The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

Today

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 2019

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 2019

Wages of diamond artisans slashed by 30%

09 august 2019
A survey conducted by Gujarat Diamond Workers Union (GDWU) found that diamond manufacturers have slashed workers’ wages by an average of 30% in the last seven months in Gujarat, India, as per a TOI report.
The President of GDWU, Ranmal Jillariya told TOI, “The worst-hit in the slow down are the diamond workers who, after pay cuts or being retrenched, are not being able to make ends meet. Around 4,200 workers have been rendered jobless in the last one year in Surat. The factory owners are also being indifferent towards them in times of crisis.”
While industry insiders term the present slowdown as one of the worst phases, many others like Babu Gujarati, president, Surat Diamond Association (SDA), see a glimmer of hope in the darkness. “A positive atmosphere is building up in the industry and we feel that the slowdown period will end soon. We are concerned about the workers and are ready to represent it with the unit owners and at the government level.”
The Report adds that during the 2009 meltdown, around two lakh diamond workers in Surat lost their jobs while as many as 400 diamond units had closed operations. Though, diamantaires are unsure when this phase will get over, a sightholder of De Beers said, “Surat’s industry is sitting on a huge stockpile of polished diamonds, which are waiting to be cleared. In such situation, there is no need to process new stones as the demand is subdued”.

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