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Weakness in Low-Value Stones Hits Stornoway
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Stornoway Diamond Corporation’s sales fell in the finalthree months of last year as weakness in the Indian market dented prices oflower-value rough from its Renard mine in Canada. Fourth-quarter proceeds dropped 35% to CAD 32.1 million($24.2...
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Mining
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Jan 20, 2019
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Rapaport News
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Diamond Prices Slide Before Diwali Break
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RAPAPORT PRESS RELEASE, November 6, 2018, New York… Polished-diamond prices softened in October as inventory levels rose ahead of the Diwali festival. Despite the decline, sentiment improved, with expectations growing for the US holiday season....
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Polished Markets
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Nov 06, 2018
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Rapaport
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Indian Demand Weak at $475M De Beers Sale
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Manufacturers were concerned about profitability at last week’s De Beerssight, and expressed hope their new supply agreement with the miner would easethe situation.De Beers had proceeds of $475 million during the October sales...
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Rough Markets
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Oct 17, 2018
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Joshua Freedman
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Weak Rupee Raises Hopes for Indian Exports
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A weaker rupee againstthe US dollar has helped boost exports to leading markets such as the US andChina, attendees at the India International Jewellery Show (IIJS) reported. “The jewelry anddiamond and colored-gemstone business is flourishing,” Gaetano Cavalieri,president...
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Mining
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Aug 13, 2018
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David Brough
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Diamond Prices Decline Amid India Liquidity Crisis
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PRESSRELEASE, January 3, 2017, New York… Polished diamond prices softened inDecember as Indian liquidity dried up due to the government’s demonetizationpolicy eliminating 500 and 1,000 rupee notes. Trading slowed with dealerstaking vacation during the...
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Polished Markets
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Jan 03, 2017
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Rapaport
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Diamond Prices Firm Slightly with U.S. Optimism
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PRESS RELEASE, December 6, 2016, New York … Diamond trading slowed in November as Indian liquidity dried up and manufacturing shut down for Diwali. U.S. jewelers completed their inventory purchases and focused on selling during the...
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Polished Markets
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Dec 06, 2016
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Rapaport
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India Clampdown on Black Cash Prompts Gold Rush
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Gold and jewelry sales in India surged this week after the government imposed a surprise ban on 500- and 1,000-denomination rupee notes, forcing the country’s unaccounted money to be channeled into hard assets. “People are...
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Retail
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Nov 10, 2016
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Rapaport News
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Industry Reaction to a Weaker Rupee Remains Subdued
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With India's rupee continuing to slide against the dollar, many in the trade are surprised that a weaker currency hasn't caused widespread havoc. In the past week, $1 bought between INR 63.8 to INR 64.2, up from...
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Financial-Legal
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Jun 11, 2015
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Zainab Morbiwala
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Shivers of 2008
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The statement published this week by India’s diamond industry had an unnerving, 2008 feel to it. While the Gem & Jewellery Export Promotion Council (GJEPC) fell short of stopping all rough imports to the country,...
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Rough Markets
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Oct 04, 2013
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Avi Krawitz
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Financial-Legal
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Sep 11, 2013
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Jeff Miller
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Rupee Diamond Manufacturers
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The rupee’s dramatic slide this week, and in the months before, is forcing India to refine its place in the diamond market. India’s large manufacturers ought to prosper from the depreciating currency while its trading...
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Manufacturing
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Aug 30, 2013
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Avi Krawitz
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Indian Rupee Hits Record Low Against the Dollar
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August 28: The Indian rupee plunged to a record low of 68.75 to $1 on Wednesday as foreign investors fled the market, selling nearly $1 billion of shares in the past eight sessions. Despite appeals from India's Finance Minister, P. Chidambaram,...
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Financial-Legal
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Aug 28, 2013
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Avi Krawitz
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Setting India’s Mood
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The India International Jewellery Show (IIJS) tends to be a moody occasion. Scheduled in the heart of monsoon season, the show can be a frustrating experience for newcomers who have to navigate around the show’s poor infrastructure in often...
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Polished Markets
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Aug 09, 2013
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Avi Krawitz
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Trading Down
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It makes sense that diamond prices should go down when the market declines. The fact is the diamond industry has been cautious this month due to weakened Chinese and Indian economic sentiment. True enough,...
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Polished Markets
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Jul 26, 2013
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Avi Krawitz
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Indian Jewelry Shares Continue to Slide
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Indian jewelry shares continue to slide this week as the weak rupee and recent slump in gold prices have impacted investor confidence in the sector.“The volatility of gold and the rupee dollar rate has hit...
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Retail
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Jul 03, 2013
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Avi Krawitz
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GJEPC Warns Low Profit Margins Threaten Surat's Factories
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India’s Gem & Jewellery Export Promotion Council (GJEPC) warned that Surat factories will soon start closing if manufacturing profit margins don’t improve. Anup Zaveri, a member of the GJEPC’s committee of administration, urged the...
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Rough Markets
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Jun 20, 2013
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Avi Krawitz
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De Beers June Sight Estimate at $540M
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The De Beers June sight had an estimated value of $540 million and signaled cautious cutting center sentiment as the recent rupee depreciation has weighed on the Indian market and overall liquidity.“We felt that sentiment...
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Rough Markets
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Jun 17, 2013
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Avi Krawitz
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ASSOCHAM Forecasts a Stronger Rupee Ahead
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The U.S. dollar is likely to drop below INR 50 in less than three months and then stabilize due to a host of policy reforms in India, the return of foreign institutional investors (FIIs) to the Indian stock market and...
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Financial-Legal
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Sep 28, 2012
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Dilipp S Nag
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India Matters
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The annual India International Jewellery Show (IIJS) has surprisingly set the tone for what followed in the global diamond market in the past two years by going against the grain of expectation. In 2010,...
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Polished Markets
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Aug 23, 2012
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Avi Krawitz
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RBI Relaxes Rules for Exporters on Converting Forex to Rupee
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The Reserve Bank of India (RBI) backtracked somewhat on guidelines for exporters, currency exchange traders and authorized dealer category banks on converting foreign currency held in Exchange Earner's Foreign Currency (EEFC) accounts into rupee...
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Financial-Legal
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Aug 02, 2012
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Dilipp S Nag
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