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Sluggish Movement amid August Recess

08 september 2014

The Indian diamond industry’s sentiment continued fr om the previous month and was on a slow track all through the month of August. Overseas demands for polished remained sluggish and not many foreign buyers were seen in the market. Observers put it down to the mid-September Hong Kong Show coming up, wh ere most of the overseas buyers will converge. And with most Indian exporters participating in the Hong Kong Show, deals are expected to be stuck in the Show.

The Indian traders, who are participating in the Hong Kong next month, are positive that some good deals will be struck during the Show. Prices are also expected to pick up by that time, which will augur well for the Indian traders who have been struggling with wafer-thin profits or at times no profit at all.

The domestic demand for polished goods is picking up considering the festivals are already there, and Diwali is round the corner. It is predicted that jewellery sales are expected to be better this year.

Rough trading was also weak as it was reported that large amount of rough is being held by traders, who were following the wait and watch game, given that polished sales were slow and no increase of price as well. Rough market will remain slow in the coming months as well, due to tight credit norms from the financing banks.

Increase in rough imports and decrease in polished exports have been noted during the month. India’s cut and polished exports for the month of July 2014 have recorded $1,852.09 million, registering a decrease of 11.19 percent as against $2,085.42 million during July 2013, according to the provisional figures announced by the Gem & Jewellery Export Promotion Council (GJEPC) of India. Polished imports for the month of July 2014, too, recorded a decrease to $634.05 million for the month, from $640.36 million in July 2013, registering a marginal decline of 0.99 percent. The decrease in polished diamond imports is attributed to the steps taken by the government to stem imports and thus support the local cutting and polishing industry. The increase in imports of rough diamond to $1,912.46 million for July 2014 from $1,677.66 million for the same period last year, indicates a growth of 14 percent.

To revitalize the sinking jewellery exports through the country’s six Special Economic Zones (SEZs) the GJEPC of India has signed an agreement with the global consultancy major, Accenture.  Accenture is being hired to sort out all policy issues regarding SEZs and to prepare a detailed roadmap towards the revival of SEZs. According to the GJEPC data, the shipment of gold jewellery from SEZs had slumped during Q1. However, the gold jewellery exports from DTAs increased many folds. Accenture will mainly focus on exit policy, labour laws and tax-related issues pertaining to the SEZs. The study recommendations will be submitted to the Union Government for consideration.

During the month, the news that four Gujarati diamantaires in Hong Kong had been declared bankrupt by the HK's special administrative region court came as a shock to the industry. All four defaulters are from the same company, Aarohi Diamonds (HK) limited, a sister concern of India's Classic Diamonds India Limited, a former DTC sightholder company, which had gone bust sometime in 2012 after posting losses amounting to $5.5 million. The Indian business community in Hong Kong were understandably disturbed.

Both the trade bodies, the GJEPC and BDB (Bharat Diamond Bourse) are taking all steps to keep the natural diamond sector safe from unscrupulous persons mixing synthetic stones. While the Indian diamond industry understands that dealing in synthetics, which are almost 30-40% cheaper than natural stones, is a legitimate business, the undisclosed mixing of the two varieties of stones, is the major worry. The failure of dealers to segregate the synthetic ones, which have almost all the physical characteristics of natural diamonds, the presence of unscrupulous elements, and the bad name it can bring to a business that's based on trust, has many a diamantaire spending sleepless nights. That the Indian diamond companies are in a frantic hurry to install synthetic detecting machines in their offices is not surprising, going by the manner   synthetics are making an entry into the natural diamond business.

The proposed Surat Diamond Bourse (SDB) is been in the news right from the time the project was initiated. Recently, it was the farmers who met chief minister Anandiben Patel, objecting to the using 112 hectares of NAU campus near GhodDod Road, as well as other pieces of land.

The Indian domestic market is now gearing up for the upcoming festivals, offering discounts and other schemes to increase sales. Jewellery manufacturers are busy to maintain their production program on time and retailers are looking forward for a better season this year in India.

The demand/supply situation during the month of August 2014 was as follows:



0.005-0.15 cts, F-J / SI+, moving well

1/5, H-J / VS, very good demand, selling well

1/4-3/8, moving well; 1/4-3/4, D-J / SI+, shortage of goods reported

1/2-3/4, white / pique, selling well, shortage of goods in market

0.80-0.90 cts, selling well; F-J / VVS goods, shortage of goods

1.00-3.00 cts, D-K / SI to pique, selling well, very good demand

1.00-3.00 cts, H-J / SI1+ good demand for good makes

4.00+ cts, H-M / VS+ selling well, shortage of stones

Fancy Cuts

Emeralds and Stabbes (wide baguettes), 0.25-1.00 cts, good demand D-J / VS+, moving well

Marquises 0.25-5.00 cts, F-J / VS+, good demand, selling well

Princesses, Pears and Emeralds, 2.00-5.00 cts, good demand for H-K / VS, selling well, very good demand


Makeables: good demand.

1-5 point: fair demand: makeables; very good demand for OW TTLB & TTLC.

6-20 point: v.good demand: crystals/makeables.


21-50 point: very good demand,

0.51-1.00 carat: good demand: makeables; crystals.

1.01-2.00 carat: very good demand:  rounds; crystals, all fancy shapes.

2.01-3.00 carat: very good demand

5.00 carat+: good demand: $1,000+ makeables, crystals & all fancy shapes

Mixed lot: very good demand

ArunaGaitonde, Rough&Polished, India