20,000 Diamond Workers Jobless in Surat

Surat: Over 20,000 diamond workers employed in small diamond units have been rendered jobless as the units are yet to reopen after Diwali vacation, reports The Times of India.

The Ratnakalakar Vikas Sangh (RVS), representing the diamond workers in Surat, has demanded unemployment allowance for over 20,000 diamond workers, employed in the small diamond units, rendered jobless due to the impact of demonetisation.

BIS Narrows Hallmarking Norms for Gold Jewellery

Mumbai: The Bureau of Indian Standards (BIS) under the Ministry of Consumer Affairs (MCA) has made hallmarking of gold ornaments mandatory for three categories beginning the New Year, reports Business Standard.

Jewellery Business Reduced to 20%: Mahavir Kothari

Mumbai: A month after the Centre decided to demonetise the old Rs. 500 and Rs. 1000 banknotes, business at Mumbai’s jewellery market has Reduced to 20% of its previous average sales, say jewellers. After an initial spurt in jewellery sale following the move, the market has been subdued due to liquidity crunch.

“Despite the ongoing wedding season, sales are at around 20% of the average sales for this time of the year. The problem is that people are short of cash and so are unwilling to spend on jewellery.” says jewellery expert Mr. Mahavir Kothari.

GIA Opens Service for Melee Analysis

Mumbai: Having completed a five-month pilot programme -- launched in June 2016 -- for its Melee Analysis Service, GIA is now open to accepting submissions for the same. The institute has announced that clients can now submit round D-to-Z melee-size diamonds for the Melee Analysis Service.

“The fully automated system, which rapidly and accurately analyses and sorts diamonds ranging from 0.90 to 4.00 mm in diameter (approximately 0.005 ct to about 0.25 ct.), addresses trade concerns about the possibility of synthetic or treated diamonds being mixed into parcels of melee,” GIA said.

Sotheby’s HK Jewelry Auction Fetches $3.5M

Hong Kong: Sotheby’s sold $3.5 million (HKD 26.8 million) worth of jewelry at its Important Jewels and Jadeite auction in Hong Kong on Tuesday.

The auction was sold 56 percent by lot and 37 percent by value, Sotheby’s said. It was led by an early 20th-century gem-set and diamond dragon bracelet, which fetched $266,000 (HKD 2.1 million), beating its pre-sale estimate of $82,528 to $103,160. The piece contained about 5 carats of rubies and 1.40 carats of diamonds.

De Beers Slashed Rough Prices 5% in 2016

Gaborone: De Beers said its rough diamond prices fell 5 percent this year even as the diamond market showed signs of a vast improvement.

Diamond prices declined from January to November, while prices of other commodities in the conglomerate’s portfolio rose significantly, Mark Cutifani, CEO of Anglo American, the parent company of De Beers, said in an analyst presentation.

Cameroon Enabling CAR Conflict Diamonds

Dubai: Conflict diamonds from the Central African Republic (CAR) are entering the supply chain because of poor prevention controls, non-governmental group Partnership Africa Canada (PAC) alleged.

Rough stones are being smuggled across the border into Cameroon and adjudged conflict-free after they receive Kimberley Process certificates, enabling them to then be exported to international markets, PAC claimed.

India’s Cash Crunch Has Not Affected Alrosa Sales

Moscow: ALROSA’s diamond sales jumped 63 percent from a year ago, to $255.2 million in November, a signal that the liquidity crisis in India has failed to derail a recovery in the rough market this year.

Rough sales stood at $245.6 million and revenue from polished came in at $9.6 million, the Russia-based miner reported.

ALROSA’s results are in line with a significant increase in demand for rough after last year’s slump, which was driven by a build-up of inventory in the midstream and sent manufacturers’ profit margins plunging.

Rough sales climbed 20 percent across the market in the first half as the midstream restocked following steady holiday sales, according to a report by Bain & Company released this week. The recovery continued in the rest of the year to date, with ALROSA reporting diamond sales rocketing 83 percent in the third quarter.
The notable improvement in rough sales comes as the Indian government’s decision to invalidate INR 500 and INR 1,000 notes last month led to a shortage of cash in circulation, slashing demand from the nation almost overnight.

"Market activity at year-end was affected by India's currency reform,” said Yury Okoemov, ALROSA’s vice president. “One of its effects was a temporary decline in the activity of India's small and middle-size diamond cutting companies, which also affected the low-end, small-size rough diamond segment.”
Activity in other parts of the rough market remains strong, Okoemov added.

Zimbabwe’s Diamond Output Declines 62%

Harare: Zimbabwe's diamond production declined by 62 percent to 924 388 carats since January this year due to court cases filed by evicted miners resisting Government's decision to consolidate the sector.Production of the precious mineral totalled 3,2 million carats in 2015, but has been negatively impacted this year by ongoing court cases where two miners are objecting to consolidation of the industry.

Jewellery Market Badly Affected by Demonetization

Mumbai: Demand for gold jewellery has dropped as much as 80 percent with jewellery shops witnessing drastically reduced footfalls and low volumes.

A month later, footfalls continue to be lacklustre, especially, at a time when weddings are held across the country starting by the year-end till mid-February. Business has thinned down to a mere 10 to 15 percent, say jewelers.