As the covid situation in India worsens, the World Federation of Diamond Bourses (WFDB), through email and social channels, is asking diamond and jewelry industry members to donate to help their Indian colleagues and friends win the battle against the Virus. The campaign, Diamond Aid, organized with Bharat Diamond Bourse (BDB), will use the funds raised to purchase medical equipment and medication for hospitals in Surat and Mumbai.
The Bharat Diamond Bourse is fully closing as of 8PM tonight until further notice as the Maharashtra Govt declared a state-wide lockdown and curfew after the official number of Covid cases peaked to over 57.000 in the state, 11k in Mumbai alone on Sunday.
Following a vote on Monday, members of the Bharat Diamond Bourse (BDB) have decided to lift the ban that was instated in 2015, prohibiting the trade in LGD. According to BDB officials, companies will have to adhere to a set of rules to be able to trade LGD, such as the creation and registration of separate entities for those trading in both (natural) diamonds and LGD, implementation of separate inventories and processes etc. Earlier, India's GJEPC announced the addition of a LGD membership category, following requests of members.
Times of India reports that India's Bharat Diamond Bourse in Mumbai's Bandra-Kurla Complex as well as the Gems and Jewellery industry at Seepz MIDC can resume operations, albeit with a strongly reduced workforce (10%). India's diamond and jewellery industry has been suffering as the country continues to be under strict lockdown, and export shipments are blocked. Both area's are located in so-called "red zones", which is why only limited workforce can be allowed, state officials said.
Times of India reports that a 700 million US$ shipment of loose diamonds, destined for Hong Kong, is stuck at the Bharat Diamond Bourse, despite efforts to persuade government to allow the Bourse to resume activities with minimal workforce. According to a spokesperson for the Gem and Jewellery Promotion Council (GJEPC), the diamond industry in India, already heavily impacted by lockdown measures, could suffer even more because of exports being blocked; "if business would shift to China and Thailand ... it would be a permanent loss".
Despite rumors to the contrary, the Bharat Diamond Bourse (BDB) has told The Times of India (TOI) that it has no plans to lift the ban on trading synthetic diamonds in the bourse, a rule that entered into force in 2015 following a spate of undisclosed mixing of natural and synthetic goods.
HRD Antwerp, one of Europe's leading diamond grading labs, last week opened its new office in the Bharat Diamond Bourse (BDB), as well as a jewelry grading lab in the Santacruz Electronics Export Processing Zone (SEEPZ) in Mumbai, established for manufacturers exporting to international locations. The new office was inaugurated last week by Belgium’s Consul-General, Mr. Peter Huyghebaert, in the presence of HRD CEO Mr. Michael Janssens, BDB President Mr. Anoop Mehta, Vice President Mr. Mehul Shah and other dignitaries. In his opening speech, Mr.
HRD Antwerp announced the opening of a jewelry grading lab in the Santacruz Electronics Export Processing Zone (SEEPZ) in Mumbai, for manufacturers who export to various international locations. “Our customers will have safe, reliable and easy access to our services. Our laboratory has the know-how and tools to thoroughly analyze jewelry, provide a general description of the jewel, the quality of the diamonds it contains, and the precious metals of which it is made”, explains Ravi Chhabria, Managing Director of HRD Antwerp India.
The Bharat Diamond Bourse (BDB) will be organizing an India Diamond Week from April 23-25 in Mumbai, the first ever such trade fair in India, writes industry organization GJEPC. About 200 booths for polished diamond companies will be set up within the bourse, and Indian as well as international traders will be invited to apply for them. “All booths will be standardised and be of the same size,” explained Mehul Shah, Vice President of BDB.
Rapaport News has obtained a letter from De Beers to its clients informing them that they will close its auction-sales office in Dubai due to declining demand from local companies. According to the letter, De Beers will terminate its Dubai rough auctions on July 31, meaning De Beers will no longer display rough diamonds there from the year’s sixth sales cycle onward.
HRD Antwerp officially inaugurated its new lab & office premises in Mumbai on Tuesday April 25, joined by Belgium's Secretary of State for Foreign Trade Pieter De Crem. This expansion underscores HRD Antwerp's commitment to fundamentally strengthening the ties between the world's leading diamond trading center – Antwerp – and the Bharat Diamond Bourse - the world's largest diamond bourse. “HRD Antwerp started its activities in India back in 2012, to provide faster and more convenient service to Indian diamond companies”, explains Ravi Chhabria, Managing Director of HRD Antwerp India.
The Gem & Jewellery Export Promotion Council (GJEPC) organized an alternative financing seminar this week - Diamond Financing 2017: New Opportunities New Realities - at the WFDB Presidents’ meeting 2017, which was held in Mumbai. Many important members of the industry were in attendance, including Sudhir Mungantiwar, Maharashtra’s Minister of Finance. At the inaugural session, many expressed their concern about the lack of bank financing, such as Anoop Mehta, President of the Bharat Diamond Bourse.
According to Sputnik, "India will soon be enacting regulations that will end the role of intermediaries in the import of rough diamonds from Russia." Sources from the Indian Ministry of Commerce told Sputnik that new regulations will relax the restrictive taxation and customs procedure which Indians had to adhere to when importing rough diamonds.
India and Russia will discuss ways to boost the direct trade of diamonds when Prime Minister Narendra Modi meets Russian President Vladimir Putin in Goa on Saturday, writes the Deccan Herald. Modi will discuss with Putin the measures New Delhi is considering to simplify the taxation and customs procedure to make it easier for Russian traders to export rough diamonds to India directly, avoiding the intermediaries, sources told DH.
The Indian Cabinet has approved the winding up of the Hindustan Diamond Company Private Limited (HDCPL), a joint venture between the government and the De Beers Group, according to a press statement. Set up in 1978 as a 50:50 joint venture between the two parties, HDCPL was engaged in sourcing and procuring diamonds and aimed to make rough cut diamonds available to the diamond processing industry, especially small and medium jewelry exporters.
Dozens of traders and small manufacturers in Surat are at the receiving end as four polished diamond traders operating from Bharat Diamond Bourse (BDB) at Bandra Kurla Complex (BKC) have defaulted on payments to the tune of over Rs150 crore ($22.5 million) in the last three days, reports The Times of India.
Russian President Vladimir Putin highlighted the strategic cooperation between Russia and India in the diamond industry following a decision last year to increase the volume of rough being supplied to India. India PM Narendra Modi said that the parties welcomed the initiatives aimed at the development of direct trade relations between Russia and India in the diamond industry, including an increase in the number of Indian companies which signed long-term contracts for the supply of rough diamonds by ALROSA, from nine in 2014 to twelve in 2015, Rough & Polished reported.
The India Diamond Trading Center (IDTC), a Special Notified Zone (SNZ) within the Bharat Diamond Bourse (BDB) will be officially opened on Sunday. Commerce and Industry Minister Nirmala Sitharaman will carry out the opening ceremony at the center which has been operating since July 1. The 4,000 square-feet IDTC–SNZ, which features nine fully equipped viewing rooms, a strong room, two safes and 24/7 security systems monitoring the area, is a joint venture between the Gem and Jewelry Export Promotion Council (GJEPC) and the Bharat Diamond Bourse.
In a statement, Rio Tinto announces it has finished its first viewings of rough diamonds from Argyle and Diavik at the India Diamond Trading Centre in Mumbai’s Bharat Diamond Bourse. The goods are now sent to Antwerp for auction. Patrick Coppens, general manager of sales for Rio Tinto’s diamonds business said “Our presence at the India Diamond Trading Centre in Mumbai underscores our mine to market approach and commitment to staying close to our customers for all our sales channels. ”
Leading global gem labs and machinery manufacturers will exhibit their technology and equipment for the detection of synthetic diamonds at the Diamond Detection Expo & Symposium (DDES 2015) next month. There will also be seminars and panel discussions featuring experts and trade members. DDES 2015 is being organized by The Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB) and takes place on December 15-16 at the BDB in Mumbai.
The India Diamond Trading Centre (IDTC), the first such trading zone to be set up in the country to trade rough diamonds under special laws, in the Bharat Diamond Bourse (BDB) in Mumbai recently completed its first test shipment. The test shipment, from Rio Tinto has now been re-exported back to the mining firm.