Page 2 - Diamond Industry

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.

DeBeers to rollback return facility next month as scene improves

The over 130-year-old company had relaxed return policies for its sightholders in last couple of months

Miners restore a part of rough diamond supply on hopes of festive demand

Industry banking on 60-day festival sales that start with Diwali and encompass Christmas, New Year and Chinese New Year

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

The elite club that rules the diamond world is beginning to crack

tIn the diamond trading world, becoming one of De Beers's elite buyers is viewed as essential to achieving success and making money. Now, it's no longer so easy

Liquidity crisis: India likely to lose 'largest diamond processor' title

Domestic players are facing huge problems in raising working capital from banks post the Rs 115-bn PNB-Nirav Modi scam that emerged early this year

India moves to make diamond industry free of corruption and terrorism

Global industry stakeholders take note, decide to enlarge the scope of Kimberley certification