Consumers attracted to diamond jewelry more than ever

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

21 september 2020

WDC actively supports initiatives from mine to retail; and also strives for support for the artisanal and small-scale miners - Edward Asscher, President, World Diamond Council

A member of one of the diamond industry and Amsterdam’s most well-known families, Edward Asscher was elected President of the World Diamond Council in June 2020 for a two-year term. Asscher is serving a second time as WDC President, having led the organization...

14 september 2020

Diamonds are one of the few things that have held human fascination in every nook and cranny of the world across time

Dr Usha R. Balakrishnan, a preeminent historian of Indian jewellery based in Mumbai, is Chief Curator of the World Diamond Museum. Being the author and co-author of several volumes of Diamonds Across Time, a new book and an important venture launched...

11 september 2020

Botswana Diamonds to bulk sample KX36 kimberlite, sees commercial potential

Botswana Diamonds recently acquired Petra Diamonds’ exploration assets in Botswana for $300000. The assets that were owned by Petra through its wholly-owned Sekaka Diamonds Exploration, include the KX36 project, a 3.5 hectare kimberlite that was a new...

07 september 2020

Indian diamond industry looks for recovery options

Webinars being the order of the day due to COVID-19 crisis, the Gem & Jewellery Export Promotion Council (GJEPC) of India organized a virtual meeting under its UNCUT 2020 Webinar series on 17 August 2020, inviting all stakeholders to discuss...

31 august 2020

India’s Gems & Jewellery exports declines by 3.5%; cut and polished diamond exports slides down 13.7%

29 april 2016
The Gem & Jewellery Export Promotion Council (GJEPC) of India released the annual export performance report for FY2016 in the presence of Chairman Praveenshankar Pandya, Vice Chairman Russell Mehta and other Directors. The data indicated that Exports of gold jewellery in FY16 dropped 13% to USD 8,609.25 mn as compared to USD 9,903.61 mn in FY15; Exports of Colored Gemstones dropped 4.4% in FY16 to USD 433.18 mn as compared to USD 453.25 mn in FY15; Gross exports of cut and polished diamonds in FY2016 dropped 13.7% to USD 19,996.06 million as compared to USD 23,160.18 mn in FY15; and other exports (such as pearls, synthetic stones, costume and fashion jewellery, etc.) increased by 49.7% in FY16.
Speaking at the Presser, Praveenshankar Pandya, Chairman, GJEPC, said, “For the first time ever, the Export of Cut & Polished diamonds, has shown a huge decline of 13% during April- March 2015-16, in comparison to the same period last year. Weak international demand and high rough diamond prices have led to the absence of Profitability. Slow Demand has led to the fall in Rough Diamond Import by 16% in FY 2015-16 for the first time. Rough Prices are edging upwards, the sluggish global demand has created inventory pile up. Increased Financial Cost or inventory carrying cost has become unbearable. Interest Subvention is the need of the hour!”
Russell Mehta, Vice Chairman, GJEPC said, “GJEPC is preparing a ‘Job Work’ draft Policy to be shared with the Government. The facility of job work is already allowed in China. In-spite of labour being around 20% expensive than India, global diamantaires are sending their diamonds to China for manufacturing purpose as job work policy is already in place in China. It is proposed to allow Goods on consignment basis for manufacturing purpose thus creating more jobs for artisans in the country.”
Praveenshankar Pandya also urged the government to permit the sale of rough diamonds at the SNZ in Mumbai by implementing a 0.25% tax on sales turnover achieved at SNZ by foreign mining companies. He also announced that it is collaborating with leading Miners namely De Beers, ALROSA and Rio Tinto to launch a Joint Promotional ‘Generic Diamond Promotion’ Programme.

Aruna Gaitonde, Editor-in-Chief of Asian Bureau, Rough&Polished