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

CRISIL: India's diamond polishing industry revenue may drop 30-35% this fiscal

19 october 2023

India's diamond polishing industry will see its revenue drop by 30-35 per cent to $14-15 bn in the current fiscal year on poor demand from the US, EU and China, which account for 75 per cent of India's polished diamond exports, according to rating agency CRISIL.

Also, Israel imports $1.25 bn of polished diamonds annually from India, but with the country now declaring a war on the Palestinian militant group Hamas, this might get affected. Though there is an increase in demand in the second half of every fiscal year from festivities such as Thanksgiving, Christmas and the Chinese New Year, it is unlikely to provide a significant offset this time. Consequently, the Indian diamond industry is likely to shrink by over a third on an annualised basis this fiscal.

According to CRISIL, with the inventory of higher-cost polished diamonds piling up to over four months of sales, profitability of polishers will be chiseled 50-100 basis points amid lower retail prices. The silver lining is that a shrinking business translates to reduced debt, which will offset the pressure on credit risk profiles of diamond polishers, says CRISIL.

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