DiamondBuzz
GJEPC addresses key India challenges at IDMA’s 23rd Presidents’ Meeting in New York
Anoop Mehta, Co Convener, Diamond Panel Committee and in the capacity of being the representative of GJEPC at IDMA delivered a compelling address at the International Diamond Manufacturers Association’s (IDMA) 23rd Presidents’ Meeting in New York. Also present at the event was Sabyasachi Ray, Executive Director, GJEPC, reaffirming the Council’s commitment to addressing industry concerns and strengthening global partnerships.
A key concern is the impact of the G7 sanctions on Russian diamonds. Mehta acknowledged India’s commitment to ethical sourcing but warned that the sudden reduction in Russian rough supply-down by 37%-poses significant challenges. The sanctions could destabilise not only India’s diamond industry but also the global pipeline, with small workshops particularly vulnerable to rising traceability costs.
Mehta’s speech underscored the challenges and opportunities facing India’s diamond industry. highlighting the sector’s resilience amid global disruptions. He revealed that India’s rough diamond ports declined by 18% in volume and 34% in value e the past two years, while polished exports fell.
DiamondBuzz
US diamond demand is steady especially large diamonds 2 cts and higher
The diamond market is seeing mixed activity across the globe, driven by holiday shopping in the US and traditional shutdowns in India.
Key Market Activity
- United States (US): Demand is steady as the holiday season approaches. Shoppers are especially keen on large diamonds (2 carats and up), with long, slim fancy shapes being the most popular.
- International Trading: Global trading centers are quiet due to recent Jewish holidays.
- India: The market is slow due to two main reasons:
- New US taxes (tariffs) are slowing down exports.
- Factories are ramping up production before the major Diwali holiday break.
- Trade Numbers (September): India’s raw diamond imports went up by 19% (to $\$924$ million), and its finished diamond exports rose by 6% (to $\$1.4$ billion).
- Luxury Sales: LVMH, a major luxury group, saw its stock rise after reporting that watch and jewelry sales were up 2% in the third quarter.
Diamond Shape Trends (Fancies)
Long, non-round diamond shapes—known as “fancies”—are selling better than traditional round diamonds in 2-carat and larger sizes.
- Most Popular Shapes: Oval, Marquise, and Emerald cuts are in high demand.
- High Premiums for Long Shapes: Long Cushions are easy to sell and cost 20% to 25% more than square Cushion cuts.
- Shape Value: Marquise cuts are the most expensive of the fancy shapes. In the US, Ovals cost 5% to 10% more than Pear shapes.
- Quality is Key: Diamonds that are cut very well are hard to find and sell for higher prices (premiums). Shapes with poor proportions are difficult to sell.
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