
India's huge diamond-polishing industry has furloughed around 250,000 of its roughly two million workers because of sanctions on Russia hitting supplies, a trade union said Thursday.
48 published items with the word (s) or phrase Alrosa in News, Trends, Videos, Photo galleries, Agenda and sorted by "date descending".
India's huge diamond-polishing industry has furloughed around 250,000 of its roughly two million workers because of sanctions on Russia hitting supplies, a trade union said Thursday.
The biggest white diamond ever to be sold at auction, dubbed "The Rock", will go under the hammer in Geneva on Wednesday and could fetch up to $30 million -- or more.
Last year saw historic growth for India’s diamond jewellery industry as families prioritised jewellery in the face of restrictions on travel and events.
India’s cut and polished diamond businesses are expected to see their profit margins dip to 4.5% in the 2023 financial year amid high rough diamond prices and a moderation of demand, according to ratings agency ICRA.
Indian diamond importers are managing to continue to import diamonds from Russia despite international sanctions but this has drawn criticism from organisations and countries including the UK.
Partially Russian state-owned diamond business Alrosa has resumed its rough diamond shipments to India following a pause resulting from the war in Ukraine. Indian importers are also pursuing different payment options.
Gem and jewellery businesses in India are exploring alternative payment mechanisms for exporters as the Russia-Ukraine conflict continues and international sanctions against Russia mount up.
U.S. and European sanctions on Russia will affect India’s diamond polishing industry which heavily relies on partially Russian state-owned diamond mining business Alrosa, according to ratings agency Crisil.
Partially Russian state-owned diamond business Alrosa has assured the Indian gems and jewellery industry that it will continue to fulfil orders and obligations amid increasing global sanctions on the Russian economy.
Diamond polishers in Surat have managed to remain shielded from the financial effects of the conflict in Ukraine, but this buoyancy is tied to the fate of Russian mining company Alrosa, which is partially state run.