On Saturday, February 17, 2018, India's Gem & Jewellery Export Promotion Council (GJEPC) released a statement on the incidents that have recently come to light with regards to the alleged fraud committed by two members of the Council. They state: "The Nirav Modi/Gitanjali Gems incident is of concern to the entire Gems & Jewellery industry. The Industry strongly condemns any sort of unlawful & illegal actions by any individual, trade or otherwise.
India's polished diamond exports during the month of January 2018 rose to US$2.08 billion from US$1.62 bn in January 2017, a jump of 28.8% according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). Meanwhile, rough imports were up by 13.68% in value terms during the month to US$1.44 billion as compared to US$1.27 bn imported during the previous January. In volume terms, however, rough imports declined from 15.3 million carats during January 2017 to 13.3 million carats during January this year.
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.
India's polished diamond trade ended the calendar year 2017 (the fiscal year runs April-March) with a slight increase over the same period a year ago, as polished exports 2.1% to $23.09 billion, while rough imports were worth $18.47 billion, representing an 11% increase over 2016. This according to statistics published by industry organization GJEPC. In carat weight, polished diamond exports increased 6.7% to 34.9 million carats, at an average price of $667 per carat, according to our calculations.
India's GST (Goods and Services Tax) Council met on January 18 slashed the tax rate on 54 services and 29 items, including polished diamonds. Diamond processors and jewellery exporters in the country Around 94 percent of the diamonds processed in the country would attract 0.25 per cent GST effective Friday, according to Business Standard, down from three percent, following the GST Council's decision. This adjustment, however, only applies to trade between Indian states.
The Gem & Jewellery Export Promotion Council has announced that Pramod Kumar Agarwal has been elected as Chairman and Colin Shah as Vice Chairman of GJEPC for the period from 2018 to 2020. Both have been working in the industry for a number of decades, and have held various positions of responsibility in GJEPC committees over the years. The new Chairman Pramod Kumar Agarwal said, “I am committed to developing a favorable environment for the gem & jewellery trade and business during my tenure.
Recent reports ranging from the Gem and Jewellery Export Promotion Council's (GJEPC) lobbying efforts to change the Goods & Services Tax (GST) for the diamond industry, to Indian manufacturing companies looking to set up cutting and polishing units in Russia and an estimated $158 million in couriered diamond parcels seized on suspicion of tax evasion have the Indian industry hot under the collar about the GST.
Today, the Antwerp World Diamond Centre (AWDC) and the Gems and Jewellery Export Promotion Council (GJEPC) have announced they will join forces in rolling out an industry-wide Know-Your-Customer (KYC) exchange platform, MyKYCBank. The MyKYCBank platform, which had been launched by the GJEPC through an independent subsidiary, provides a centralized platform for companies in the industry to complete and manage their KYC in line with global standards. Users can easily and quickly share their own KYC data among trade connections as well as banks and othe
In the midst of a five-day Belgian State visit to India, the Antwerp World Diamond Centre (AWDC) - umbrella organization for the Antwerp diamond industry - joined hands with its Indian counterpart, the Gem and Jewellery Export Promotion Council (GJEPC), to host a roundtable discussion today (Nov. 9) in Mumbai concerning the contributions of the diamond industry to social and economic development.
According to The Economic Times, Indian diamond traders that participate in rough diamond auctions at Mumbai's Indian Diamond Trading Centre (IDTC) are complaining that taxation issues are reducing their activity to mere window shopping. "Diamantaires can see the rough diamonds they bid for at the IDTC, but the delivery doesn't happen locally .. despite their successful bids at Bharat Diamond Bourse", the newspaper writes.
India's exports of cut and polished diamonds fell by 6.5 percent year-over-year in August, reports the Gem and Jewellery Export Promotion Council (GJEPC). The Indian trade exported $1.82 billion in August 2017, a decline of 6.5% as compared to the $1.94B in the same month a year earlier, according to provisional data. The $1.82 billion was however higher than the $1.67 billion exported in the month of July. For the financial year to date (April-August), India's polished exports are up by a half percentage point, currently sitting at $9.25 billion, compared to $9.20 billion a year earlier.
India's polished diamond exports showed little movement during the month of July, a traditionally slow period in the diamond and jewelry industry. According to figures published by the Gem and Jewellery Export Promotion Council (GJEPC), July exports remained flat at $1.65 billion despite a notable 25% increase in the volume of carats exported, jumping to 3.14 million from 2.5 million carats, continuing the ongoing trend toward high volumes of small, lower-quality goods. The price per carat fell accordingly to $524 from $660.
From the India International Jewellery Show (IIJS) in Mumbai, GemKonnect reports on the formation of the International Diamond Monitoring Committee (IDMC), an initiative intended to ensure the separation of natural diamonds from synthetics as they pass through the diamond pipeline to the retail counter.
India's exports of polished diamonds rose 3% in value during the first quarter of 2017 (April-June) to $5.8 billion from $5.6 billion in 2016, according to provisional data released by India's Gem & Jewellery Export Promotion Council (GJEPC). In June, the Indian trade recorded a rise of 7.5% to $1.98 bn as compared to $1.84 bn in the same month in 2016. In keeping with the trend of lower-value goods being traded, the percentage increase in the volume of carats exceeded the increase in value, as the volume of polished diamond exports in Q1 rose by 7%, and in June by 17%.
India's exports of cut and polished diamonds in May increased 3.67% year-over-year to US$2.05 billion from US$1.98 bn in the same month a year earlier, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). For the fiscal year to date (April-May 2017), polished exports are up a single percentage point at US$3.8 billion. Rough imports during the month were up 22.5% in value terms at US$1.86 billion compared to US$1.52 billion imported during the previous May. Rough imports have increased 5% for the first two months of the year.
Much to the relief of the gold jewelry and diamond processing industry, the government has made some changes to the previously announced goods and services tax (GST) rate structure, slashing the applicable rate from 18% to 5% for certain categories of goods and services - and importantly, manufacturing - related to the gem and jewelry industry. The Council’s earlier decision of 18% was met with much discontent among jewelry manufacturers, who called it impractical and likely to cause immense job losses, as well as increasing the burden on the end consumer. The new tax kicks in from July 1.
The Indian government’s decision to impose a 0.25 per cent tax on rough diamond imports under the goods and services tax regime (GST) in order to ensure traceability of diamonds will hurt India’s competitiveness, according to diamond industry representatives. India’s Gem & Jewellery Export Promotion Council (GJEPC) criticized the government’s decision to tax rough diamond imports, claiming it will damage the nation’s manufacturing sector, and is urging the government to reconsider its decision.
India's Gem & Jewellery Export Promotion Council (GJEPC) has reported overall growth in the industry for the financial year 2016-17 (April 2016 - March 2017), despite what Executive Director Sabyasachi Ray described as a year of “disruption”, referring to various unexpected developments like Brexit, the election of Donald Trump; and, on the homefront, the demonetisation and looming introduction of the Goods and Services Tax (GST).
Some interesting industry developments took shape at last week's Diamond Detection Expo and Symposium sponsored by India's Gem and Jewellery Export Promotion Council (GJEPC).
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.
"Martin Rapaport, chairman of the Rapaport Group, called on India to show reciprocity in its trade relationship with the United States," writes eponymous Rapaport News of their founder's “State of Diamond Industry” presentation at GJEPC's "Mines to Market" conference yesterday, marking 50 years of India’s Gem & Jewellery Export Promotion Council.
India's polished diamond trade appears to making a solid recovery as it gains distance on November's demonitization shock. The country exported $2.41 billion of cut and polished diamonds in February 2017, a rise of 3.27% as compared to the $2.34 bn in the same month a year earlier, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). More telling, however, is that February exports increased 49% over January 2017 ($1.6b) and were 63% higher than December 2016 (1.48b).
The Gem and Jewelry Export Promotion Council (GJEPC) will host the International Diamond Conference, "Mines to Market 2017", to be held on March 19 and 20, 2017 in Mumbai. It will gather leading miners, diamantaires, retailers, bankers and analysts from across the globe on a single platform to discuss issues faced by the global diamond industry, such as supply and demand, marketing and financing, and will cover all aspects of the diamond pipeline including mining, midstream, marketing & retail, international finance, valuation with KP and diamond certification.
As we noted two weeks ago, word from De Beers and ALROSA was that the sharp decline in low-quality, low-value stones destined for India has abated as the country's cash situation stabilizes post-demonitization, and India's official January trade figures bear this out. The Gem & Jewellery Export Promotion Council (GJEPC) reports that the volume of rough diamond imports during the month increased 41% over December 2016 and a full 79% since November 2016 when demonitization was introduced.
The Surat Diamond Association (SDA) and the Gem and Jewellery Export Promotion Council (GJEPC) have written to Prime Minister Narendra Modi requesting the government provide an international airport at Surat as soon as possible to facilitate smooth imports and exports of polished and rough diamonds, write The Times of India. Estimates are that polished diamonds worth $21 billion are processed in Surat and exported to various countries via Mumbai every year, while India imports approximately $14 billion in rough diamonds annually.
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.
The Gem & Jewellery Export Promotion Council (GJEPC) Chairman Praveen Shankar Pandya told the Press Trust of India he expects gem and jewellery exports to likely witness growth of about 10 percent this fiscal year due to increasing demand in the US and Europe. "We are seeing the markets improve slowly, especially US and Europe to some extent. Looking at the growth in demand in these markets, we are expecting close to 10 per cent growth in the gems and jewellery exports led by polished diamonds," said Pandya.
Update: The Indian Commodity Exchange (ICEX) has now received “in-principle” approval from India’s markets regulator Securities and Exchange Board of India (SEBI) for trading in diamond futures contracts, writes GJEPC.
The 50TH Annual General Body Meeting (AGM) of The Gem & Jewellery Export Council (GJEPC), held on December 20, 2016, took some significant decisions, according to a press release. For one, the body approved changes in its code of ethics, necessary to complete the process of the GJEPC induction as a member into the World Federation of Diamond Bourses (WFDB). The AGM also approved the formation of the Trade Disciplinary Committee (TDC) by the GJEPC, together with the Bharat Diamond Bourse (BDB) and the Mumbai Diamond Merchants’ Association (MDMA).
Reflecting on the impact of the Trump election victory on the future of the diamond trade, particularly on the U.S. and India, independent industry consultant Pranay Narvekar writes in GJEPC's Solitaire International that America's share of the global polished diamond market - already the highest by far at 45% of total value - should only increase in the coming years, while the strength of the dollar and other expected policy moves will only exacerbate uncertainty throughout the trade.
According to provisional data provided by the Gem & Jewellery Export Promotion Council (GJEPC), India’s November polished diamond exports fell 53% in value from total exports in October, from $2.52b to $1.18b, and declined 10% year-over-year for November. In terms of volume, polished exports fell 51.5% from 3.3 million carats to 1.6 million carats compared to October.
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.
Small and medium diamond traders in Surat, the world's largest diamond cutting and polishing center, are facing difficult days due to the cash crisis and the government's demonetization decision.
India's diamond industry continued in October its strong recovery set forth the first half (April - September) of 2016, as preparations for the Diwali holiday season had a positive effect on the month prior to the holiday recess, and the upheaval of the government's demonitization policy had yet to be unleashed.
In his latest Diamond Intelligence Briefing, "A Fraud in Progress... A Criminal Conspiracy to Default Hits Indian Exporters", industry insider Chaim Even-Zohar unravels a massive case of fraud perpetrated by a rogue diamond broker and US-based buyers against Indian diamond suppliers, currently estimated at $35-50 million.
India's exports of cut and polished diamonds trended upward during the first six months (April-September 2016) of fiscal year 2017, rising by 10.71% to $11.20 bn, according to the provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). During the fiscal year to date, imports of rough diamonds rose to $8.85 bn, an increase of 27.20%.
As announced last week, the Antwerp diamond bourses will make it possible for all its members to avail of HRD Antwerp screening technology at no cost. This initiative adds a second layer of confidence, as polished diamonds imported to Antwerp from India are already checked at AWDC's Diamond Office.
India’s Gem & Jewellery Export Promotion Council (GJEPC), together with De Beers, have launched a generic diamond promotion campaign specifically for the Indian market - previously announced at the 2016 India International Jewellery Show last August. "The campaign is targeted at the intra-family gift-giving market and is intended to get the Indian diamond industry’s static inventory of star- and melee-sized diamonds (between 0.01 and 0.06 carats) moving again.