COLIN SHAH
Are lab-grown diamonds forever? Examining their impact on the natural gems business
It’s 2024, and that carefully crafted chain of the diamond business is now being disrupted. Enter lab-grown diamonds (LGD). A lab-grown diamond, priced a fifth of a stone coming from a De Beers mine in Africa or from the Russian giant Alrosa, looks indistinguishable from a mined diamond. That alone has kindled consumer demand.
Gold prices soften ahead of Akshaya Tritiya, boosting jewellers' expectations
Jewellers anticipate rising Akshaya Tritiya sales with lower gold prices. Demand increasing for everyday diamond jewellery and solitaires. Shift in consumer buying pattern towards high quality solitaire diamonds. Silver price growth surpassing gold as dependable asset classes.
Lab-grown diamond exports expected to grow by 7-9% in FY25: Report
The Lab-grown Diamonds (LGDs) exports are set to rebound in FY25, with an expected growth of 7-9% to reach around US$1500-1530 million, as per CareEdge Advisory. Despite recent declines due to falling prices, LGD demand is poised to increase due to factors like cost-effectiveness and environmental sustainability, with India emerging as a key player in the global LGD market.
Gold's soaring prices offer investment potential for Indians with household reserves, now a lucrative asset
Gold prices dictate investment trends globally. India's cultural affinity for gold remains strong, with rising prices encouraging more investments. The market dynamics, influenced by import-export regulations and global demand, continue to shape the gold industry.
Jewellers forge gems bond as #JamnagarJewels trend
The recent Ambani pre-wedding celebrations have sparked interest in premium handcrafted jewellery. Jewellers have launched new lines of gemstone-studded ornaments, sourced from countries like Sri Lanka, Mozambique, Zambia, and Colombia. The middle class is also showing interest in these jewellery pieces, contributing to rising demand.
India's cut and polished diamond exports likely to hit five-year low in FY24, says CareEdge Ratings
India's CPD exports are expected to hit a five-year low in FY24 with a 25-30% dip to $15-$16 billion. Economic recovery, consumption markets, customer preference, and prudent management are crucial. Smaller carat diamonds fare better. LGD and G7 sanctions affect diamond pricing.
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Diamond exports down about a third in December as demand declines in the US
India’s total exports of plain gold jewellery in December 2023 stood at Rs 4,983.6 crore, up 82.17% as compared to Rs 2,735.62 crore a year ago. However, exports of cut and polished diamonds fell 32% year-on-year during the month. The US accounts for almost 50% of the total diamond exports from India. In the first nine months of 2023-24, India’s total exports of cut and polished diamonds amounted to Rs 98,638.48 crore, down from Rs 1,32,075.49 crore a year ago.
Gem and jewellery exports face downturn: FY24 witnesses 20.78% YoY drop amid global economic challenges
Gem and jewellery exports in FY24's April-December plunged by 20.78% YoY to USD 22.7 billion, attributing the decline to global economic challenges and geopolitical factors. The import of gems and jewellery also saw a 22.43% YoY decrease. Notably, rough diamonds imports fell by 23.51%, while cut and polished diamond exports declined by 28.27%. Lab-grown diamonds, previously on the rise, experienced a 22.97% dip in gross exports. Despite the current setback, industry experts, including Colin Shah of Kama Jewelry, anticipate a gradual recovery from the 3rd quarter of FY25.
India allays gems & jewellery industry’s concerns: No double checks on diamond exports to G7
Officials said that there will be no double checks on India’s export of cut and polished diamonds as the country uses diamonds coming via Antwerp and other geographies, and not directly from Russia. G-7 will ban all imports of rough diamonds directly from Russia from January 1.
Afghanistan defeat Dutch to boost World Cup semi-final bid
Afghanistan swept past the Netherlands by seven wickets on Friday to boost their chances of reaching the World Cup semi-finals. The Netherlands, who still harboured a slim hope of squeezing into the semi-finals, won the toss and opted to bat but were undone by seeing four of their batsmen run-out.
Diamond houses hope to cut through slump in next four months
The trade that suffered a 30% drop in prices of natural stones and dealt with over 50% slide in lab-grown diamond (LGD) prices in the past one year, is in touch with global mining giants like DeBeers for marketing assistance after putting a temporary ban on imports.
Last nail in coffin? Israel-Hamas conflict makes diamond players ask if they should revisit trade strategy
The battle in West Asia in itself would not have worried India’s diamond cutting and polishing units. But it is a blow to an industry already hit by the Russia-Ukraine conflict and falling global demand.
Israel-Palestine conflict not likely to impact India's gem, jewellery sector: GJEPC
The ongoing tension between Israel and Palestine is not expected to have a significant impact on the gem and jewellery industry's exports, according to the Gem Jewellery Export Promotion Council (GJEPC) of India. While India has seen substantial exports to Israel, the industry is not heavily reliant on the country for its trade.
RBI's status quo on rates to policy stance will give a boost to jewellery: Analysts
Mr Colin Shah, MD, Kama Jewelry said "RBI keeping policy rates intact is at par with the industry expectations. This pause amidst the onset of the festive season will give a much-needed boost to consumer buying sentiment, thereby propelling demand. The expansion recorded in urban consumption will further foster velocity in jewellery sales in Indian markets."
Creating the next Cartier: Indian jewellers can aim for a $30-billion opportunity with some branding
India is known for mass and fast manufacturing of jewellery. However, working on nuances such as design development, innovation and production can help it be seen as much more than just a low-cost manufacturing centre.
US Fed hike on expected lines; RBI to take a balanced view: Analysts
The US Federal Reserve's 0.25% interest rate increase was expected and paved the way for India's reserve bank to take a measured approach to policy-making, according to analysts. Edelweiss mutual fund's Managing Director and Chief Executive Radhika Gupta said the Fed statement permitted the potential for more rate hikes, but the Indian economy currently didn't need further increases.
Gold prices may touch Rs 62,000 per 10 gm soon
Gold prices, which had softened over the last few weeks, may again shoot up and touch Rs 62,000 per 10 gm according to jewellers and fund managers. The movement of the yellow metal will largely be guided by the economic data in the West, and the magnitude of the recession in the US.
Govt imposes import restrictions on certain gold jewellery, articles
DGFT sent a notification stating that import policy of these particular products have been changed to restricted from free.
Gold likely to lose sheen on high prices this Akshaya Tritiya; jewellers expect 20% dip in demand
During Akshaya Tritiya, 40 per cent of the business is done in the south, 25 per cent in the west, 20 per cent in the east and the remaining 15 per cent in the north, GJC chairman Saiyam Mehra said.
Banking troubles in the West take the shine out of gold in India; demand falls 40%
Gold prices have risen about 7% in the past fortnight, partly in response to concerns over a contagion effect in the wake of the Credit Suisse crisis. The banking woes of the West threatens to impact the global growth rate. It has also led to a belief that the Reserve Bank of India would slow down its pace of rate hikes, along with ensuring ample system liquidity. The hopes of a lower rate hike have pushed up gold prices.
Gold as an investment option: Demand down 15% in 10 days
Demand for coins and bars in the first nine months of 2022 at 117.1 tonnes was 8.83% higher from a year earlier. "The volatility in gold prices will continue till January," said Suvankar Sen, MD of Kolkata-based Senco Gold & Diamonds.
International jewellery show to generate Rs 50,000 crore biz in 4-6 months: GJEPC
"We estimate that Rs 50,000 crore worth of business will be generated in the next 4-6 months from the 5-day IIJS Premiere held from August 4. It has brought cheer to not just its participants, but also indicated that the festive and wedding season will drive jewellery sales at the retail end," GJEPC chairman Colin Shah said in a statement.
Go for $100 bn export target: Goyal to gem, jewellery exporters
Exporters hailed the agreement stating that it would help in posting India's exports from sectors like textiles, pharmaceuticals, gem and jewellery and chemicals.
Gems and jewellery export in August crosses pre-pandemic level
During April-August 2021, the overall gross exports of gems and jewellery witnessed a growth of 13.17% to Rs. 11,6503.64 crore as compared to Rs 10,2949.34 crore during April-August 2019.
India’s diamond exports are expected to surpass $20 billion: Crisil Report
“The demand in the US and China is very strong and there is revenge buying by consumers,” said Colin Shah, chairman, Gem & Jewellery Export Council.
Factors behind 471 pc increase in gold imports in March
There are many factors that pushed up the demand for gold that include festive time in domestic market and various countries during the said time; resumption of mining and exporting activities; resumption of production activities in domestic and global market; development of vaccine and start of vaccination and relaxation over the travel, GJEPC said.
Gems & jewellery sector pares outstanding debt by 26% to USD 7.75 billion
The industry has faced difficulties in securing institutional credit in the wake of a few bank fraud cases, and the disruption due to the COVID-19 pandemic forced jewellers to opt for an "efficient management" of their finances, Gem and Jewellery Export Promotion Council (GJEPC) chairman Colin Shah said.
US President-elect Joe Biden urged to bring jewellery exports from India under GSP
Under President Donald Trump, the US had withdrawn its preferential treatment to Indian exports under the GSP granted to India and some other developing countries in 1976 that allowed some Indian exports to get duty-free access into the US, allowing Indian exporters to export more and develop faster. The withdrawal of GSP became effective from June 5, 2019.
Diamond traders urge FM Sitharaman to slash import duty on cut and polished diamonds
Duty on polished diamonds was raised to 7.5% in September 2018. This includes duty on diamonds exported and then reimported. “The duty should be reduced to 2.5%. These diamonds, which are manufactured abroad, are now not being imported to India and are instead routed to Hong Kong and Dubai,” said the GJEPC vice-chairman.
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