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...

Today

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

The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

06 july 2020

Indian diamond industry may halt purchases of all diamonds from 10 to 31, July

02 july 2020

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Rough diamonds                                                                                                          Image credit: DTC Botswana

The Gem and Jewellery Export Promotion Council of India along with four other industry bodies have again issued an appeal to industry members to halt all purchases of diamonds between 10 and 31 July.
It is estimated that about $7bn of rough and polished diamonds have been stuck in India, the world's cutting and polishing capital, since the country went into lockdown on 25 March.
The organizations believe that the moratorium will help preserve inventory values and protect the industry. Recommendations have however allowed members to imports between 1 and 9 July, and can later agree to a voluntary restrain for the rest of the month.
According to the trade organizations, the industry's self-discipline has helped to reduce the industry’s inventory and manage cash flow at a time when businesses across the world are going through disruptions.
The letter to the members also says that GJEPC and others will be writing to large diamond miners urging continued flexibility and restraint at their Sights and sales.
In the Surat cutting centre, rules were eased recently allowing a limited number of artisans to return to work with strict social distancing, but the number of COVID-19 infection has surged of late, leading to shutting down of the manufacturing units.

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