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Diamond exports from India have plunged to a two-decade low, and the downturn isn’t over yet. As demand slumps and uncertainty looms over U.S. tariffs, FY2026 could see another painful year for the industry.
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De Beers largest diamond stockpile since 2008 shows challenges from weak Chinese demand and growing lab-grown diamond competition. The company is cutting supply and ramping up marketing ahead of a planned spin-off by parent Anglo American.
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Cartier had created the heirloom piece with 2,930 diamonds and a 234.65 carat De Beers diamond as the centrepiece. The ornament was, however, allegedly stolen by the British forces in India and repurchased by Cartier.
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The Indian unit of diamond giant De Beers is seeking to tap the growing popularity of diamonds and launching boutique stores and expanding its presence in India, said Sachin Jain, MD, De Beers India.
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Agarwal recently spent USD 2.4 billion to buy close to 22 per cent in Anglo, which owns 85 per cent of De Beers, the world's leading diamond company.
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Element Six, De Beers' synthetic diamond arm, is building a $94 million factory in Portland, Oregon, an expansion that comes as scientists from Moscow to London push to develop diamonds for futuristic applications.
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"There is a strong appetite for diamonds in smaller cities. We plan to increase stores gradually in those cities by partnering local retailers," Forevermark CEO and Executive VP De Beers Group of Companies Stephen Lussier told PTI.
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"The diamond jewellery consumption is coming back in India, which was affected by jewellers strike in the first half and demonetisation in the last quarter of 2016.
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Volcan is a holding company, wholly owned by the Agarwal family trust, and this is a personal investment by Vedanta Resources Group Chairman Anil Agarwal.
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Watch the interview of Nimesh Patel, CFO of De Beers with Manisha Gupta on CNBC-TV18. He spoke a drop in diamond demand post demonetisation and also shared his readings and outlook on the diamond market.
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De Beers, a member of the Anglo American group, today said it has invested USD 5 million in expansion of its diamond grading and testing centre at Surat in Gujarat.
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Watch De Beers, Off the Cut at Gahcho Kue, new open pit mine in Canada.
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The world's leading diamond miner is placing a billion-dollar bet on its new mine in Canada — surprising, given the global slump in the diamond market. But De Beers says it is banking on millenials to bring the sparkle back to the business, reports CNBC-TV18's Priya Sheth.
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Watch the interview of Gareth Mostyn Executive Head-Strategy, De Beers with Manisha Gupta on CNBC-TV18, in which he shared his reading and outlook on diamonds market in India.
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"In India the demand has been explosive over the years. We saw about 35 per cent growth in 2015 in India but this year we are cautious with our estimates as the first half was hampered with jewellers strike that affected sales," Forever Mark CEO Stephen Lussier told PTI here.
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Last August De Beers, the world's biggest diamond producer, lowered prices by as much as nine percent to boost sales.
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In its Diamond Insight Report 2015, De Beers says India presents a huge opportunity through its growing economy and emerging middle class.
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Diamond prices softened in August, as the global stock market slump hit discretionary spending and jewelry demand in China thanks to a clampdown on luxury gift-giving and the slowdown in the world's second-biggest economy.
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Shrenuj & Co announced the allotment of a De Beer's site in South Africa. This is the third site of the company and this makes it the only listed entity in India to have 3 sites. Shreyas Doshi, CMD of Shrenuj and Company gives more details
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Setting up of these zones would help attract global diamond firms to open offices in Mumbai, a major diamond trading hub of the country, besides Surat. The body wants direct selling of rough diamonds from Russian mines to India.
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India's imports of rough diamonds are likely to jump by a quarter in the next fiscal year from USD 14.5 billion now, as exports of the processed gems to top consumers increase and Indian exporters enter newer markets.
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In late January, Antwerp will hold its largest ever invitation-only show in its 110-year-old diamond trading halls, pulling out all the stops to entice jewellers, manufacturers and retailers.
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Indians have long been the world's biggest buyers of gold - so much so that changes in their consumption tip the scales of global demand. Recently, those scales have tipped down.
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A year ago, Heraldo Casas found a 32-carat emerald on the outskirts of a mine near Bogota that he sold for $170,000 to a vendor.
