DIAMOND TRADE
Confident of $800 billion exports in FY25: Piyush Goyal
Amidst global challenges, India's export sector is anticipated to thrive under Minister Goyal's projections. Efforts to establish specific targets, navigate FTA negotiations, and preserve diamond export interests are crucial in sustaining India's export growth trajectory.
'Customer' vanishes with rare Rs 4.5 crore diamond after replacing it with lab-grown one
The thief, after checking the diamond, left on the pretext of withdrawing money for the transaction. After he left, the owner's son found out that the thief had replaced the original diamond with a lab-made one.
87 stocks turn multibaggers in resilient Indian market during H1. What's the second half looking like?
Indian market showcases resilience with 87 stocks turning multibaggers in H1. Top performers include Marsons and Tinna Trade. IT and capital goods sectors witness significant growth. Analysts predict positive market trajectory post-Union Budget and US Fed's decisions.
Gems, jewellery exporters seek import duty cut on gold, silver, platinum bars to 4 pc in Budget
Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperation agreement".
EU defers ban on Russian diamonds by six months
A few other relaxations, like ring-fencing old stocks, announced by the European Commission, the executive arm of the EU, would give a further breather to the local diamantaires which constitute the world's largest importer of rough diamonds. According to a statement issued by the Commission on Monday, the ban on import of Russian diamonds would not extend to either rough or polished stones which were there in the EU and other countries (like India) before the beginning of the sanctions in March 2024.
Make India key node to verify origin of diamonds, Indian officials tell EU
At a meeting in Brussels last month, the Indian trade body, senior government officials and Indian customs officials have told the European Union authorities that India, which imports about 90% of rough stones mined in the world, should be a key nodal checkpoint to verify whether diamonds mined in Russia are sneaking into the affluent markets whose governments are backing the sanctions.
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Four lakh workers face salary delays as lab diamond prices fall
Nearly four lakh workers in Surat's LGD industry face wage delays and job uncertainties due to falling prices of lab-grown diamonds, impacting revenue of units. Export demand is not as expected, leading to concerns of job losses. Export volume growth has slowed down, and the value of lab-grown diamonds has fallen significantly.
At the Ambani wedding celebrations, a dazzling display of jewels
Anant Ambani-Radhika Merchant Wedding: A tale of opulence and extravagance unfolds as billionaire Mukesh Ambani held a lavish prewedding celebration for his son, showcasing jaw-dropping jewelry pieces with emeralds the size of Popsicles and rare natural pearls. The event, attended by global elite, offered a glimpse into a world of wealth and luxury reminiscent of a bygone era.
India restricts certain studded gold jewellery imports
In a notification, the Directorate General of Foreign Trade (DGFT) brought gold jewellery studded with pearls, diamonds and precious & semi-precious stones in the ‘restricted’ category from ‘free’ with immediate effect which means their import will require a government permit.
Global glut takes shine off Indian lab-grown diamonds
Indian lab-grown diamonds (LGDs) prices crashed by 45% in FY24 due to overproduction in global markets. Indian LGD exports dropped by 18.2% in April to $83.77 million as demand rises with increasing gold prices, prompting consumers to opt for LGDs to reduce jewelry costs.
Anglo American Plc to exit diamonds, platinum and coal mining
Anglo's hand was forced by BHP's bid - which it has twice rejected - but the move also responds to pressure from shareholders to shed less profitable businesses and focus on the copper assets that are the envy of the industry. It leaves a much simpler company - though also a potentially more attractive one to suitors.
Akshaya Tritiya buyers see the bright side; Q-comm coin deliveries see a hit
Industry executives in Kolkata predict a 20% year-on-year increase in Akshaya Tritiya sales value due to higher gold prices. Lightweight jewellery, including gold and silver coins, accounted for the bulk of demand, with gold trading at ₹72,633 per 10 gm on the auspicious day. Quick commerce platforms like Blinkit, Zepto, and Swiggy Instamart also contributed to the surge in demand, delivering gold and silver coins within 10 minutes.
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.
Lucky draw for MP voters, but first the mark: Election officials rope in traders’ associations to help boost turnout
Madhya Pradesh's election officials have partnered with civil society and trade associations to increase voter turnout. District electoral officers have held lucky draws for products such as t-shirts, caps, and pens to make the election process more interesting. In Bhopal, diamond rings are being drawn, while in Ratlam, jewelry associations are offering discounts.
India's polished diamond exports drop 27.5% as key markets falter
The fall in exports forced the world's biggest diamond polisher to reduce imports of rough diamonds by 18% from a year ago to $14.27 billion in the financial year ended March 31, the Gem and Jewellery Export Promotion Council (GJEPC) said.
US, European buyers begin asking for source of Indian diamond exports
Indian diamond exporters struggle with rising demands for source declarations from US and Europe, impacting market and exports. Geopolitical tensions add complexity, urging government intervention for resolution and overcoming payment delays from US banks.
Russia and West join forces to tackle trade in 'blood diamonds' despite feud over Moscow's diamonds
US, allies, Russia back Kimberley Process at U.N. Angola, Sierra Leone, Liberia's wars led to 2003 certification. Zimbabwe's Albert Chimbindi renews commitment. EU's Clayton Curran condemns Russia. Alexander Repkin criticizes Western countries.
Diamond traders in a fix as G7's Antwerp diktat comes into effect
India's Gem and Jewellery Export Promotion Council (GJEPC) and global diamond trade bodies have raised concerns about the G7 bloc's demand to route rough and polished diamonds through Antwerp for certification as non-Russian. The ban, part of sanctions imposed on Russia since the Ukraine war, will extend to diamonds weighing 0.5 carats and above from September 1.
US may allow 'self-certification', India, Africa resist EU diktat
Trade sources told ET there was a glimmer of hope following a meeting last week between a US government official and the country’s leading jewellers who import diamonds mined across the world and polished in India and other countries.
Budget 2024: Gem and jewellery industry calls for reduction in import duties on gold, cut and polished diamonds
Union budget 2024: The Gem and Jewellery Export Promotion Council (GJEPC) has called on the Indian government to lower import duties on gold and cut and polished diamonds ahead of the Union Budget. The GJEPC believes that increased import taxes on polished and cut gemstones would lead to lower exports and fewer jobs in the jewellery sector, losing its competitive advantage to rival nations like China and Thailand.
Budget 2024: GJEPC suggests safe harbour for sale of rough diamonds in Special Notified Zones
Union Budget: The Gem & Jewellery Export Promotion Council (GJEPC) has suggested the introduction of a Safe Harbour Rule for the sale of rough diamonds in Special Notified Zones (SNZs), as well as the implementation of a Diamond Imprest License and a reduction in import duty on cut & polished diamonds. These measures would allow India to become a trading hub like Dubai and Belgium, enabling Indian diamond manufacturers to access trading hubs without traveling abroad.
India to lead global natural diamond demand in 2024
India is expected to lead the global natural diamond demand in 2024 due to its strong financial position and changing demographics. The Natural Diamond Council (NDC) has pegged the global diamond market at $100.4 billion. The Indian market remains the strongest growth market in the world, with Indian women becoming financially stronger and driving demand.
India, Hong Kong bust money laundering racket via diamond trade
Indian and Hong Kong customs collaborated to dismantle a money-laundering network exploiting synthetic diamond imports. Indian traders misrepresented these diamonds as real, exporting overvalued jewellery to Hong Kong. Detected by the Directorate of Revenue Intelligence, the scam involved inflating import values to remit currency overseas. Investigations revealed minimal funds returned from exports, hinting at elaborate money laundering. Despite Indian arrests, Hong Kong entities evaded cooperation, prompting bilateral inquiries into suspected firms, uncovering the scheme's mastermind in Hong Kong.
India urges G7 to delay ban on Russian diamonds as rules lack clarity
India has requested G7 countries to postpone the ban on Russian diamonds, citing unclear rules on tracing gem origins. As home to 90% of the world's diamond cutting and polishing industry, India's cooperation is crucial. G7 announced a ban on Russian diamonds starting January 1, with phased-in restrictions on indirect imports from around March 1
Sparkling revival: US consumer appetite for solitaires boosts India's diamond trade
“Natural diamond jewellery sales were up 5.1% by units and 4.7% by revenue in November, when holiday purchases picked up in the US. Loose diamond unit sales rose 16% in November on a year-on-year basis," said Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC).
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.
Indian diamond trade raises concern over a recent statement by G7 leaders
"We had engaged with the G7 to discuss such sanctions and their implementation. We have reservations on the timelines announced for the implementation of restrictions. Recognizing the diversity of our industry, we believe there should be more flexibility in these timelines,"said Vipul Shah, chairman of Gem & Jewellery Export Promotion Council on Thursday.
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