India Diamonds

According to Surat Diamond Workers union's rough estimate, some 10,000 diamond workers have lost their jobs in the last few months because of production cuts and small units closing down

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

The consignment was of diamonds having 1,082-carat weight

The measures to control the pandemic meant production centers were closed or operating at very low levels, and rough-diamond imports fell in line with poor end-product demand

Rough diamond sales volume and prices will fall in 2020 as a result of the near shutdown of the global economy, Moody's Investors Service said in a report

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

China purchases nearly 40 per cent of India's cut and polished diamonds directly and indirectly through Hong Kong.

Rating agency Icra has downgraded its outlook on cut and polished diamond industry to negative from stable due to the ongoing lockdown in parts of China and Hong Kong (C&HK) region following COVID-19 outbreak. The coronavirus impact in China coupled with weak demand conditions in key markets is expected to impact the domestic cut and polished diamond industry in a major way, Icra said in a report. China accounts for 14 per cent of polished diamond consumption while a larger proportion (35 per cent) of exports from India is currently routed via Hong Kong. "Apart from recent developments in China, the cut and polished diamond (CPD) industry had been going through weak demand conditions in key markets and pressure on gross margins due to declining finished prices. If the business lockdown continues in C&HK, industry pressure will aggravate and impact cash flows," Icra Vice President, Corporate Ratings, Jay Sheth said. This can have a serious bearing, especially given the cautious

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

In a first since 1998, the rough diamonds mined in India were up for display for auction by state-run NMDC in association with GJEPC

The blossoming popularity of lab-grown diamonds - and production in China and India - is another potential headwind for miners of natural gems

The scope of Kimberly Process and warranty system to be enlarged to accommodate the changes