The arrival of diamonds from Zimbabwe has transformed the market in India, bringing down prices by as much as 25% while giving more established firms like De Beers, Alrosa, and Rio Tinto a run for their money, Israelidiamond.co.il reports.
According to MINEWEB, diamonds from the African nation are being sold for as little as $40 per carat, a bargain compared to the precious gems being offered by the aforementioned diamond companies. The Indian market became accessible to Zimbabwean diamonds after the Kimberley Process, the international rough diamond certification scheme, permitted stones from the Marange diamond fields to be traded in the market.
Traders said they anticipated that 11 million carats of Marange diamonds would hit the Indian market. According to MINEWEB, India imported rough diamonds worth $11 billion, over half of which were estimated to be of low quality. Zimbabwe's diamonds are particularly popular in Surat, which is considered the world’s largest cutting and polishing hub.
Exclusive
Sarine’s David Block: Diamond Industry at Standstill Until Chinese Demand Returns
David Block is CEO of Israel’s Sarine Technologies and has served in the position since 2012. In this exclusive interview for Rough and Polished, Block gives his opinion on the leading issues affecting today’s diamond trade.
11 september 2024
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
Lyudmila Vysotskaya: Amber is a mystical stone, a living substance
Lyudmila Vysotskaya is a Kaliningrad-based amber artist and designer, expert, chairwoman of the Amber Academy and member of the Creative Union of Artists in Decorative and Applied Arts. This summer, visitors could admire the art works by Lyudmila Vysotskaya...
30 july 2024
