International News
The 2nd SEZ Gem and Jewellery Conclave
Conclave provided valuable insights in technology, branding, exports, SEZ policy
The Second SEZ Gem and Jewellery Conclave held at Bharatratnam Mega CFC in SEEPZ, Mumbai, brought together influential stakeholders from across the gem and jewellery sector to deliberate on industry growth, innovation, and policy advancements.The conclave provided valuable insights into the latest industry trends in technology, branding, exports.
The conclave was inaugurated by Dr P Anbalagan, IAS, Principal Secretary, Industries Department, Government of Maharashtra. Present at the inauguration were Kirit Bhansali, Chairman, GJEPC, Saunak Parikh, Vice Chairman, GJEPC, Suvankar Sen, MD, Senco Gold & Diamonds, Sabyasachi Ray, ED, GJEPC, Colin Shah, Head of the Working Group, Bharat Ratnam Mega CFC and Adil Kotwal, Director – SEEPZ GJ Manufacturers Association.
Dr. P Anbalagan in his inaugural address said “The Union and state governments aim to grow India’s economy from USD 3 trillion to USD 30 trillion, requiring double-digit growth across sectors, with Maharashtra as a key driver. As the state with the highest FDI, Maharashtra targets a USD 1 trillion economy in 4-5 years, needing 13-14% annual growth. We are looking at the GJ sector as generator of employment and employment.The employment intensive GJ sector will be cornerstone of Maharashtra becoming a $1 trillion economy.The GJ sector in Maharashtra is contributing 47 per cent of India’s GJ exports.”
Track 1 – Technology included: Platinum Group Metal Recycling , Dr Debashish Bhattacharya, Technical Director of Covalence, India, Casting, Stamping and Tubing in Platinum, Dr. Peter Hofmann, Chairman of INDUTHERM, Germany and Rakesh Jangid, Technical Director, Lagor India, 3D Printing of Precious Metal for Commercial Use-Dr Andrea Friso, R&D Head, Legor Italy ,Technology in Diamond Testing, Jayant Kulkarni , Partner ,SGL, Challenges in Identification of Lab Grown Diamonds by Deepa Srinivasa, Chief Gemmologist – Research & Development – GSI, India
Track 2 – Branding included: Redefining Businesses by Sachin Jain, Educator, LÉCOLE School of Jewellery Arts , Dubai, Revitalizing Diamond Desire by Amit Pratihari, Managing Director, De Beers.
Track 3 – Investments included: Booster to G&J Manufacturing by Sabyasachi Ray, Executive Director, GJEPC ,Draft Report of Common SoP for SEZs by Nishant, Partner, ELP.
With key decision-makers in attendance, the conclave promises to be an influential platform for shaping the future of the sector.
International News
De Beers Narrowed Losses In H1 2026 Despite A Sharp Decline In Rough Diamond Prices
The decline reflected significantly lower realised rough diamond prices, although underlying operating performance improved. higher production, increased sales volumes and aggressive cost-cutting helped offset weaker pricing.
De Beers narrowed its losses in the first half of 2026 despite a sharp decline in rough diamond prices, as higher production, increased sales volumes and aggressive cost-cutting helped offset weaker pricing.
Revenue fell 19% to US$1.58 billion in the six months that ended 30 June 2026, from US$1.95 billion a year earlier. The decline reflected significantly lower realised rough diamond prices, although underlying operating performance improved.
Underlying EBITDA loss narrowed to US$113 million from US$189 million in the first half of 2025, while the underlying EBIT loss improved to US$209 million, compared with US$303 million a year earlier. EBITDA margin improved to -7% from -10%.
The average realised rough diamond price fell 32% to US$105 per carat, driven by a weaker product mix and a 16% decline in the average rough price index following inventory rebalancing measures introduced during 2025.
However, De Beers increased production by 46% to 14.9 million carats, while sales volumes rose 13% to 12.4 million carats, reflecting improved availability and stronger trading activity than in the comparable period. Unit costs declined 26% to US$64 per carat, helping cushion the impact of lower prices. Capital expenditure was reduced by a third to US$115 million.
During the second quarter, De Beers sold 6 million carats of rough diamonds, generating US$665 million in consolidated revenue, compared with US$1.2 billion from 6.8 million carats in the same period last year, underscoring the continued pressure on prices despite relatively stable demand.
The company maintained its 2026 production guidance at 21-26 million carats, although planned maintenance at the Orapa and Jwaneng mines and the proposed production pause at the Venetia mine in South Africa are expected to reduce output in the second half. Unit cost guidance remains unchanged at around US$80 per carat.
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