Diamex Lab: Our technology allows you to trace the history of the origin of each stone

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17 february 2020

The future of the market goes hand in hand with gemology

After 2019, a challenging year for the global diamond industry, we asked Yuri Shelementyev, head of the Moscow State University (MSU) Gemmological Center and president of the National Gemological Association (NGA), to share his views...

10 february 2020

Diamond industry in healthier position going into 2020

The diamond industry is in a healthier position going into 2020 due to actions taken last year, according to De Beers. Group spokesperson David Johnson told Rough & Polished’s Mathew Nyaungwa that the actions taken included reducing rough diamond production...

03 february 2020

Ethical sourcing and Diamonds Standards Organization

The diamond sector is ready to embrace a new decade and overcome some of its historical challenges. Ethical sourcing has proven to be undoubtedly one of the main aspects that industry professionals need to address. Antonio Cecere, President of Geneva...

27 january 2020

Ali Pastorini: Challenges make us think out of the box and be closer to customers

Ali Pastorini is the co-owner of DEL LIMA JEWERLY 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...

20 january 2020

GJEPC urges Central Government & RBI to revise credit terms for payment-hit exporters

13 february 2020

The Gems and Jewellery Export Promotion Council (GJEPC) of India has urged the central government and the Reserve Bank of India (RBI) to revise credit terms for the payment-hit exporters, according to a TOI report.
Diamantaires and jewellery exporters in Surat and Mumbai have been facing a serious issue of delayed payments from Hong Kong owing to the prolonged anti-government protests and also from the recent coronavirus outbreak. 

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Image credit: stevepb (Pixabay)


In a statement, Pramod Kumar Agarwal, Chairman-GJEPC reportedly stated that Surat has an exposure of about 40% with Hong Kong and mainland China. The protests and the virus outbreak in China have disrupted the business including delay in the payments.
In its letter addressed to RBI, Finance Minister, and Ministry of commerce, GJEPC is reported to have pointed out that protests in Hong Kong commenced around April 2019 and have turned violent since Sept-Oct 2019. This has disrupted business in many ways, with offices being partially closed due to violent protests; clearance of parcels exported getting delayed and overall slowdown of trade. GJEPC said that this has impacted the turnover and financial dealings with the traders based out of Hong Kong with India, the financial implications of which have led to delay in shipments and delay in receipt of export proceeds. Further, the council states, “As if this was not enough, the breakout of coronavirus in mainland China and then spreading to other countries too have also led to adverse impact on gems and jewellery trade in these regions too.” 
The business has thus been facing severe hurdles with commitments not being fulfilled in exports and for inward remittances, they said. Moreover, a major trade fair scheduled for March too has been rescheduled for May. “The trade foresees major imbalance in payments for the community dealing with various merchants in this part of the world. The RBI should consider giving leeway and time for credit facilities availed by exporters/importers for meeting their financial commitments,” GJEPC stated.

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