Diamond News Archives
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(IDEX Online) - India's diamond industry is resuming limited production and is poised to clear an estimated $1bn inventory for export.
Retailers have also begun a phased re-opening of a very small number of stores, with strict sanitizing rules. The current lockdown is in place until 17 May.
A relaxation of rules by the regional government of Maharashtra state allows a limited return to work for jewelry businesses in the SEEPZ special economic zone and the Bharat Diamond Bourse, both in Mumbai.
No more than 10 per cent employees can work, travel restrictions apply, and the dispensation is only to fulfill existing export orders.
The Gem & Jewellery Export Promotion Council (GJEPC) says export orders from the cut-and-polish hub of Surat (pictured), in neighboring Gujurat state, will soon be cleared for shipment.
It estimates the value of goods from Surat, as well as Jaipur, Delhi, Mumbai, Ahmedabad and Chennai, could total $1bn. For context, the total value of India's annual diamond exports in normal time skis $24bn.
The GJEPC said goods were being exported by parcel services, which were proving cheaper than newly-increased cargo freight rates.
Meanwhile retailers Senco Gold and Diamonds and Kalyan Jewellers say they have so far re-opened a total of 21 stores across the country....
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(IDEX) - Alrosa's monthly figures reveal the full impact of COVID-19, with April sales of rough and polished plunging to just $15.6m.
That's a fall for the state-owned Russian miner of 96 per cent on $405m sales in January, before coronavirus lockdowns and travel restrictions came into force.
Sales for the world's largest diamond producer by volume in 2019 were $3.3bn.
Alrosa sounded a note of optimism, is predicting the possible return of increased demand as soon as July.
"The challenges and restrictions faced by the market and affecting both operations and demand are of a temporary nature," said deputy CEO Evgeny Agureev.
"We deal with a rare and limited natural resource, and consumers attach a high emotional value to natural diamonds.
"Like many other market players, we expect to see an upward trend in demand for diamonds as early as in the beginning of Q3."
He said the company had offered clients an option to buy April's allocation of rough diamonds at a later date.
Alrosa has halted production at its two least profitable mines, in Yakutia, eastern Russia, and temporarily laid off 1,000 workers as it suspends it cutting and polishing operations.
Pic of rough diamonds courtesy Alrosa...
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