GJ Town India

Utilize gem and jewellery certification services   Shailesh Ranka, M.D., Ranka Jewellers and President of Pune Jewellers Association was the Chief Guest for the inaugural function. The event began by reciting the National Anthem, followed by the ceremonial lamp-lighting by Shailesh Ranka and GII trustees Bhagvatibhai Patel, Shripalbhai Desai, Dr. AVR Redd, CEO, GII and Pradeep Patel, GJEA.    Dr. Reddy welcomed the guests and participants and explained about the flow of the programme. He gave very brief history of the genessis of GII that started way back in 1971 by GJEA (Gem and Jewellery  Exporters Association). Because of founder fathers’ dedication and adherence to the observations based testing that helped in evolving GII as a trusted and impartial laboratory.    He invited jewellers to utilize its comprehensive gem and jewellery certification services. He introduced Shailesh Ranka to the audience as a renowned jeweller, manager and innovator with mult...

Gemfields reports security incident involving illegal ruby miners    Mozambique unrest Update  1: On 24 December 2024, Gemfields made an announcement regarding incidents occurring on 23 December 2024 and involving groups associated with illegal ruby mining taking advantage of the prevailing political unrest in Mozambique and setting fire, inter alia, to community buildings built by Montepuez Ruby Mining Limitada in Mozambique (MRM).    These incidents took place in and around Namanhumbir, a village immediately adjacent to MRM’s principal residential infrastructure (MRM Village). On 24 December 2024, more than 200 persons staged an attempt to invade the MRM Village and during their approach set fire to external structures built by MRM and containing, inter alia, a community cash point.  Security forces comprising both the Mozambican police and military protected the MRM Village using a staged escalation of force. Tragically, during the course of the ...

Alfa-Bank analyst estimates potential for diamond price!   The potential for diamond price increase is 30-40% in the next two-three years, according to Alfa Bank's forecast. India's average diamond imports over 10 years amounted to $15 billion, and in 2024 they totaled $12 billion, while this year diamond prices fell to $125 per carat, according to Tolstykh's presentation! "Alfa Bank experts say that the potential for diamond price growth can be 30-40% over a two-to three-year horizon," Yulia Tolstykh, an analyst in Alfa Bank's metallurgy and mining sector, said at an Alrosa press breakfast.    India's average diamond imports over 10 years amounted to $15 billion, and in 2024 they totaled $12 billion, while this year diamond prices fell to $125 per carat, according to Tolstykh's presentation.  It is also noted that diamond reserves formed on speculative demand in 2020-2022, as well as the abnormal growth of lending rates for the cutting sector of ...

  That brings largely fraught with losses in other countries   Sanctions imposed on Russian diamonds are fraught with restrictions and financial losses for other countries, including African states whose budgets largely depend on income from the sale of precious stones, a study by the Analytical Credit Rating Agency (ACRA) says.   The study, the results of which are available to Russian Media, recalls that the share of Russian diamonds on the global market exceeds 30%, while Russia accounts for about 60% of the world's proven diamond reserves. As the study notes, if Russian diamonds are banned, African diamond mining countries will be forced to certify each of their stones to confirm its geographical origin, which, according to ACRA, is unrealistic!   "As a consequence, integration of the country and its diamonds into the international diamond market is high, while this market affects the interests of many countries. In this regard, ACRA believes that sanctions agai...

GJEPC has prepared a list of FAQs on the Safe Harbour Rule!   Vipul Shah, Chairman, GJEPC, met with Finance Minister (FM) Nirmala Sitharaman during a pre-budget consultation held in Delhi. During the meeting, Shah presented key recommendations on behalf of the gem and jewellery industry, aimed at fostering growth, enhancing global competitiveness, and addressing the industry's critical challenges.   Vipul Shah, Chairman, GJEPC said, "We thank the Hon’ble Finance Minister for reducing the import duty on precious metals in the last budget, a move that has spurred unprecedented growth in the sector. This is evident from the multiple stock market listings of family-run jewellery businesses, the expansion of major retailers overseas, and the planned opening of 3,000 retail outlets in the next two years, creating lakhs of employment opportunities across the country."   Shah further added, “We also thank FM for introducing Safe Harbor Rule for sale of rough diamonds ...

The long-term ND prices outlook remains resilient!!   In a report Lucara Diamond shared their view on Diamond Market. Lucara said, the long-term natural diamond (ND) prices outlook remains resilient due to favourable supply and demand dynamics due to decreasing production volumes from major operating mines.   However, the smaller size stones market remains soft as demand is impacted by a weak Asian market and the increasing uptake of laboratory-grown diamonds. Demand for stones larger than 10.8 carats remains robust, as reflected in the Company's sales in the plus 10.8 carats category.   The G7 sanctions on Russian diamonds over one carat, effective March 2024, caused some trade delays with import times returning to normal during the quarter. The Company views the sanctions as short-term support for diamond prices, as the emphasis on stone provenance increases. Lucara, with its established operations producing exceptional Botswana diamonds, stands to benefit f...

  Sense to fulfill its diamond production plan this year 2024   Alrosa will fulfill its production plan this year, with production volumes amounting to 33 mln carats (cts) of diamonds, the Yakutia government reported, citing Alrosa CEO Pavel Marinychev. In addition, by the end of the year, Alrosa will perform a record volume of mining, having extracted almost 95 mln cubic meters of rock mass, the report noted.   "The company's production plan for the year will be fully met - production volumes will amount to 33 mln carats of diamonds, which is 100% in line with the planned figure. This was largely facilitated by the implementation of projects to improve operational efficiency," the Alrosa CEO was quoted in the statement. In addition, by the end of the year, Alrosa will perform a record volume of mining, having extracted almost 95 mln cubic meters of rock mass, the report noted.    "Despite another price crisis on the global diamond market and ongoing sa...