Diamonds: A cocktail of optimism, pessimism in the midst of Covid-19 pandemic

Rough & Polished’s Mathew Nyaungwa recently attended a webinar organised by CIBJO Communications to examine consumer demand at the time of the Covid-19 pandemic, importance of data, financial models and lab grown diamonds. The webinar, chaired by Edward...

10 august 2020

How Russkiye Samotsvety is coping with the current downturn

One of the key issues facing most Russian companies today is the need for an objective assessment of the new consumption decline due to the quarantine, as well as making forecasts for a way out of it. According to a RBC-Petersburg’s study made in June...

03 august 2020

Global rough diamond sales down 80-90% in value in Q2 –Zimnisky

The COVID-19 pandemic, which is spreading across the globe, having originated from China’s Wuhan has left diamond traders and buyers at sixes and sevens. Traditional diamond tenders were cancelled around March as governments imposed travel restrictions...

27 july 2020

Indian diamond and polishing industry requires forward integration - Dinesh Navadiya

Dinesh Navadiya is now the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India for the 3rd term. He is also the Director on the Board of the Gem & Jewellery Skill Council of India (GJSCI)...

20 july 2020

GJEPC will focus on demand generation for diamonds and jewellery in the next two years

Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...

13 july 2020

UAE jewellers call for 5% duty cut

13 january 2020

UAE’s gold and diamond retailers are hoping for a rollback of the 5 per cent import duty on jewellery, saying such a move would free them from the extreme volatility gold prices have been having since June last. With gold rates this volatile, only a duty relief will keep retail prices in check.
In January 2018 that Dubai and Sharjah, the two key destinations in the import of jewellery into the region, imposed the 5 per cent duty. This had an impact on showroom prices, hurting, in particular, Dubai’s reputation as one of the best places in the world to pick up gold inexpensively. It is this 5 per cent import duty that retailers feel could be done away with to revive the sector’s fortunes. UAE jewellers face the brunt each time gold prices rise to find it extremely hard to survive to sell gold with buyers keeping away. 
Recent days have witnessed volatility in gold prices due to US-Iran tensions. It has impacted on gold jewellery buying during DSF, one of the key points in Dubai/UAE’s gold buying calendar.

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