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With the diamond sector in Surat recording hundreds of crores of losses and payment defaults on the rise, a cloud of uncertainty looms over workers in India’s diamond capital. Sources estimate 70-80 per cent of them have been affected by retrenchment, pay cuts or reduced working hours.

via Defaults, lay-offs take sheen off Surat’s diamond sector | Business Standard News.

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SURAT: It’s deja vu for the Indian diamond industry.

All eyes in the industry are set on Tuesday’s crucial meeting in Mumbai, where top 200 diamond exporters from Surat and Mumbai will seek a referendum to completely ban import of rough diamonds for at least one month.

A similar move to ban rough diamond import was taken in November 2008 following global economic downturn.

via Diamond industry stares at dim future – The Times of India.

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IDEX Online Polished Price Changes – July 2, 2015

(IDEX Online News) – There was some price movement this week, with smaller stones showing negative changes. Diamonds sized between 1.5-3 carats had the most changes, especially in the lower colors and better clarities, with prices increasing up to 4 percent.   Smaller and larger fancy-cut diamonds experienced very little price movement, with most increases […]

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Rare yellow diamond mine Ellendale closes doors, workers raise wage concerns – ABC News (Australian Broadcasting Corporation)

A West Australian mine producing rare yellow diamonds has gone into voluntary administration, and workers fear they will not receive unpaid wages. Ellendale Diamond mine, east of Derby, produces about half the world’s supply of rare yellow diamonds. But two days ago, about 100 workers were bussed out of the facility at short notice. Yesterday […]

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Precious yellow diamond mine closes in WA | SBS News

One of the world’s largest producers of precious yellow diamonds, Kimberley Diamond Company, has shuttered its mine after receiving weak prices at auction in Belgium. At least 93 jobs are at risk after the parent company Kimberley Diamonds suspended operations at its subsidiary’s Ellendale Diamond Mine in north Western Australia. The company’s subsidiary Kimberley Diamond […]

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BERNAMA – SDIX To Launch World’s First Commodities Exchange In Physically Settled Diamonds

SDix Executive Chairman, Founder and controlling shareholder, Alain Vandenborre, said SDiX was a fully electronic spot commodity exchange which was developed over the past two years and designed to deliver price transparency and liquidity to the market. “It will provide a self-regulated marketplace for both diamond and financial traders as well as accredited investors to […]

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