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13/07/2024 09:01In an extensive analysis, Rapaport's Joshua Freedman takes stock of market sentiment in India and the US. While Indian manufacturers are feeling the pinch of bloated inventories, weak demand and sharp declines in polished prices, struggling to sell even at reduced prices, US traders have more flexibility in aligning supply to actual demand, Rapaport states.
13/07/2024 08:24Times of India reports representatives of India's diamond industry have asked government to come up with a payment system that would facilitate transactions between India and Russia. According to the report Indian traders now conduct payments in ruble or yuan through Dubai and China, as US$ payments are heavily restricted due to Western sanctions and currency conversions from rupee to ruble are much more difficult.
Photo credit: Envato Elements
07/05/2024 06:58About 100 units in India's LGD growing and manufacturing industry have voted to observe a 15-day summer holiday starting May 15, hoping to control the rough and polished LGD supply and stopping the massive price drops seen in the LGD market. Traditionally, the (natural) diamond industry closes shop for a holiday period during Diwali.
18/01/2023 11:52Amid the threat of a looming financial recession for the diamond sector in Surat, the GJEPC now seeks a new series of policies they believe will add to manufacturing revenues. This has been another of a late series of attempts by the GJEPC to counter-act the pressures facing India’s diamond sector since the decline of Russian imports and the closure of the Chinese marketplace.
09/01/2023 14:22India’s gem and jewellery exports have seen an increase of 8.26 percent in the current financial year, thanks in part to the Comprehensive Economic Partnership Agreement (CEPA). The Indian government has taken several steps to support the gem and jewellery industry, including the implementation of a simplified regulatory framework for exports through e-commerce, reduced duties for the import of diamonds and a new gold monetization policy.
20/12/2022 12:35India’s Ministry of Finance has amended the ‘Exports by Post’ Regulations 2018 respectively for allowing postal authorities to set up, operate and maintain the PBE (Postal Bill of Export) Automated System for filing of electronic declaration for export of goods through Post.
01/02/2022 09:40Unconfirmed sources say India is planning to lower the much criticized import tax on polished diamonds and gemstones from 7,5% to 5%, as this was mentioned during the budget speech by India's Finance Minister.
To give a boost to the gems and jewellery sector, customs duty on cut and polished diamonds and gemstones has been reduced to 5 percent. "Simply sawn diamond would attract nil customs duty. To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year," the finance minister said, according to Moneycontrol.