Price rise, weak demand for specific diamonds affect Indian G&J industry
Sai Nikesh | The Dollar Business A weak demand for polished diamonds locally and globally is likely to affect India’s rough diamond imports, which is likely to decline by 10-15% in the current year, said news reports on Tuesday. Speaking to The Dollar Business, Sabyasachi Ray, ED, Gems & Jewelry Export Council (GJEPC), said the profitability of the industry has suffered due to high prices of rough diamonds and lesser demand for polished diamonds. Taking this and other scenarios, including the increasing cost of finance of Indian banks and undisclosed mixing of synthetic/lab grown diamonds, the business sentiment is not that conducive and the manufacturers have cut down their production from 10-40% in different cases which has resulted in the overall ...
Alrosa to begin direct supply of rough diamonds to India in 2015
The Dollar Business Bureau Direct diamond trade between India and Russia is expected to benefit both countries Russia’s state-owned diamond mining company Alrosa will begin direct supply of rough cut diamonds to 12 Indian companies for three years beginning 2015, according to India’s Gems and Jewellery Export Promotion Council (GJEPC). Alrosa claims that it has the world’s largest rough diamonds reserves accounts for 27% of global diamond production in terms of carats. The company targets to produce over 40 million carats by 2020. It has presence in major diamond trading centres of Antwerp, Ramat Gan, Dubai, Hong Kong, New York, and London, and is likely to begin operations in India soon after the establishment of a Special Notified Zone (SNZ) for ...
