Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

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

India's gold imports up 40% in August due to festive buying

19 september 2023

On account of festival buying in India, gold imports in the second biggest consumer of the precious metal has risen to the tune of 40 per cent in August 2023. India's gold imports grew to $4.9 bn, which stood at $3.5 bn in August 2022.

Gold purchases usually pick up in the second half of the year during festivals, which culminate with Diwali in October or November, weddings and as an auspicious investment. An expected rise in purchases during the festive months could help pare a drop in this year’s consumption, hit by elevated local prices and a slowdown in discretionary spending.

The value of gold imports also jumped during August partly because of a rise of 12% in overseas spot prices in the past year and a lower base in 2022 when imports slumped 30%.

According to the World Gold Council, gold demand in India for August is forecast to drop this year to 650 tons to 750 tons, the lowest since the coronavirus pandemic hit the country in 2020. India imports almost all the gold it uses mainly from Switzerland.

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