Gem and Jewellery Export Promotion Council summons Nirav Modi, Choksi

Author: Sutanuka Ghosal - Published 01-03-2018 07:25 - ( Reads)
Gem and Jewellery Export Promotion Council (GJEPC), the apex body of the country’s gem and jewellery exporters, has issued show cause notices to Nirav Modi and Mehul Choksi, who are allegedly involved in Rs 12,700-crore bank loan fraud.

Rapaport Weekly Market Comment

Author: unknown - Published 01-03-2018 06:00 - ( Reads)
Positive sentiment after Chinese New Year. Hong Kong show starts off slow, with Chinese buyers still on vacation. Steady dealer demand and firm prices for 0.30 to 1 ct., G-J, VS-SI, RapSpec A2+ diamonds. Indian consumers and banks cautious as fallout from alleged $1.8B Nirav Modi-Gitanjali fraud widens, with new reports of unpaid $810M Gitanjali loan. A.Jaffe, Firestar Diamond and Fantasy file for bankruptcy protection. India Jan. polished exports +29% to $2.1B, rough imports +14% to $1.4B. Belgium Jan. polished exports +29% to $813M, rough imports +14% to $1.1B. Eira Thomas appointed CEO of Lucara Diamond Corp. Nishit (Bali) Parikh elected AWDC president.

War on blood diamond trade loses its lustre in age of digital smuggling

Author: Jon Yeomans - Published 28-02-2018 05:50 - ( Reads)
he diamond industry stands at a crossroads. The Kimberley Process, a scheme designed to certify that diamonds are “conflict-free”, is under pressure to reform. Once regarded as a landmark agreement between industry, governments and NGOs, it has been attacked for widespread shortcomings. Can it restore confidence in the industry and can consumers be sure of what they are buying?

The bright side of the diamond supply gap

Author: DAVID ISRAELSON - Published 27-02-2018 14:35 - ( Reads)
For investors scratching their heads about the future of volatile world markets this year, David Whittle offers an alternative: Say it with diamonds.

"We're the largest new diamond mine in the Northwest Territories," says Mr. Whittle, interim president and CEO of Mountain Province Diamonds Inc. (MPVD).

Banks’ NPA from gem and jewellery sector rises to 30%

Author: unknown - Published 27-02-2018 14:01 - ( Reads)
The act of ‘loot and scoot’, unleashed by diamond merchant Nirav Modi and Gitanjali Gems promoter-Mehul Choksi, would increase banks’ non-performing assets from the gem and jewellery sector to 30 per cent from 12 per cent.

Zimbabwe to Sell 1.56 Million Carats of Diamonds Over 2 Months

Author: unknown - Published 23-02-2018 21:05 - ( Reads)
Zimbabwe’s state diamond company will auction 1.56 million carats of diamonds over the next two months, the first time since March 2017 that the country is conducting such sales, the mines minister said on Thursday.

Tango Diamond Sales From Oena Diamond Mine, South Africa

Author: unknown - Published 23-02-2018 14:20 - ( Reads)
Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on diamond sales results from the alluvial Oena Diamond Mine, Republic of South Africa (“Oena” or the “Property”). During the period from 18 January to 14 February 2018, a total of 107.11 carats (76 diamonds) were produced, placed on tender in Kimberley and sold with an exceptional average price of US$1,329 per carat.

GJEPC denies four-fold surge in imports of cut and polished diamonds, says there has actually been a 4.3% decline

Author: unknown - Published 23-02-2018 13:37 - ( Reads)
In an email interview with Firstpost, the Gem and Jewellery Export Promotion Council (GJEPC) refuted reports that have appeared in a section of the press that there has been a massive ‘fourfold surge’ in the imports of cut and polished diamonds into India from ‘unspecified’ locations during the period April-November 2017.

Forevermark India partners with 19 Indian jewellers

Author: unknown - Published 23-02-2018 12:03 - ( Reads)
Every year, Forevermark, the diamond brand from The De Beers Group of Companies that epitomises beauty, rarity and responsible sourcing, provides a unique opportunity for its jewellery partners. This year, Forevermark through its trusting partners, will highlight the quality and finesse of Indian workmanship and design on an international platform.

Recent performance of the gems and jewellery sector has been dismal

Author: Pallavi Pengonda - Published 23-02-2018 07:42 - ( Reads)
How profitable has the gems and jewellery sector been recently? How exposed are banks to the sector? These are questions that arise in the wake of the recent scam that has rocked the sector.
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