Diamond Imports

India reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March

India reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March

India reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March

India reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March

India reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March

Mumbai-based Gemological Science International (GSI) Pvt Ltd has been allowed to import diamonds for certification, grading and re-export, according to an official notification. This will be the sixth agency permitted by the government for the work. The other agencies include Gemological Institute of America (GIA), Mumbai; Indian Diamond Institute, Surat; and De Beers India Pvt Ltd, Surat. "GSI Pvt Ltd, Mumbai, Maharashtra is added as an agency to import diamonds for certification, grading and re-export," the Directorate General of Foreign Trade said in a notification.

In October, India's engineering exports to China fell 64 per cent and there has been a fall in demand for cut and polished diamonds as well as gold

Western markets fear recession and domestic business is uncertain ahead of festival season later this year

How is Ukraine crisis taking away the shine of Surat's diamond industry?

The supply of rough diamonds in Gujarat's Surat has almost come to a halt after US sanctions on Alrosa -- the biggest diamond miner in Russia, leaving diamond cutting and polishing units high and dry

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

The extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad

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

GJEPC says the move will help the industry clear inventory and ease the working capital situation

Stretched receivables, financial concerns have tightened the grip over the industry

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

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 ...

the fact that the estimates of the size of the black economy in India varied from 7 per cent to 120 per cent of GDP is a matter of surprise - and some concern

Currently, 3% IGST is levied on exports and another 3% on imported unsold goods, which dents overall jewellery shipments

Russian Economic Development Minister said Russia was preparing a strategy to increase economic cooperation with India