The Surat-based diamond cutting and polishing industry is relieved with the Reserve Bank of India’s (RBI) nod for payments in international trade with Indian rupees. The move has ushered in a windfall especially for those diamond units which source rough diamonds from Russia, says a report in Financial Times.
Dinesh Navadia, president of Gems & Jewellery Export Promotion Council (GJEPC) – Gujarat region,“The Surat-based diamond industry imports more than $ 400 mn worth of rough diamonds from the Russian miners. The RBI decision would give big relief to the diamond industry. Most of the rough diamond importers believe that financial transactions would be faster now.”
The Indian diamond industry believes that more than 8,000 diamond cutting and polishing units in Gujarat, especially in Surat will benefit from the RBI move as they would be able to directly deal with Russian traders in rupees. Out of the total annual import of around $20 bn worth of rough diamonds, more than 30 % are being sourced from Russia.
Aruna Gaitonde, Editor in chief of the Asian Bureau, Rough&Polished
Exclusive
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
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
