Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

25 october 2021

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Indian diamond industry faces worst price crash in recent times

23 march 2020

The world’s largest diamond cutting and polishing centre in Surat is headed for a doomsday following the worst crash in polished diamonds prices in the international market. The prices have fallen 7%-10% due to a severe economic crisis in the key diamond consuming countries coupled with the outbreak of coronavirus pandemic, says a TOI report. 
The plummeting of prices comes on the heels of India’s export of polished diamonds crashing by 41% to $1.38 bln in February. 
It was in November and December-2019 that the diamantaires had purchased rough diamonds at high prices, anticipating good demand in the international market in 2020. However, the coronavirus outbreak came as a big disruption with export to Hong Kong and China decreasing by almost $1.5 billion during January-February, 2020. 
Rapaport Group chairman, Martin Rapaport reportedly told TOI over the phone: “Our heart goes out to Surat and India’s diamond community in these difficult times. We understand that the reduction of prices in the Rapaport Price List is upsetting, but it is important for the buyers to come back to the market as the prices have been adjusted. It is important to note that the Rapaport Price List is used by buyers and not just sellers. As such, buyers require and expect Rapaport to reflect the lower price realities of the market. We cannot misrepresent prices to the benefit of sellers and we must not mislead buyers.”

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