Glittering Stones News,Diamonds news,Gems and jewelry news

The Rs70,000crore Indian diamond industry might this time lose its shine if South Africa, Botswana, Congo and Angola—between them, these African countries create 90% of world’s bumpy diamonds—go ahead with their plans to levy a 5-7% export duty on rough diamonds.

India imports approximately 80% of the rough diamonds shaped in Africa; these are polished in factories in Gujarat and Maharashtra. Now, the African countries desire polishers to set up factories within their boundaries in an attempt to boost the local economy.

Diamonds are in the news and not for the wrong reasons. Last month, Lebanese designer Nada G wowed Dubai with Drops of Hope, a set of hand-made jewelry, set in semi precious stones and enthused by the turmoil in her country.

Nada’s sparkling show was followed by the launch of Diamond Trading Company’s (DTC) Bridal Programme – a one of its kind venture in that jewelers in the area were buoyant to come up with innovative designs.

The hawala (transfer of unaccounted money through unlawful channel) trade, uncovered by the income tax (I-T) authorities during two-day attack on three ‘diamond traders‘ in Pancharatna building, is generally value a whopping Rs 5,000 crore per annum.

Those in the market stated that there are about 100 people who are in service close to 1,000 companies, which imports and exports diamonds for other traders, who do not desire to get into paper work.

LUCKNOW: On Friday morning, a gem trader of Rajasthan was shot by a fellow-traveler in a running tempo. He robbed a bag containing a precious gem worth Rs 2 lakh and escaped. The victim has been hospitalized. A 60-year-old traveling in the tempo also got wounded in the firing. This incident took place near the King George’s Medical University (KGMU). Krishna Murari’s condition was stated to be very serious. The culprit then quick the blue bag belonging to Rajesh and got down from the tempo.

Dubai: Dubai as an established jewelry trading hub that has possibility to be a major centre for the business in stones such as ruby, emerald and sapphire, industry officials stated.

The local gems market is yet in its early years, said Andrew Cody, new president of the International Colored Stone Association (ICA).