On Wednesday, G7 leaders decided to introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024.
The suspension was collectively taken by the Gems and Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association, to address the challenges related to the imbalance between demand and supply.
India s gems and jewellery exports fell by 11.49% in October, reaching Rs 22,873.19 crore. Cut and Polished Diamonds exports fell by 32.70% to Rs 10,495.06 crore, while polished Lab Grown Diamonds exports dropped by 23.01% to Rs 1,135.16 crore. The decline was mainly due to a slowdown in demand in key markets and supply constraints of diamonds.
India s gems and jewellery exports fell by 11.49% in October, reaching Rs 22,873.19 crore. Cut and Polished Diamonds exports fell by 32.70% to Rs 10,495.06 crore, while polished Lab Grown Diamonds exports dropped by 23.01% to Rs 1,135.16 crore. The decline was mainly due to a slowdown in demand in key markets and supply constraints of diamonds.
A builder from Bengaluru, director of Mandar Housing Pvt Ltd, has been arrested for cheating 150 buyers and swindling them of over Rs 30 crore. The accused lured customers by offering flats at rates below the market average and sold some flats to multiple buyers. Investigations revealed the use of fake documents for constructing the residential towers.