India has urged the Group of Seven (G7) countries to delay an incoming ban on Russian diamonds because the rules to trace the origins of gems remain unclear, two sources aware of the matter said.
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Lab-grown diamonds have become more popular in this year's festive season as prices plunged to less than half year-on-year
Domestic credit ratings agency Crisil on Tuesday said some sectors such as fertilisers and diamonds may be slightly impacted by the conflict in the Middle East. On a broader basis, the conflict has caused only a negligible disruption in India's trade so far, it said in a note. Some sectors such as fertilisers and diamonds both cut and polished may see a slight, but manageable, impact, while for most others impact will be insignificant, it said. However, it said that the conflict which started after the surprise October 7 attacks by Hamas against Israel has driven up prices of gold and crude oil which need to be watched. It said crude oil price movements are especially important for a country like India which depends on imports, and added that elevated crude oil prices have a cascading impact on a host of other sectors that consume the oil itself or linked raw materials. The agency said India's trade with Israel is relatively low, with the country accounting for only 1.9 per ce
Lab diamonds are new sparklers on the block
Since the economic slowdown in developed markets has dented demand, diamond prices have decreased by about 35 per cent in the past year and a half
As Ukraine lists Indian diamond major on its list of "international war sponsors," diamantaires back home fear loss of livelihood, and rising unemployment
The gems and jewellery industry has asked its members to stop import of rough diamonds for two months starting from October 15 amid slowing global demand and rising inventories of domestic players. "...demand for loose polished diamonds and jewellery from large consuming economies such as the USA and China have been materially affected over the last many quarters, on the back of all-time highs of 2021 and 2022, with a visible slowdown in orders. "As a result, our country's exports have declined by 25 per cent during January-August, with a similar trend in September. Due to such factors, our inventories in polished diamonds have increased over the past few months and prices are softer as an effect of this mismatch in demand vs. supply," according to a circular. The circular was issued jointly on Tuesday by the Gem Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Surat Diamond Bourse, Mumbai Diamond Merchants Association and Surat Diamond Association. Mining compani
Shah also said the GJEPC had communicated with top diamond producer De Beers, a unit of Anglo American, which had pledged to "provide complete flexibility to all their clients."
The demand for diamonds fell as sanctions were imposed on diamonds mined, processed or produced in Russia; India sourced almost 35 per cent of its rough diamonds from Russia
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)
The US authorities told banks to hold the nostro accounts of the suppliers' banks, and thus, rough diamond sellers did not receive payments
The UK on Friday extended its package of sanctions against Russia with a ban on Russian diamonds, an industry worth USD 4 billion in exports in 2021, as well as imports of Russian-origin copper, aluminium and nickel and sanctioned 86 more people and entities linked with the country over the Russia-Ukraine conflict. British Prime Minister Rishi Sunak, who is in Japan for the G7 Summit, said the trade measures and individual sanctions will hit Russian President Vladimir Putin's key revenue streams. During talks with world leaders in Hiroshima the site of the World War II atomic bombing, Sunak warned against complacency in defending democratic values and standing up to autocratic regimes. For the sake of global peace and security, we must show that brutal violence and coercion does not reap rewards, said Sunak. As today's sanctions announcements demonstrate, the G7 remains unified in the face of the threat from Russia and steadfast in our support for Ukraine. We are meeting today in
The Directorate of Revenue Intelligence (DRI) has seized diamond capsule fragments worth Rs 2.6 crore from two passengers at the Mangaluru International Airport (MIA), official sources said on Monday. The DRI sleuths, with the help of CISF personnel at the airport, confiscated the diamonds from two passengers, Anas and Amar from Bhatkal, as they were about to fly to Dubai on Saturday, DRI sources said. Acting on a tip-off, the DRI sleuths found two packets of diamond capsules hidden in the shoes of one of the passengers during an intensive physical check at the immigration counter. The CISF personnel handed over the two passengers to DRI officials for further investigation, the sources added.
This research will be focused on driving indigenization of the LGD manufacturing process
The Union government has announced a package for Research and Development for five years, which will give a jump to lab-grown diamonds
Whereas to protect the domestic jewellery market, it has suggested that the basic customs duty on gold/silver/platinum jewellery should be increased from 20% to 25%
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
The sudden shortage of stones sent diamond prices surging, especially for the smaller and cheaper gems that Alrosa specialises in