Diamond

Budget: Initiative to boost lab-grown diamond sector cheers Surat industry

The Union government has announced a package for Research and Development for five years, which will give a jump to lab-grown diamonds

Diamond broker held for decamping with Rs 7.86-cr precious stones in Guj

A diamond broker was arrested for allegedly decamping with precious stones worth Rs 7.86 crore collected from different traders in Gujarat's Surat city, police said on Sunday. The accused had procured the diamonds from 32 different traders based in the city on the pretext of getting better rates and later absconded with them, an official from Varachha police station said. The man left his mobile phone with his sister-in-law and asked her to format it and destroy the SIM, he said. "An FIR was registered under sections 406 (criminal breach of trust) and other relevant provisions of the Indian Penal Code," the official said. The police kept a watch on the house of the accused man's relative in Surendranagar and arrested him, he said. The police recovered the stolen diamonds and jewellery worth Rs 2.9 lakh from his possession, the official said. The accused claimed that he was fed up with the diamond business, which his father had handed over to him and wanted to start his own garage

Diamond production down 21%; 10K workers lose jobs, salary cuts for others

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

De Beers positive on India; expects business this year similar to 2021

This year, the first six months have been strong and the positive consumer sentiment continues and the company is hopeful the business will be similar to last year, De Beers India MD Sachin Jain said.

Surat diamond industry pins hope on new mines amid staggered work

With some mines in Botswana being put to work, rough diamond trade could ease by 10% amid US sanctions on Russia's Alrosa which commands 27% global supply

The Rock, the largest white diamond ever to appear at auction

Christie's announces The Rock, a 228.31 carat pear-shaped diamond that will lead the Geneva Magnificent Jewelssale on May 11, 2022, as part of Christie's Luxury Week.

Cash is still king, for now: Diamond sale dims cryptocurrency hopes

A 101.38-carat diamond was sold by Sotheby's for HK$95.1 million ($12.3 million) to an unknown buyer using traditional currency, disappointing cryptocurrency fans

Miner finds a rare 442-carat diamond that may be worth $18 million

Given the rarity of such large stones, demand for big diamonds has traditionally been resilient, even at times when the wider industry has struggled

Lab-grown diamonds a rage in China and the West, but trend eludes India

With global natural diamond supplies predicted to start declining from this year, LGDs are gaining ground as a useful disruptive technology.

The world's biggest diamond mine is closing after almost four decades

Argyle is best known as the source of about 90% of the world's prized pink diamonds

Industry body steps in to ensure rough diamond supply to polishing units

The diamond polishing industry has been reeling under falling demand, impact of the GST, and lack of working capital

Diamond has young patrons too! Millennials and Gen Z biggest consumers

A DeBeers report claims global diamond production may decline in 2018 on mine closure, favourable demand will keep prices elevated

Size problem: Shrinking diamond content in jewelry is a headache for miners

The anemic growth has forced gem producers to respond in recent years

ICEX readies for futures trade relaunch in diamonds

With completion of a second rights issue, of Rs 85 crore, the Reliance ADA Group-anchored Indian Commodity Exchange (ICEX) is ready to restart futures trading in polished diamonds by the end of this month.Final approval is needed from the Securities and Exchange Board of India (Sebi). The exchange suspended futures trading in 2014, four years after launch. It has in-principle approval from Sebi for going live.To achieve the mandatory minimum net worth criterion of Rs 100 crore, the exchange had floated a second rights issue (it concluded this week), to raise money from its existing investors. In April 2016, the exchange had raised Rs 50 crore from its shareholders; with the second round, its net worth is Rs 125 crore.However, government-owned commodity trading entity MMTC did not participate. So, after the second round, MMTC's stake is expected to decline to below 10 per cent, from the earlier 13 per cent.MMTC plans to exit the exchange business. In fact, it had divested five ...

ICEX to launch diamond futures soon

Last week received in-principle permission to restart exchange, trading expected from March

Israeli technology to revolutionise diamond industry in India

An Israeli company has invented a machine that it claims instantly grades the clarity of polished diamonds

Shine is off Shrenuj as future hangs in balance

The 110-year-old diamond house is struggling to come to grips with its debt woes as lenders initiate the recovery process

World's first diamond trading exchange going live from today

India has a major share in cutting and polishing of diamonds, with 90% of global work