Diamond News Archives

(IDEX Online) - Colin Shah is to step up as chairman of India's Gem and Jewellery Export Promotion Council (GJEPC).

He will steer the industry body through what he's described as "acute uncertainties due to the ongoing COVID 19 crisis in India and world over".

GJEPC, established by the government in 1966 to promote overseas sales, now represents 7,000 exporters in the sector. 

Mr Shah (pictured), who is currently vice-chairman, takes office tomorrow for a two-year term. 

In 1996 he founded Kama Jewelry, which later became Kama Schachter, one of Asia's top 10 manufacturers and exporters of diamond jewelry with three factories employing 800 workers in India.

"We are confident that we all will work closely with the industry and the government, especially the Ministry of Commerce and industry, to give Indian gems and jewellery market a competitive edge in the world market," he said.

The availability of bank finance, fostering MSMEs, and leveraging e-Commerce are among his most immediate concerns.

Vipul Shah, CEO & managing director of Asian Star, and a former chairman (2012 to 2015) will be vice chairman....

(IDEX Online) - Alrosa has reportedly lost at least five of its long-term buyers, as it maintains its price over volume strategy and forces customers to buy goods deferred from earlier sales.

They've broken from their contracts because they can't make money in the COVID-19 climate, according to the Bloomberg news website.

It says they include the diamond trading company Diaciore, owned by the billionaire Steinmetz family and Antwerp-based Arjav Diamonds.

Alrosa, the Russian state-owned miner, sold just $40m of diamonds in May, just a tenth of the January figure, before the global pandemic, and reported profits down 87 per cent.

Meanwhile its biggest rival, De Beers reportedly attracted just "a few" of its 80 Sight holders last week, despite arranging additional viewings in Hong Kong, Antwerp and Dubai for those who couldn't get to Botswana because of travel restrictions.

It reportedly sold just $35m of rough diamonds at it May Sight. The equivalent sale last year brought in $416m.  ...