World-renowned diamond grading lab GIA has announced it will open a new laboratory in Surat, India and expand its long-term presence in Antwerp, Belgium in the second quarter of 2018 to meet the needs of the global gem and jewelry industry. GIA says it has already secured premises for both locations. In Antwerp, GIA will be occupying space in the Antwerp Diamond Bourse.
Last week's surprise announcement that the Indian government was imposing a ban on denominations of Rs 500 and Rs 1000 notes has already has already started to unleash a profound impact on the diamond industry and beyond. On the one hand, industry insiders are saying that payments in Surat would come grinding to a halt for at least the next two to three months owing to paucity of cash funds, and defaults as such would rise.
The 20-day Diwali holiday vacation has already arrived for most of the small and medium diamond manufacturing units in in Katargam and Varachha, while units in Surat are just starting to shut down. According to The Times of India, "Industry sources said the polished diamond inventory is full and that most of the units had slashed the production by almost 30% in the last few months.
Press Release: The De Beers Group of Companies today announced that polished diamonds with grading reports from its International Institute of Diamond Grading and Research (IIDGR) can now be listed on the RapNet polished diamond trading platform. Polished diamond traders will now be able to list, filter and search for polished diamonds with IIDGR grading reports on RapNet.