Page 2 - India Diamonds

How declining demand for natural diamonds is changing the dynamics of Surat

Lab diamonds are new sparklers on the block

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

Polished diamonds have gotten cheaper by 15%: Why this trend may continue

High inventory amid falling prices to impact profitability; lab grown diamonds pose threat

Solitaire sheen: Sales of solitaire diamonds rise in post Covid-19 era

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

India's export of cut, polished diamonds may fall by 22% in FY24: ICRA

India's export of cut and polished diamonds is projected to decline by 22 per cent to USD 17.2 billion in the current fiscal due to weakened demand from the key consuming nations, according to rating agency Icra. In the first five months of the current fiscal, cut and polished diamond exports witnessed a sharp year-on-year decline of 31 per cent following lower export volumes and higher polished diamond prices, it said. Export of cut and polished diamonds has been on a declining trend since the first half of 2022-23, it added. "The export contraction is primarily being driven by weak underlying demand conditions in key consuming nations like the US and Europe due to the inflationary pressures, leading to a shift in spending away from diamonds," Icra Vice President and Sector Head Sakshi Suneja said in a statement. The demand from China, which accounts for 10-15 per cent of the global demand, has also not picked up meaningfully so far, she said. In addition, competition from lab-gr

Diamond city of Surat faces upheaval as demand declines due to sanctions

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

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

Chhattisgarh govt floats E-tender for auction of gold, diamond mines

The state government has issued an e-tender for the allotment of three precious mineral blocks through auction for prospecting

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

India's diamond exports sluggish on weak US, China demand amid slowdown

India reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March

Diamond production down 21%; 10K workers lose jobs, salary cuts for others

According to Surat Diamond Workers union's rough estimate, some 10,000 diamond workers have lost their jobs in the last few months because of production cuts and small units closing down

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

Delhi Customs seize outbound undeclared diamonds valued at Rs 1.56 cr

The consignment was of diamonds having 1,082-carat weight

India's diamond exports to dip by a quarter; slump worse than 2008 crisis

The measures to control the pandemic meant production centers were closed or operating at very low levels, and rough-diamond imports fell in line with poor end-product demand

Global revenue from diamond sales to drop 30-40% amid Covid-19: Moody's

Rough diamond sales volume and prices will fall in 2020 as a result of the near shutdown of the global economy, Moody's Investors Service said in a report

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

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

India's diamond exports may fall 20% as China battles Coronavirus

China purchases nearly 40 per cent of India's cut and polished diamonds directly and indirectly through Hong Kong.

Coronavirus: Icra downgrades outlook on cut and polished diamond industry

Rating agency Icra has downgraded its outlook on cut and polished diamond industry to negative from stable due to the ongoing lockdown in parts of China and Hong Kong (C&HK) region following COVID-19 outbreak. The coronavirus impact in China coupled with weak demand conditions in key markets is expected to impact the domestic cut and polished diamond industry in a major way, Icra said in a report. China accounts for 14 per cent of polished diamond consumption while a larger proportion (35 per cent) of exports from India is currently routed via Hong Kong. "Apart from recent developments in China, the cut and polished diamond (CPD) industry had been going through weak demand conditions in key markets and pressure on gross margins due to declining finished prices. If the business lockdown continues in C&HK, industry pressure will aggravate and impact cash flows," Icra Vice President, Corporate Ratings, Jay Sheth said. This can have a serious bearing, especially given the cautious