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.
India’s gems and jewellery exports witnessed a 26 percent decline during the financial year 2020-21 to Rs 1,85,952 crore ($24.8 billion), as compared to the previous financial year’s Rs 2,50,319 crore.
The gems and jewellery exports from the country witnessed a six percent growth to $2.49 billion (Rs 18,199 crore) during December 2020, as compared to $2.35 billion in the corresponding month of 2019.
India’s gems and jewellery exports plummeted 82 percent during April-May to Rs 4,329 crore ($568 million) as countries stopped imports of gold, due to restrictions imposed to curb the spread of Covid-19.
L’Oreal India announced the appointment of Aseem Kaushik as Director, Consumer Products Division (CPD). Kaushik will now be in charge of CPD brands – L’Oreal Paris, Garnier, Maybelline New York and NYX.