Page 2 - Diamonds

Barred from diamond bids, jewellery exporters seek equalisation levy relief

The request features in GJEPC's representation made to finance ministry for union budget 2021-22

Dueling over diamonds: LVMH says Tiffany not worth buyout as spat gets ugly

It's an ugly spat for such a glamorous industry: French luxury powerhouse LVMH and US jeweler Tiffany & Co. are blaming each other for the collapse of what would have been the sector's biggest-ever buyout deal. Paris-based LVMH had announced Wednesday it was abandoning the USD 14.5 billion takeover plan because the French government had requested a delay to assess the impact of proposed U.S. tariffs. Tiffany sued to enforce the deal, and on Thursday LVMH lashed back. The Paris-based conglomerate whose holdings including Christian Dior, Louis Vuitton, Moet & Chandon, Bulgari and Sephora issued a statement threatening legal action of its own, accusing Tiffany of mismanaging the financial crisis prompted by virus lockdowns. LVMH criticised Tiffany for issuing dividends even as it was losing money, and Tiffany's performance in the first half of this year was significantly worse than that of other LVMH brands during the period. "LVMH confirms that the conditions are not met" to ..

Cheaper diamonds bring life into the hidden world of gem trading

After refusing to budge on diamond prices during much of the pandemic, De Beers and Alrosa PJSC cut prices by 10%

De Beers likely to cut jobs on Covid-19 hit, outlines plans for overhaul

Diamond mining giant De Beers is likely to have to cut jobs, its chief executive said on Thursday, as it outlined plans for an overhaul of its business after the coronavirus hit jewellery demand.

Surat diamond polishing units shut till July 13; trading mkts till July 9

In another notification, Pani said a textile making unit or textile market will be shut for seven days if one or more cases emerge from them

Covid-19 scare: Surat diamond hub calls for voluntary closure for a week

Most of the diamond polishing units are largely situated in and around the areas of Katargam and Varachha in Surat which have seen a spike in Covid cases

Surat's diamond and textile units to remain open amid coronavirus, slowdown

Industry stakeholders say closure would not only impact the health of the two sectors but would also lead to massive unemployment

Jewellery exporters contact mines to directly supply rough diamonds to SMEs

Leading global diamond miner De Beers, which contributes nearly 20% of global rough diamond supply, normally, allocates rough diamonds to pre-selected large processors across the world

Coronavirus impact: Surat diamond hub stares at Rs 8,000 crore loss

Hong Kong has one of the world's busiest airports and is a major transit point for China

Budget 2020: Diamond exporters want relief as export slump continues

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 ...

Diamond exports fall sharply on Customs' approach; changing preferences

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

Bharat Diamond Bourse may allow trade in lab-grown stones in three months

Bourse has to ensure lab-grown and natural diamonds don't mix and a proper process of segregating the two varieites using firewalls is established

India-mined rough diamonds garner Rs 7.38 crore worth tenders in Surat

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

GST rate cut in diamond job work to free up Rs 1,500 cr working capital

Move is likely to encourage polishing units to upscale manufacturing

In a first since 1998, NMDC and GJEPC to auction rough diamonds in Surat

Panna diamonds to be showcased first time ever at Surat International Diatrade Centre; stones weighing 24,000 carat in all, and valued at Rs 25 cr will be displayed between Sept 24-27

Record gold prices would take sparkle off diamonds: Citigroup analyst

Compared to gold, diamonds are an inferior store of wealth and therefore unlikely to benefit significantly from an investor flight from fiat currencies, the analyst wrote

How a glut in diamonds is taking a toll on an already embattled industry

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

Lab-grown diamond jewellery exports from India to capture 2% of US market

Apart from the US, India exports its lab-grown diamonds to France, Italy and Australia apart from other European and Asian countries

Importers protest recent circular from Customs office on rough diamonds

Last year, India imported rough diamonds worth $19 billion

Global diamond production to fall 33% as mining reserves dry up

In 2018, diamond production touched a near record high of 150 million carat