The success of IIJS 2015 returned the feeling of prosperity to the industry, and trade in the diamond area of Mumbai was significantly increased. Asia's largest 32nd Indian International Jewelery Show (IIJS), organized by the Gem and Jewelery Export Promotion Council (GJEPC), was unexpectedly successful, given the global downturn . The main guest - Mrs. Rita A. Teaotia, the Minister of Commerce from the Ministry of Commerce and Industry of the Government of India, in her speech highly appreciated the solid foundation of the Indian jewelery and jewelry industry, which is confirmed by the sustainability and performance of the industry for many years.
But, of course, during the next few weeks of this month, the wave of disturbances in Surat has spoiled everything, cutting sharply the diamond production sector. But this industry did not break with such pressure, and the diamond industry again returned to normal by the end of August. At present, the production of diamonds is in full swing. De Beers cut prices by 10 percent on its last website, and diamond producers can expect other diamond producers to follow suit. According to sources, ALROSA did not do this, but reduced the supply in an attempt to achieve equilibrium in the industry. The market expected that diamond prices could change in the next few days due to lower prices for diamonds.
According to sources, many buyers from consumer centers, especially from the United States, were present on the market for annual Christmas purchases of goods. There were also many buyers from other countries, for example, China and Japan, who were looking for diamonds. But sources from market participants say that because of problems in the Asian financial market and delays in payments by Chinese buyers that have recently been confronted, some Indian companies are wary of making deals on a long-term loan.
This month demand in the domestic market was also stable, taking into account the fact that the festive season has already begun. The demand for diamonds in the category of "stars" and "mele" was high, as sales of inexpensive diamond jewelry constantly increased in all small and large cities throughout India. The demand for diamonds of fantasy shapes of all sizes and all quality categories is growing, which indicates a change in the preferences of the Indian consumer. Diamonds the size of one carat and above, too, were in demand because of the approach of the wedding season. In general, the Indian market has good expectations. The mood in the domestic jewelry sector is also upbeat, and retailers expect a sharp jump in sales volumes during the upcoming Diwali holiday.
It is expected that the upcoming wedding and festive season will bring good prospects for the Indian domestic jewelry market. In addition, India is experiencing a natural attachment to gold, and its role in the family economy can not be underestimated.
Stabilization of gold prices at lower levels both in the domestic and international markets caused the growth of seasonal and holiday demand in India almost a month earlier. Many retailers have already reported an increase in sales by 25-30 percent over the past five days, judging from reports in the media. Consumers of jewelry, in fact, have a double benefit, since jewelers, assuming that the season will be lean, announced big discounts. As reported, consumers enjoy both advantages - both a reduction in prices and discounts.
The Indian diamond industry, which was on the brink of recovery and returning to the path of rapid development, unfortunately stopped, albeit temporarily, in its growth because of rallies and unrest in Surat in August. Due to a wave of unrest organized by members of the Patyrar community in Surat in August, a diamond business that suffered heavy losses suffered badly.
The decline in the country's trade in diamonds continues, as can be seen from the recently published preliminary data for July 2015, released by the Council for the Promotion of the Export of Precious Stones and Jewelry in India. The volume of polished exports in July 2015 decreased by 18.3 percent to $ 1,512.74 million compared to $ 1852.48 million in July 2014. The volume of imports of diamonds was $ 1,092.6 million in July 2015, compared with $ 1,912.46 million in July 2014, down 43 percent. The volume of diamond exports decreased to $ 59.2 million in July 2015 compared to $ 140.38 million in July 2014, which is 57.8 percent lower. The volume of polished exports was $ 266.9 million in July 2015 compared to $ 634 million in July 2014, which shows a decrease of 58 percent.
In an attempt to use the obtained raw materials (diamonds) for the benefit of local citizens, the government of the Indian state of Madhya Pradesh is reported to have decided to implement the Diamond Park project in the form of public-private partnership (PPP) in its trading capital Indore. The diamond park will be located in the village of Rangvaza, where an area of 134.2 acres will be created by the Special Economic Zone (SEZ), and local diamond manufacturing enterprises will be established on the remaining area of 120.3 acres.
The smuggling of gold into India in a few years has been greatly reduced. Recently, the decline in the premium for gold on the back of falling demand led to a decrease in contraband this year. According to industry estimates, demand this year will fall by about 150 tons compared to 120 tons last year. PR Somasundaram, managing director of the World Gold Council-India, said that illegal imports fell sharply this year.
On August 18, the Government of India raised import tariffs for gold to US $ 363 for 10 grams, and for silver to US $ 499 per kilogram, following insistent signals from the world market. For the first two weeks of this month, the cost of the tariff for imports of gold and silver was US $ 354 for 10 grams and US $ 498 per kilogram, respectively. The government has raised the tariff for imported gold and silver quite insignificant, taking into account the growth of world prices.
Following the release of the ISO (International Organization for Standardization) standard 18323: Jewelery - Consumer confidence in the diamond industry, the Council for the Promotion of the Export of Precious Stones and Jewelery of India, together with the Indian Diamond Exchange (Bharat Diamond Bourse , BDB) and the Federation of Gems and Jewelry (Gem and Jewelery Federation, GJF) thanked this organization. The ISO standard provides a number of definitions aimed at making greater clarity for traders and maintaining consumer confidence in the diamond and diamond industry as a whole.
When the World Gold Council (WGC) released the results of the study "Developing Indian Hallmarking - A Roadmap for Future Growth", gold jewelery assay centers in India questioned the authenticity of World Data Gold board on jewelry with samples in India.
First - good news. At an event organized recently by the Associated Chambers of Commerce of India (Assocham) in New Delhi, France Morule (France Morule), the High Commissioner of South Africa in India invited Indian companies to invest in South Africa and establish manufacturing enterprises Jewelry in the country. In addition, it was reported that the 3rd Indian Diamond Week, organized by the Council for the Promotion of the Export of Gemstones and Jewelry, in cooperation with the Diamond Dealer Club, New York, and the 24- August 27, 2015, was met well and became successful, more details about this will be told later.
to promote the export of gems and jewelry Council proposed that India has specific tariff codes and fees for natural and synthetic diamonds. GJEPC has already submitted a proposal to the Ministry of Commerce of India, and the industry is hoping that in the near future the government will take action on this matter.
Brihan Mumbai Nagarpalika (Municipal Corporation of Greater Mumbai) reported to the Council on the promotion of exports of gems and jewelry by letter dated 3 August 2015, which will be adopted by the bank guarantee contract on the basis of an internal duty on imported gold for jewelry production for export purposes within Greater Mumbai, reportedly on gjepc.org.
Gemological Science International (GSI), one of the leading gemological laboratories in the world, claims in its statement that it is the first and only laboratory in India that has started checking the parties of diamonds in the size of an asterisk and a mele using the latest equipment.
But this month there were several unpleasant events. Remedial measures need to be taken, and in order to protect the diamond industry, the Surat Diamond Association (SDA) has recently terminated the membership of a diamond manufacturer who is accused of selling unannounced synthetic diamonds to diamond merchants. Secondly, at Cristy Gems, a Surat-based diamond manufacturing company, the Gemological Institute of America (GIA), a recently banned falsified labeling of the report number. The laboratory also announced that it will no longer accept from this company diamonds for certification.
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