GJEPC sees India’s gems & jewellery exports falling 7% in FY20 on high gold prices

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India’s gross exports of gems and jewellery sector are expected to decline 5-7 per cent in FY20 as compared to the previous financial year, on account of global downturn and rise in gold prices which has affected domestic demand. As per the Gems and Jewellery Export Promotion Council (GJEPC), net exports of the sector declined 5.32 per cent to […]

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NMDC and GJEPC to auction rough diamonds in Surat after 21 years

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In a first since 1998, rough diamonds mined in India will now be up for display in Surat for auction by state-run National Mineral Development Corporation (NDMC) in association with Gems & Jewellery Export Promotion Council (GJEPC), reports Business Standard. So far, rough diamonds mined from the Panna mines in Madhya Pradesh were auctioned online but displayed only at Panna. However, […]

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Global diamond miners to cut production by a third in order to revive prices

A body representing eight leading global diamond mining companies has warned against excessive mining of the gem, saying this has led to a drop in the prices of the precious stone. It also said that the current scenario in India is not rosy. Last year mines produced 150 million carat rough diamonds globally, which was the highest since 2008, […]

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India-origin historic blue diamond auction exceeds expectations: sells for $6.7 million

A 6.16-carat blue diamond that originated in India and was secretly passed down through European royalty over three centuries has fetched $6.7 million at a Sotheby’s auction in Geneva — $1.4 million more than what experts expected it to be sold for. The pear-shaped, dark grey-blue gem, known as The Farnese Blue, sold after just four minutes of bidding. […]

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Indian jewellers see 10 per cent export growth in FY19 after a 5 per cent decline in FY18

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After a five per cent decline in FY18, jewellers believe there would be a 10 per cent jump in India’s gem and jewellery export for the current financial year, reports Business Standard. Gem and jewellery traders point to demand from new markets, depreciation of rupee against the dollar and increases in diamond prices as reasons for the optimism. […]

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Israel’s largest mining corruption scandal hits diamond magnate

Israeli diamond magnate Beny Steinmetz and four others were taken into custody by Israeli police on suspicion of fraud, forgery, obstruction of justice and bribery. This is the second arrest of Steinmetz as part of a joint Swiss, Israeli and US probe over allegations that BSGR, the billionaire Israeli-French businessman’s mining company, bribed government officials […]

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Venezuela under increased activist pressure to stop mining in key concession area

A non-governmental organisation based in the southern Bolívar state has called upon the Venezuelan government to scarp the 2016 decree that allows mining in the Orinoco River National Development Strategic Zone. This is a 111,843 square kilometres concession area for mining gold, diamond, iron, copper, bauxite, coltan, among other resources, that has caught the attention of some […]

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