The World Diamond Council (WDC) kicked off its 2018 Annual General Meeting (AGM) in Mumbai on October 22, with its focus being on reform of the Kimberley Process and WDC System of Warranties in support of a commitment to sustainable development by the diamond industry. The meeting is hosted by The Gem and Jewellery Export Promotion Council (GJEPC), and this year’s event welcomed several new member organizations that strengthen the collective voice of the Council, particularly in Belgium, China and Africa. The agenda will continue to focus on a push for reform, both externally in the Kimberl
The World Federation of Diamond Bourses (WFDB) announced that the 2018 World Diamond Congress, the biannual meeting of the WFDB and the International Diamond Manufacturers Association (IDMA), will take place in Mumbai, India, during the latter part of October. This year’s Congress was due to take place in Tel Aviv from June 19 to 21, but was postponed due to security concerns.
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.
Russian diamond miner ALROSA has opened a representative office in Mumbai, located in the Bharat Diamond Bourse, with the intention of, "strengthening ties with Indian market", but the office will not conduct any trading activity. Jim Vimadalal, the new director of the Mumbai office, will work on promoting the ALROSA brand on the local market, suggesting new clients and solving technical issues of existing clients, the company said in a statement.
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.
Representatives from the Antwerp diamond industry were on board today for Brussels Airlines' first official direct flight from Brussels to Mumbai, where HRD Antwerp diamond certification lab is opening its new, expanded offices and the Antwerp World Diamond Centre is holding an information session for the Indian banking sector. The diamond delegation is participating in a Belgian economic mission to India spearheaded by Secretary of State for Foreign Trade Pieter De Crem.
Back in February, the Gems & Jewellery Export Promotion Council (GJEPC) hosted the "Diamond Financing 2017: New Opportunities, New Realities" seminar coinciding with the 2017 Presidents Meeting, the biannual gathering of the World Federation of Diamond Bourses (WFDB). Avi Krawitz reports on the proceedings: "The bankers still view diamonds as a high-risk sector. Representatives from the diamond trade, meanwhile, feel there has been significant progress in improving the industry’s level of compliance, transparency and so-called bankability.
The 2017 Presidents Meeting, the biennial gathering of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), will take place in Mumbai from February 5 to 8, 2017, according to a press release from the WFDB secretariat in Antwerp. The Presidents Meeting starts off the WFDB's year of celebrations for its 70th anniversary and will also feature a major Diamond Financing Seminar and Roundtable.
The income tax department conducted raids and surveys on over 50 jewelers and bullion traders across Maharashtra in the last week for alleged tax evasion, writes The Indian Express, while sources said similar tax raids have been conducted on over 100 jewelers and bullion traders across the country. In Mumbai alone the tax department raided and surveyed at least 17 wholesale jewelers on September 14. According to a jeweler who was surveyed by the tax department, the tax officials have directed the jewelers to declare undisclosed excess stocks and cash.
HRD Antwerp, Europe’s leading diamond certification authority, has inaugurated its new Mumbai office extension and launched a new melee diamond screening service. At the center of this service is M-Screen, the world's fastest automated melee screening device that screens round brilliant diamonds from 1 point to 20 points for potential lab grown diamonds, potential HPHT colour enhanced diamonds and simulants. The M-Screen automatically feeds, screens and sorts out round brilliant diamonds at a speed of minimum two diamonds per second (7,200 diamonds per hour).
A major article in India's Economic Times describes the developing battle lines between natural, mined diamonds and their lab-grown counterparts. The Bharat Diamond Bourse (BDB) in Mumbai, home to around 2,500 diamond companies and one of the world's largest exchanges, decided last September to act against traders and manufacturers who dealt in lab-grown diamonds. The outlawed trading in lab-grown stones due to increasing instances of such diamonds being added into parcels of natural mined goods.
The Okavango Diamond Company (ODC), which markets 15% of the production of the De Beers-Botswana joint venture, Debswana, is to hold viewings of its rough stones at the Bharat Diamond Bourse in Mumbai from July 20 to 25. The viewings will take place together with the firm's regular viewings in Gaborone, Botswana. The goods will be available for ODC-registered customers to view, Rapaport reported.
Prices of some categories of polished diamonds have risen by 4-5% since the start of the year in India due to shortages in the market, according to the Economic Times. The report cited Vipul Shah, the managing director of diamond manufacturer Asian Star Company, as saying: "It is good for the manufacturing industry, which has been languishing for so long. But rising prices can affect the retail demand for diamond [jewelry] in India," he said.
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.
Although prices of some types of rough diamonds have firmed up by 2-3%, for the first time in more than half a year, diamond traders in India are not increasing their prices of polished goods for fear that a price hike may hit sales which showed a degree of recovery in October and November mainly due to demand from the United States. Domestic traders are also worried that already cautious banks will further reduce credit lines if they see lower levels of business.
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.
India's Gem & Jewellery Export Promotion Council (GJEPC) together with the Bharat Diamond Bourse (BDB) will hold a Diamond Detection Expo & Symposium (DDES 2015) on December 15 and 16 at the BDB in Mumbai. The two-day event aims to provide a platform for companies offering machines and equipment for the detection of synthetic diamonds, as well as leading laboratories and service providers to interact with the trade.
India's diamond trade hub in Mumbai is finally nearing fruition, as the Special Notified Zone (SNZ) for rough diamonds will become functional as from November. The intention is to bring relief to Indian traders who will be able to deal directly with international miners and save on money paid to middlemen. According to industry data, India polishes 85% of the rough diamonds sold globally, but only 15% of the stones are imported directly, the rest being bought through the middlemen.
The newly elected Chairman of the Gem & Jewellery Export Promotion Council of India (GJEPC), Praveenshankar Pandya and Vice Chairman, Russell Mehta addressed a Press Conference on 20th Oct. and shared the strategy and policy recommendations of the new team to restore the health of the Indian gems and jewelry industry.
Praveenshankar Pandya of Revashankar Gems and also Chair of Diamond India Ltd, has been elected as Chair of the Gems and Jewellery Export Promotion Council (GJEPC). Meanwhile, Russell Mehta, CEO of Rosy Blue (India) Pvt. Ltd., was elected as Vice Chair. Elections were also held for the Committee of Administration of Panel Members and Regional Chairpersons for the period 2015-17.
Surat Diamond Association President Dinesh Navadia is backing a request by the income tax authority that Surat diamantaires should pay their taxes in the city and not in Mumbai as a way of helping both the industry and the local population. Surat is India's and the world’s largest diamond cutting and polishing center. Most of the larger diamond firms in Mumbai have their manufacturing units in Surat but pay taxes in Mumbai where their offices are registered. Paying income tax in Surat will enable the city to receive more benefits under central government funding schemes.
Rio Tinto Diamonds is to hold its first rough tender at the Bharat Diamond Bourse's new Special Notified Zone (SNZ), featuring rough stones from its Argyle mine in Australia and the Diavik mine in Canada's North West Territories. The sale, at the end of November, will be via a live electronic auction after viewing and inspection of the diamonds.
The Gemological Institute of America has banned five Indian companies from further submissions to its grading lab, alleging they inscribed diamonds with GIA report numbers not associated with those gems. “We reasonably suspect that stones submitted under your client account, and other accounts for which we believe you to be partnered, have been inscribed with preexisting GIA report numbers that were not issued for the particular stones being submitted and that GIA did not inscribe,” said the letter from lab director Tom Moses to a principal of Surat-based Cristy Gems.
The Israel Diamond Exchange (IDE) has signed up leading global bourses for the first time to take part in the Summer edition of its International Diamond Week which will run from August 31 to September 4 on the trading floor of the Ramat Gan exchange.
Defaults in India's diamond industry 2013-2015
40 Surat diamond companies (payment defaults 1,200 crore)
42 Mumbai diamond companies (payment defaults 1,300 crore)
totalling US$ 393 million
Source: Surat Diamond Industry (SDA)
The Enforcement Directorate (ED) has submitted its detailed report to SIT (Supreme Court-appointed Special Investigation Team on black money) including damning remarks such as "negligence by banks" and "inaction by the Mumbai Police". SIT will now probe the Rs 15,000-crore fake bill import remittance scam that hit six banks, which are said to have, "failed to act against importers involved in the scam" despite repeated notifications.
India’s Gem & Jewelry Export Promotion Council (GJEPC) has introduced a new Service Tax Rate of 14%, starting today (June 1). The new tax, according to a GJEPC circular memo, will be charged on membership and admission fees.
The government has finally authorized miners, including De Beers, Rio Tinto, BHP Billiton and Alrosa, to sell rough diamonds in a Special Notified Zone (SNZ) in Mumbai as of July 1. “With operational guidelines in place, global miners will be able to set up offices in India which will reduce travelling time for Indian diamantaires, and also the cost of rough diamond procurement,” said Sabyasachi Ray, Executive Director, of the Gems and Jewellery Export Promotion Council.
In an article following-up on the story of a young Muslim MBA who was turned down by a Mumbai diamond exporting firm on grounds of religion, The Times of India interviews Saurav Datta of the Commonwealth Human Rights Initiative, stating "In India's diamond industry, largely run by the Gujarati Jain community, the majority of jewellery polishers, the lowest rung of the work force which contributes the most to it, are Muslims, mostly Bengali Muslims.
In a case that is receiving widespread coverage for discrimination both nationally and internationally, a young man was rejected for a job by Hari Krishna Exports Pvt Ltd which told him it hired "only non-Muslim candidates". Khan and his friends put out a screenshot of the mail on social media and it went viral and is now trending on Twitter.
Khan reported the case to Mumbai police and it has been registered against the company under a law on national integration. If found guilty, a person can be jailed for up to three years.
The Times of India reports another Mumbai diamond trader defaulted on the huge amount of outstanding payments worth over Rs 50 crore on Thursday causing dozens of manufacturers and small merchants to lose money.The diamond industry in Mumbai and Surat have witnessed defaults worth over Rs 500 crore in the last few months. Around 80 per cent of the victims in the default cases are from the diamond hub of Surat.
Diamond exports declined by 5% in the 2015 fiscal year which ended on March 31, while jewelry exports soared by 18%, according to figures from the Gems and Jewelery Export Promotion Council.
"Represented by approximately 700 licenced diamond companies, Dubai’s turnover in 2014 was approximately $30 billion, meaning that Dubai is basically in the top three of the world trade centres of diamonds alongside Antwerp ($58.8 billion) and Mumbai. The Gulf currently represents nine per cent of the world’s consumption, meaning the regional diamond market is currently worth $7.2 billion,”
Peter Meeus, chairman of the Dubai Diamond Exchange in an interview with Kipp.
The Board of the Responsible Jewelry Council (RJC) is holding its AGM at the Bharat Diamond Bourse in Mumbai where it was announced that James Courage is to be the RJC Chairman. The directors are visiting Surat diamond manufacturing facilities and jewelry manufacturing factories in the SEEPZ special tax-free economic zone.
Bloomberg Business Week Middle East takes an in-depth look at Dubai's rising importance in the global diamond industry, interviewing Peter Meeus, Dubai Diamond Exchange chairman, who says Dubai's ideal geographical position connecting East with West, the attractive tax and investment climate, and recent entry of local banks into diamond industry financing are the key drivers for Dubai's growth.
In an apparent case of theft, an employee from the Mumbai branch of a rough diamond broker firm at the Bharat Diamond Bourse (BDB) fled with over Rs 100 crore ($16 million) of diamonds purchased from diamond companies and traders from Surat and Mumbai in the last six months. The duped traders include diamond trading company (DTC) sightholders. An investigation is underway.
Organizers of the event are putting the final touches to it with in excess of 12,000 people from India and key international markets expected to visit the February 20-23 show.
Research firm ASSOCHAM predicts a 40% jump on the year to $3.53 billion for Valentine's week online sales in India. The week started with Rose Day on February 7 and ends of course with Valentine's Day on Saturday.