With tension rising between India and China, Indian diamond exporters are reportedly anxious as China and Hong Kong are the major markets for Indian diamonds, accounting for 30% of India's diamond exports, according to media reports.
Indian Exporters are now looking at new markets such as Vietnam, Cambodia, Indonesia, Taiwan and Thailand to export diamonds, as information about raids in China has also created an air of uncertainty in the diamond trade.
It is said that to evade customs duty of 4%, diamonds are often smuggled from Hong Kong to mainland China, which is a hub of manufacturing of diamond-studded jewellery.
India's diamond trade witnessed a revival in Chinese demand in July and August. However, the tension between India and China may impact on diamond exports.
Meanwhile, gems and jewellery sector has been hard hit with exports being projected to fall 25-30% year-on-year in this financial year. Exports of gems and jewellery from the country dipped 41.85% in the first four months of this fiscal. Exports of cut and polished diamonds fell 41.66% while exports of studded gold jewellery plummeted 60.65% in April-July.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Exclusive
Mmetla Masire: Okavango to resume diamond sales in January
Botswana’s state-owned Okavango Diamond Company (ODC) is set to resume diamond sales in January 2025, whether the market remains depressed or not. ODC managing director Mmetla Masire told Rough & Polished’s Mathew Nyaungwa on the side-lines of...
Today
Helga Pombal: Angola's Stardiam finds solution to the threat posed by lab-grown diamonds
Stardiam manager of production Helga Pombal told Rough&Polished's Mathew Nyaungwa on the sidelines of the Angola International Diamond Conference that lab-grown diamonds are creating a parallel market for more accessible stones, combined with lower...
11 november 2024
Ellah Muchemwa: ADPA to launch Africa's first diamond mining standard next year
The African Diamond Producers Association (ADPA), which is based in Luanda, Angola, and represents the interests of mainly African diamond producers and those with the potential to produce diamonds, will next year launch the Sustainable Development...
04 november 2024
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
