Innovation and automation can conquer any challenges

Rahul Gaywala, the CEO of STPL has been with the Sahajanand Group since 1993 and in his tenure with STPL, he has proved to be a hard-core innovator and technocrat intent on helping to transform the diamond trade from a labour-intensive industry to an...

06 april 2020

Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Indian diamond industry shaken by outbreak of Coronavirus in China

06 february 2020

In De Beers’ first sale of the year, prices of rough diamonds have risen by 3-4 per cent, but the Indian diamond exporters are not sure if the price increase will be reflected in polished diamonds, as demand from China, Hong Kong and the Far East is likely to take a hit due to the outbreak of Coronavirus. 

Image credit: geralt (Pixabay)

When diamond mining major De Beers reported sale of $545 mn worth of rough diamonds in the first sales cycle of this year after a difficult 2019, it indicated that the industry is on a recovery path.
India is the world’s largest centre for cutting and polishing of rough diamonds and Surat is the hub for cutting, polishing and processing rough diamonds, exporting 85 per cent of the stones The outbreak of coronavirus in China is bound to affect sales of cut and polished diamonds if the situation does not come under control shortly. Polished prices will not go up and the margins of the manufacturers will come under pressure.
The overall export of cut and polished diamonds in the first nine months of the current fiscal was down 17.14 per cent from the same period last year. The industry was expecting an improvement in exports in the fourth quarter following the US-China trade treaty. But as things stand today, exports are unlikely to go up in the fourth quarter.

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