Diamond Industry

TMS Ep176: SC on GST, diamond industry, volatile markets, delimitation

How will the SC ruling affect the GST framework? How is Ukraine crisis impacting Surat's diamond industry? Are markets poised for deeper cuts down the road? What is delimitation? All answers here

The month of May offers some respite with 25 per cent workers sent on leave till June

A bipartisan group of American lawmakers has sought the help of the Biden administration in restricting the international trade and sale of Russian-origin diamonds

While almost 50% of the Indian industry's rough diamonds come from Africa, Alrosa is the second biggest source with 30-35% share

Lower output has let the industry hold on to bargaining power over polished gems

The diamond industry in Surat is facing a shortage of workers as they are quitting jobs due to low wages.

Many migrant workers have left Gujarat's Surat city

Severely affected by the pandemic, the businesses have made a spectacular comeback

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

Recovery in key export markets and pent-up demand are likely to arrest the decline in revenue of the country's diamond industry

Angola is the third largest producer of diamonds in Africa and has only explored 40 per cent of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment.

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

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

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

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

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

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

The re-import in the extended period would be without payment of basic customs duty and integrated goods and services tax

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

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