Diamond industry analyst Avi Krawitz presents his rundown of the India International Jewellery Show (IIJS) that took place last week in Mumbai. While noting that IIJS is currently a niche domestic show focusing on gold jewelry - which saw steady business, with jewelers expecting demand to rise along with gold's upward trend - Krawitz sensed optimism about the diamond market even though domestic diamond consumption has slowed recently. "India’s jewelry industry has some hurdles to climb before the diamond trade can grow domestic supply [and demand - DL].
Speaking at the inauguration of the 2016 India International Jewellery Show, Bruce Cleaver, CEO, De Beers Group, confirmed that De Beers has signed a Memorandum of Understanding (MOU) with the Gem & Jewellery Export Promotion Council (GJEPC) to develop a category-based marketing campaign over the key selling season in India.
Over a dozen diamond traders in Surat, Mumbai and elsewhere have reportedly lost a combined $7.5 million following a default by an Indian dealer. Market sources said that the defaulter had an office at the Bharat Diamond Bourse in Mumbai and bought light-brown colored diamonds from traders in Surat and Mumbai for sale abroad, according to a report in The Times of India. He had been trading for many years and therefore enjoyed 120 days credit from suppliers in Surat and Mumbai.
India's Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB) of Mumbai gave a delegation from Botswana, led by the country's vice president, Mokgweetsi Eric Keabetswe Masisi, a presentation on India's diamond business, while the sides also discussed the challenges facing the global diamond trade. GJEPC Chairman Praveenshankar Pandya said: “You are the largest producers of rough diamonds and we are the largest manufacturing center.
The Natural Color Diamond Association (NCDIA) has begun a series of conferences around the world aimed at increasing consumer awareness about diamonds. The events began in New York on October 2 before moving to Mumbai on October 8. They will cover the topics of rarity and value and natural pink diamonds and will continue with a conference at the Israel Diamond Institute in Ramat Gan next month. Further meetings are planned for Australia, London, Hong Kong and Antwerp, and subjects that will be discussed include natural versus synthetic diamonds and retailing with color.
The Bharat Diamond Bourse has agreed measures to curb the sale of synthetic diamonds at the bourse, Rapaport News reported. Specific details of the disciplinary action that could be taken against dealers were not provided. The move was approved unanimously at the bourse's annual general meeting, according to several attendees who asked to remain anonymous as they were not authorized to comment on the proceedings. The new rule applies to all synthetics, including CVD. The bourse did not provide further comment.
Speaking at the India International Jewellery Show (IIJS) in Mumbai last week, De Beers Executive Vice President of Global Sightholder Sales Paul Rowley acknowledged the industry was going through "challenging times", with considerable pressure on the midstream. However, "the medium-to long-term demand outlook for diamonds is unquestionably extremely positive."
As the Indian International Jewellery Show (IIJS) passed its fourth day on Sunday, loose diamond sales remained largely flat. In previous years, transactions typically rise over the course of the show, particularly at the weekend. Visitors to the trade fair had very specific and limited demands. However, gold jewelry manufacturers were seeing strong demand due to the recent decline in the price of gold and were replenishing their stocks of gold jewelry to cope with the demand.
There may have been reasonable foot traffic at the India International Jewellery Show (IIJS) which kicked off on Thursday, however diamond sales were slow. Exhibitors reportedly have low expectations of the five-day fair and are aiming to strengthen relations with clients ahead of the critical jewelry-buying periods ahead of the Diwali festival in October and the following wedding season.
The Gem & Jewellery Export Promotion Council’s (GJEPC) has announced that the 6th edition of India International Jewellery Week (IIJW) will be held in Mumbai from August 3 to 6.