Indian Diamond Industry To Watch Antwerp Diamond Valuation Forum Closely

Rough Market
07/09/2016 11:03

"All eyes in the Indian diamond industry are set on the forthcoming meeting between the Kimberley Process Certification Scheme (KPCS) and Antwerp World Diamond Centre (AWDC) on rough diamond valuation in Antwerp on September 21", writes The Times of India. The aim of such forums is to develop a set of global standards for pricing rough diamonds, which KP chairman Ahmed Bin Sulayem believes would help artisanal miners figure out the value of their rough production and negotiate prices. "We want to make sure the whole industry benefits from this," Sulayem said. The next steps involve engaging with KP participants and industry experts, including, from civil society."

India is the largest consumer of rough diamonds with annual imports totaling over $16 billion. At present, there is no standard pricing for rough diamonds like it exists in global market. Gems and Jewellery Export Promotion Council (GJEPC) regional chairman Dinesh Navadiya said, "There is a huge difference when it comes to rough and polished diamond prices. In the last one-and-a-half year, the polished diamond prices have decreased by almost 30 percent, whereas there is no such decrease in rough prices. However, the rough diamond price valuation will certainly help the industry." Dubai, which is the current KP Chair, has focused its attention on facilitating rough valuation forums, hosting the first last May in Dubai. A second meeting is scheduled to be held in Antwerp on September 21 and a third will take place in Dubai on September 30, just before the November KP plenary.