SME Times is powered by   
Search News
Just in:   • Mishra launches Digital MSME scheme  • GST transition for SMEs  • GST, selling pressure spook investors, markets close lower  • AEPC joins hand with NSDL to assist exporters in GST compliances  • Apple, Cisco to help firms get cyber security insurance discounts 
Last updated: 27 Sep, 2014  

Diamond.9.Thmb.jpg India reiterates demand for direct supply of rough diamonds

Diamond9.jpg
   Top Stories
» India, US vow to fight terror, boost economic cooperation
» Jaitley urges J&K CM to roll-out GST from July 1
» Traders' association urges govt for trial period of GST
» PM invites US business, says GST will ease way
» Govt postpones provision relating to TDS, TCS under GST
Namrata Kath Hazarika | 19 Feb, 2011
The gems and jewelry sector in India, consisting of large number of small and medium enterprises (SMEs) is once again seeking to source rough diamonds directly from major diamond mining destinations such as Botswana, South Africa, Russia, Congo, Canada, and Australia for which India's diamond industry is developing one-on-one interaction with the neighbouring countries to meet the demand for rough diamond in India, the Gems and Jewelry Export Promotion Council (GJEPC), Executive Director, Sabyasachi Ray said.

Pointing out the present challenges faced by gems and jewelry sector while sourcing rough diamonds, Ray told SME Times, "India usually sources rough diamonds from the trading centers of Bangkok, Dubai and Hong Kong. But now we are trying to make one-on-one discussion and contacts with the neighbouring countries for sourcing rough diamonds directly from them to India."

India is looking for long-term supply contracts with major diamond mining destinations all over the world, he added.

In fact, South Africa-based De Beers, one of the major diamond producer in the world, has already decided to increase its diamond output by 15 percent this year to 38 million carats from 33 million in 2010, in order to cater and supply to the needs of rising global demand worldwide.

In 2009, the world's leading rough diamond company, accounting for nearly 40 percent of the global market share, produced 24.6 million carats.

Ray further added, "We are not able to meet the capacity requirements and this is a reason why India is trying to source rough diamonds from throughout the world. The kind of capacities India has developed all through these years, is actually difficult for India to cater to those capacities."

The capacity is huge for cutting and polishing in India. Suppose, if 50 percent of rough diamonds are being imported in India then 90 percent of that amount is cut and polished in India, Ray said.

While, India at present is witnessing shortage of rough diamonds by 30 percent, which is a major concern for the diamond processing industry, he said.
 
Last year, the prices of rough diamonds have climbed after producers like De Beers and many others have cut down output and gem dealers have also rebuilt stockpiles. While, due to the fillip in the jewelry sales in the major destinations such as the United States, China, Hong Kong, South America, United Aran Emirates and Commonwealth of Independent States (CIS) countries, the DTC rough diamond prices rebounded by an average of 27 percent.

According to the data available with GJEPC, India's diamond trade during April-December current financial year has been at US$ 7.9 billion, around 20 percent growth as compared to the corresponding fiscal which was at US$ 6.3 billion.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

rough diamonds
juliao manecas | Mon Mar 26 09:15:09 2012
I like to supplier rough diamonds small quantity a monthly 200 or 250 carats. Email: juliaomanecas@yahoo.co.za Mobile: 27 788 561 301


 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.15
63.50
UK Pound
83.40
80.60
Euro
73.45
70.95
Japanese Yen 59.75 57.70
As on 27 Jun, 2017
  Daily Poll
Should Govt tax farm income above certain level?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(32)
» Poor state of state finances(13)
» PMEGP to assist entrepreneurs financially: Dinesh Rai(2)
» Air India unions warn govt of industrial unrest(1)
» Three years of Modi government(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter