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...

Yesterday

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

India eyes to become world’s biggest G&J exports hub

27 july 2020
With the Chinese imposition of the national security law on Hong Kong, the United States of America has given an indication of imposing 7.5% duty, which was earlier about 3.3%. US, President Donald Trump, has unswervingly seen attacking China over the spread of Coronavirus in the United States and not been able to contain it. President’s executive order ending Hong Kong’s preferential economic treaty under U.S. law effectively ends the territory’s separate customs treatment from China. This means, the goods exported from Hong Kong will now be considered as goods made in China for duty purpose.
Colin Shah, Chairman GJEPC said, “Without going into the nuances of the move, I feel that this will possibly create opportunities for India in the Gems & Jewellery trade. For the US, HK & China are the 4th largest importing destinations of gems & jewellery after India, France and Italy. Hong Kong  & China exported gem and jewellery worth $980.85 million and $2622.19 million respectively to US in the year 2019. Ending of Preferential treaty as per the new order with HK would open new business avenues for India. The manufacturing business has the potent to witness a shift to India from China. However HK & China is also an important destination for India’s Gem & Jewellery Exports with nearly 27% of exports directed to that market which contains diamonds and gemstones which are used as raw materials for studded jewellery exports to US. Many Indian Diamond and Jewellery companies have their offices in HK and the move is likely to impact their businesses too.”
“India possesses natural benefit of ready availability of raw material, manpower and skillsets, a sector with 5 million workforce and a ready infrastructure to cater to the global demand. Indian gem & jewellery sector  has an opportunity ahead to take a quantum leap to become the global leader and a trading hub in the gems and jewellery,” Shah added.

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