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India Rushes to Meet US Holiday Demand
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Indian diamond manufacturers are planning a curtailed Diwali break as they scramble to fulfill US holiday orders amid a shortage of polished.Factories will shut for five to 12 days instead of the usual two to three weeks, aiming to offset months...
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Manufacturing
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Oct 22, 2020
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Joshua Freedman
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India Allows Importers to Fix Errors on KP Certs
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The Indian government has permitted rough-diamond importers to correct errors on Kimberley Process (KP) certificates, removing an obstacle that had been preventing the clearance of goods.The country’s Directorate General of Foreign Trade has empowered the...
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Rough Markets
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Oct 01, 2020
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Rapaport News
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India Trading Still Down, but Decline Eases
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India’s polished-diamond exports fell 26% year on year to $1.22 billion in August, a gentler decline than in previous months, as overseas jewelry demand improved, the country’s Gem & Jewellery Export Promotion Council (GJEPC) reported.“We have...
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Polished Markets
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Sep 15, 2020
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Rapaport News
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Indian E-Tax ‘Doesn’t Apply to Rough Sales’
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Rough trading does not incur India’s new e-commerce tax, the country’s Gem and Jewellery Export Promotion Council (GJEPC) confirmed after meeting with finance minister Nirmala Sitharaman.India introduced the equalization levy...
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Financial-Legal
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Aug 27, 2020
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Rapaport News
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India Calls for Inventory Caution
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India’s major trade body has again urged members to avoid taking on unsellable diamond inventory, arguing that the industry’s recent improvement has been only partial.While polished demand is increasing and some categories are...
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Rough Markets
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Aug 26, 2020
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Rapaport News
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India’s Decline Eases as Trade Resumes
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India’s polished-diamond exports fell in July but at a gentler pace than in earlier months as the US, Europe and China returned to more normal business levels. Polished shipments out of the country dropped 39% after heavier...
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Polished Markets
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Aug 25, 2020
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Rapaport News
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India Creates Jewelry-Industry Task Force
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India’s finance ministry has agreed to form a special group to help resolve issues affecting the country’s gem and jewelry industry.The task force will address various requests made by the trade, such as enabling direct...
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Polished Markets
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Aug 20, 2020
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Rapaport News
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India Urges ‘Self-Discipline’ from Rough Buyers
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Indian industry leaders have renewed their calls for limits on rough imports during the Covid-19 crisis, noting that diamond demand remains uncertain.The Gem & Jewellery Export Promotion Council (GJEPC) and four...
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Rough Markets
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Aug 02, 2020
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Rapaport News
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India’s Polished Exports Fall Again
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India’s diamond shipments continued to fall in June, albeit at a slower rate than in April and May as the coronavirus crisis eased in some of its export markets. Polished exports slumped 47% to $898 million for June, and...
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Polished Markets
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Jul 28, 2020
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Rapaport News
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India Extends Deadline for Duty-Free Reimports
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The Indian government has granted diamond companies extra time to ship polished goods back to the country without incurring customs duty.At present, reimports are subject to the 7.5% levy once the diamonds have...
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Polished Markets
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Jul 12, 2020
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Rapaport News
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India Trade Calls for Lower Import Tax
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India’s diamond sector has asked the government to reduce import duties for polished, arguing that a lower rate would boost the country’s position as a trading hub.The Gem & Jewellery Export Promotion Council (GJEPC)...
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Polished Markets
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Jul 08, 2020
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Rapaport News
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India Extends Import Curbs as Surat Shuts Again
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Indian trade bodies have recommended continued limits on rough-diamond imports in July, with a fresh weeklong shutdown of the Surat cutting sector adding to concerns about the market.The Gem & Jewellery Export Promotion Council (GJEPC)...
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Polished Markets
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Jul 01, 2020
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Joshua Freedman
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India Trade Slumps Amid Global Shutdown
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India’s diamond shipments plummeted in May, according to data from the country’s Gem & Jewellery Export Promotion Council (GJEPC), continuing the decline resulting from the coronavirus crisis.Rough imports and polished exports were...
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Polished Markets
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Jun 23, 2020
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Rapaport News
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Virus Cases Shut Parts of Surat Cutting Units
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Around eight diamond-cutting businesses in Surat have closed parts of their factories after a coronavirus outbreak.Authorities ordered the shutdowns after 20 to 23 workers tested positive for the virus, Colin Shah, chairman of the Gem & Jewellery...
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Manufacturing
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Jun 16, 2020
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Rapaport News
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GJEPC Elects New Chairman
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The Gem & Jewellery Export Promotion Council (GJEPC) has elected Colin Shah to succeed Pramod Agrawal as chairman.Shah, the organization’s former vice chairman, will serve a two-year term from 2020 to 2022, the GJEPC...
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Polished Markets
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Jun 15, 2020
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Rapaport News
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Indian Credit Down 18% Since Banking Scandal
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Lending to India’s gem and jewelry industry fell 18% during the past two fiscal years as the 2018 Nirav Modi banking scandal continued to fuel caution among banks, according to credit agency CARE Ratings.Outstanding...
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Financial-Legal
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Jun 07, 2020
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Rapaport News
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Surat Diamond-Cutting Sector Reopens
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The Indian government has allowed diamond businesses in Surat to reopen with limited staff numbers following concerns the shutdown was causing an exodus of workers.Companies can now employ 50% of workers in factories and 33% in offices,...
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Manufacturing
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May 21, 2020
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Rapaport News
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India Trade Delays Import Freeze to June 1
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The Indian diamond trade has postponed its one-month freeze on rough imports until June 1 to give companies more time to complete outstanding shipments.The Gem & Jewellery Export Promotion Council (GJEPC) and four other...
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Rough Markets
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May 20, 2020
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Joshua Freedman
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Exports Restart at India’s Bharat Diamond Bourse
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Mumbai has dispatched its first diamond exports since India’s lockdown started, after the regional government allowed limited activities to resume at the city’s Bharat Diamond Bourse (BDB).The first shipments took place on Tuesday,...
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Polished Markets
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May 14, 2020
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Joshua Freedman
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Eight Surat Cutting Units Return to Work
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India has resumed manufacturing and exports of gems and jewelry, as the country starts to ease its restrictions following five weeks of lockdown.Eight production units in Surat, the country’s diamond-cutting hub, have begun operations at the...
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Polished Markets
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May 04, 2020
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Rapaport News
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