Polished – wholesale and manufacturing
More than 20,000 diamond workers from small diamond plants are jobless as their employers have not reopened their businesses following the Diwali vacation due to the effects of demonetization, The Times of India reported.
Mark Gershburg, the CEO and founder of Gemological Science International (GSI), has announced that he will no longer be a director of the U.S. Kimberley Process Authority (USKPA).
The USKPA is a trade association that works closely with the U.S. government to prevent the infiltration of conflict diamonds into legitimate trade.
I. Hennig Tenders will hold three rough diamond tenders at the Israel Diamond Exchange (IDE) International Tender Center from March 13-16.
The London Diamond Bourse (LDB) together with a U.K. government agency called the Insolvency Service, aims to deal with the issue of companies claiming to offer diamonds as an investment which then turn out to be worth far less than originally suggested.
Melvin Moss, President of Regal Imports, says there is no justification for the rough supply to the market in the first quarter of 2016 of around $3 billion as there is no huge demand at the retail level for polished goods as seen by the "lackluster diamond sales in Hong Kong and the disappointing results at the BaselWorld Fair".
The Reserve Bank of India (RBI) has agreed that banks in the authorized dealer categories can extend their credit periods beyond 180 days with immediate effect, according to a report on the Gem and Jewelry Promotion Export Council (GJEPC) web site.
"The decision has been taken in consultation with the government of India 'to ease the operational difficulties faced by the importers'."
Israel reported a strong decline in polished diamond exports for the first half of 2016 - dropping 14 percent on the year to $2.61 billion - according to official figures.
Russia's ALROSA has suggested steps to aid the country's diamond-cutting and polishing sector via cost-cutting and other means, according to company vice-president Rinat Gizatulin in comments to Interfax.
The Diamond Producers Association (DPA) has announced the appointments of Jean-Marc Lieberherr as Chairman and Stephen Lussier as Vice-chair, both with immediate effect.
The DPA has also announced the appointment of Sally Morrison as Managing Director of Marketing, with effect from 19 October 2015.
Sarine Technologies Ltd, a worldwide leader in the development, manufacture and sale of precision technology products for the evaluation, planning, processing, finishing, grading and trade of diamonds and gemstones, is opening its first Allegro™ service center providing automated gemstone planning and shaping services.