Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Is India’s diamond city Surat really losing its sheen?

13 july 2023

While the Surat Diamond Workers’ Union claims that more than 20,000 workers in the industry have lost their jobs and those who are still employed are in dire straits, the industry association claims the situation isn’t as bad as is being made out to be, as per a report in Financial Express.

Vijay Mangukiya, regional chairman of the Gem and Jewellery Export Promotion Council (GJEPC), justifies the reduction in work hours and the prolonged summer break as a way of averting large-scale unemployment. Mangukiya says there has been no significant price drop in the diamond market. What is also holding up the domestic market demand is the growing popularity of lab-grown diamonds or chemical vapour deposition (CVD) diamonds which have provided much-needed stability to the market.

He, however, admits that in the last three months, the exhibitions and trade fairs have not lived up to expectations. The Russia-Ukraine war has also resulted in supply shortages for the rough diamonds in the industry and caused economic instability. Further, increased inflation has reduced the purchasing power of the consumer.

NanuBhai Vekariya, President of the Surat Diamond Association, dismissed all the claims of workers losing their jobs. Manufacturers, in fact, are facing a shortage of workers, he claims. The domestic market, he says, is doing very well and the buying in the coming festival season will revive the industry.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished