surat

Workers pelted stones at the office of Diamond Bourse and demanded that they should be sent back to their native places

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

India to chair Kimberley Process from January, says Commerce Ministry

KP is a joint initiative of different countries, industry and civil societies to control flow of conflict diamonds

All mines in world can come together on one blockchain, says De Beers CEO

We see some sightholders moving while new ones come in as a healthy sign, says Bruce Cleaver

Diamond prices may slump 10% in 2018 as millennials snub the precious gem

Polished diamond was one of the worst-performing commodities in 2017

ICEX to attract small traders to diamond futures

The exchange has kept the trading and delivery size low to attract all types of business units