Increase in Covid-19 cases forces Surat diamond polishing units shut till 13 July

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Diamond polishing units in Surat in Gujarat will remain shut till July 13 while diamond trading markets will be non-operational till July 9 in view of the novel coronavirus outbreak. An order to this effect was issued on Monday by Surat Municipal Corporation Commissioner. The municipal Commissioner said permission for resumption of operations would be given to these units if they follow the […]

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India plans limited imports of rough diamonds following month-long halt

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India, the world’s largest diamond cutting and polishing centre, is planning to reopen imports of rough stones in a limited way from July after imposing a temporary halt this month, a senior industry official said. Dinesh Navadiya, president of Surat Diamond Association, India”s main centre for cutting, polishing and re-export of diamonds, told indoasiancommodities.com that […]

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Rough diamond sales to fall by 30%-40% this year due to pandemic: Moody’s

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Global rough diamond sales are set to fall by 30%-40% this year as the coronavirus pandemic have upended all stages of the value chain, likely affecting Indian exports as well, Moody’s Investors Service said. “We expect exports of polished diamonds and imports of rough diamonds by Indian cutters and polishers, the middlemen that connect miners […]

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Surat’s diamond exporters weighed down by $2 billion inventory

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While the diamond industry in Surat has heaved a sigh of relief with the resumption of exports, albeit in a small quantities, a $2 billion plus unsold inventory is weighing heavily. Though exports to Hong Kong, a major destination for India’s polished diamonds, have resumed, the industry is currently sitting on an inventory worth around $2.3 billion. […]

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De Beers slashes diamond production forecast amid market collapse

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De Beers, the world’s largest diamond miner by value, cut 2020 production guidance by a fifth on Thursday, as the coronavirus pandemic has brought the global supply chain to a halt, affecting demand. The Anglo American unit said it expected to produce between 25 and 27 million carats this year, down from a previous forecast of 32 to […]

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India’s rough diamond imports fall sharply in 2019 over liquidity crunch

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Liquidity crunch due to financing cuts by banks leading to cutters and polishers reducing purchases has resulted in India experiencing the steepest decline in net rough diamond imports sharply in 2019 so far. According to the data from the Gem and Jewellary Exports Promotion Council, the overall gross import of rough diamonds between April to […]

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Market regulator, SEBI adds diamond, base metals and alloys to liquid assets list in commodities derivatives

Capital markets regulator Securities and Exchange Board of India (SEBI) added diamond, base metals and alloys to the list of eligible liquid assets for the commodity derivatives segment. Currently, the list of commodities permitted as liquid assets consists of bullion, steel and agricultural commodities. “Considering the introduction of compulsory delivery-based diamond and base metal derivatives […]

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