With migrants gone, jewellery exporters seeks more time to fill orders
Nearly four lakh migrant workers in Surat and Mumbai left because of lockdown and are unlikely to return to work before Diwali. Orders that take 4-5 weeks to be delivered are now being executed in 6-7 weeks. Exporters fear the delay in execution of orders may result in shifting business from India to other South East Asian nations.
Uncertainty looms over Surat, India's diamond hub
Though the diamond manufacturing units are scheduled to reopen on July 14 after a fortnight of shutdown, traders said the units may not be able to resume work owing to the rapid increase in the number of coronavirus cases.
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.
Government extends time for duty-free import of diamonds sent for certification
"In view of COVID-19 pandemic situation, the government today extended relief to gems and jewellery sector by relaxing the requirement of re-import of cut and polished diamonds, which have been sent abroad for certification and grading, by three months," it said.
Alrosa to be flexibile with dates for its rough diamond trading sessions
To make diamond supply more steady, ALROSA is moving its next trading session from August 10-14 to the second half of that month. "The dates will be announced later," Vimadalal said.
Gujarat: Diamond industry workers leaving Surat in large numbers
With diamond units closed in Surat in view of the COVID-19 outbreak, a number of workers employed in these units are leaving the Gujarat city every day as they are now left with no source of income, those associated with the business claimed.
Diamond traders and jewellers panic as top 'Angadia' vanishes
The angadia, who has an office in the BDB , shuttered it on Wednesday noon , well before normal closing hours, and has been incommunicado since, said diamond market sources.
India's jewellers focus on exporting silver as demand for diamonds drops
Demand for silver jewellery more than doubled in FY20, while sales of lab-grown diamonds overseas surged 88%: By contrast, exports of polished natural stones contracted 22%.
Surat diamond industry works out new protocol to fight Covid
As the diamond industry trudges itself back to operation, concerns are now rising with growing number of Covid positive patients among the diamond workers.
Gem, jewellery exports dip 34.72 per cent in June: GJEPC
During April-June this fiscal, the exports dipped by 54.79 per cent to USD 2.75 billion as against USD 6.07 billion in the same period last year.
India-China border flare-up can hit exports: Diamond traders
India’s gem and jewellery exports plunged nearly 84% year-on-year in April-May owing to the trade disruption caused by Covid-19 while the fall in exports of cut and polished diamonds was more than 79%. The unrest in Hong Kong over its ties with China exacerbated the crisis by curtailing retail sales of diamond, said traders.
Local diamond trade to shut fully tomorrow in memory of Rosy Blue's founder
India’s diamond trade will remain shut completely on Tuesday to mourn the death of industry doyen Arunkumar R Mehta , founder of B Arunkumar & Co that went on to be rechristened Rosy Blue , one of the world’s largest diamond traders , and a well-know DeBeers sightholder.
Russian diamond major ALROSA offers rough diamonds through digital platform to customers
The offered volume is the largest ALROSA has ever put on a digital tender. The company provides detailed information on each diamond for remote evaluation. Clients logged to their personal online account get full digital scans of auctioned stones, including data on their external shape, inclusions, color, fluorescence, as well as photos.
Import of rough diamonds unlikely to resume soon
Due to muted global demand, Indian diamond trade is unlikely to import rough diamonds for a month beginning June 1, as the global demand will not pick up immediately and the trade has huge inventory.
Unrest in US cities spark concerns among India’s diamond exporters
“If the unrest continues for long, then it will have an impact on the exports to the US,” said Vipul Shah, managing director of diamond exporting firm Asian Star. “The pandemic has already affected our business across the globe. It is a trying time for India’s gem and jewellery export business.”