Indian Diamantaires’ Revenue to dip by 15-20% this fiscal says CRISIL
Click here to view this NewsLetter online
Friday,July 29 2022 [ Issue 10 July/ 2022 ]
Indian Diamantaires’ Revenue to dip by 15-20% this fiscal says CRISIL
In the latest news, Angolan miners have discovered a 170-carat pink diamond from the Lucapa Diamond Company and named it ‘The Lulo Rose.’ With the US sanctions on Russian Alrosa due to its invasion of Ukraine, the global supply of rough diamonds is reduced by almost 30%. India being the largest diamond manufacturing and processing hub too will bear the brunt of this war. The Credit Rating Information Services of India Ltd. or CRISIL, in its report has noted that the falling demand and rising prices will hurt the sector, “Revenue of the Indian diamond industry is set to be cut 15-20% to $19-20 billion this fiscal.” China the largest importer of Indian polished diamonds is lying low due to Covid-19 led lockdowns.

Richemont, Watches of Switzerland, Signet, Kering, LVMH, have release their financials and the luxury houses have reported figures almost doubling revenues this last fiscal. Movado, Bulgari and Tiffany from LVMH reported record breaking collections, Kering grey by 32%, Richemont’s revenue doubled while Watches of Switzerland reported a 44% rise this financial. LVMH has also given its official imprimatur to lab grown diamonds under the broader backdrop of disruption in diamond prices. The International Grown Diamond Association (IGDA), a non-profit organization representing the lab grown diamond industry, will underwrite the cost of the International Gemological Institute’s (IGI) Lab Grown Diamond eLearning course for its members. All six of the institute’s diamon

 
Advertisement
HRD
 
Highlights
De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the sixth sales cycle of 2022. Owing to the restrictions on the movement of people and products in various jurisdictions ar
 read more ...
 
HB Antwerp in partnership with WomHub, are hosting a fast-paced, sustainability-focused 1-day hackathon, an innovation event bringing together young Botswana final year students studying human resources, finance, communicatio
 read more ...
 
Leading diamond manufacturers began submitting polished diamonds for the new GIAÒSource Verification Service (SVS) in early July. GIA-graded diamonds with verified source country information will be available as the fi
 read more ...
 
Advertisement
DW Whatsapp Sub
 
DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has announced that the world’s foremost authority on diamonds, coloured stones, and pearls,
 read more ...
 
The International Grown Diamond Association (IGDA), a non-profit organization representing the lab grown diamond industry, will underwrite the cost of the International Gemological Institute’s (IGI) Lab Grown Diamond eL
 read more ...
 
TheDe Beers Grouphas appointed industry veteran Ivette Nersesyan-Stephanopoulos as the company’s vice president of Code of Origin and Trade Services for North America. In her new role, Ivette will be responsible for pro
 read more ...
 
Copyright 2015 - Office # 19, Ground Floor, Vasan Udyog Bhawan, Sun Mills Compound, Tulsi Pipe Road, Lower Parel (West) Mumbai, 400013 India India - All Rights Reserved.
Advertisement
DWsubscription