DiamondBuzz
GJEPC to participate in Ministerial Roundtable On Natural Diamond Promotion in Angola
The Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the Indian gem and jewellery industry, will be participating in the Ministerial RoundTable on Natural Diamond Promotion, scheduled to take place on 18 June 2025 in Luanda, Angola.
Representing India at this prestigious global forum will be Shaunak Parikh, Vice Chairman, GJEPC, and Sabyasachi Ray, Executive Director, GJEPC. Their presence underscores India’s continued commitment to supporting a resilient, transparent, and sustainable natural diamond industry.
Organised by Angola’s Ministry of Mineral Resources, Petroleum and Gas (MIREMPET), the high-level summit is bringing together ministers and senior representatives from leading diamond-producing nations including Botswana, Namibia, South Africa, Sierra Leone, and the Democratic Republic of Congo, along with key stakeholders across the global diamond value chain.The meeting will be chaired by the Minister of Mineral Resources, Petroleum and Gas, His Excellency Diamantino Azevedo.
The RoundTable aims to address critical industry challenges and deliberate on the need for collaborative efforts to promote natural diamonds through generic marketing and shared narratives around their rarity, beauty, and socio-economic impact.
One of the key outcomes of the summit will be the signing of the Luanda Agreement, a joint declaration reaffirming the commitment of governments and industry leaders to enhance the global positioning of natural diamonds and ensure their long-term positive impact on producer nations and communities.
GJEPC’s participation at this RoundTable reflects India’s integral role in the natural diamond pipeline and its dedication to engaging in global conversations that shape the future of the industry.
DiamondBuzz
India LGD Sector Is Pushing Back Against Aggressive Discounting
Trade Body, Leadership Urged Traders and Brokers To Enforce Price Floors and Eliminate Undercutting.
India’s lab-grown diamond (LGD) sector is pushing back against aggressive discounting as shrinking margins squeeze manufacturers and erode industry profitability. At a September 7 meeting of the Surat Lab Grown Diamond Association, leadership urged traders and brokers to enforce price floors and eliminate undercutting.
Raw Price Shift: Polished LGD prices recently rebounded by 20% to 25%.
Discount Compression: In response to rising costs, traders scaled back buyer discounts from ~7% to a tighter 3%–4% range.
Margin Squeeze: Association President Babu Vaghani warned that uncontrolled discounting directly erodes manufacturer earnings, forcing wage cuts and destabilizing supply chain economics.
Industry Outlook
The sector faces a structural dilemma: lower consumer prices drive adoption, but severe price erosion starves manufacturers, polishers, and labor of viable margins.
Continued downward pressure is pushing skilled labor out of the market and forcing polishing units to explore alternative industries. Stabilization hinges on widespread compliance with pricing discipline across the Surat hub.
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