India Extends Deadline for Duty-Free Reimports

Polished diamonds

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 been outside India for three months. The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline by a … Read more

India Extends Import Curbs as Surat Shuts Again

Melee grading at De Beers Group

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) and four other organizations have called for the industry to avoid shipping rough into the country between July 10 … Read more

India Trade Urged to Freeze Rough Imports

Rough diamond

India’s leading diamond-trade organizations have called on members to stop importing rough for at least a month to prevent an oversupply and ensure banks maintain their credit to the sector. Companies should consider pausing rough imports from May 15 for a minimum of 30 days, according to a letter from the Gem & Jewellery Export … Read more

India’s rough diamond imports fall sharply

India's rough diamonds

Import of rough diamonds fell 15.54% in the first 10 months of this financial year, according to the Gem & Jewellery Export Promotion Council (GJEPC). Industry executives anticipate a further fall of 10-15% in February and March, as manufacturers are not keen to build up inventory in the wake of coronavirus outbreak which has affected … Read more

Diamond stockpiles Increase In Indian Companies

Rough Diamonds

A US slowdown in demand for polished diamonds is gradually building up inventories at Indian jewellery manufacturing companies, leading to a decline in diamond prices by as much as seven percent this month.