Lab-GrownAug 04, 2022
Lab-Grown Diamond Co. Plasmability Partners with HRA GroupLab-GrownAug 12, 2022
Report: State Bank of India to Begin Lending to Lab-Grown Producers
The loans will go mostly to the import of machinery rather than working capital, according to a recent article from The Economic Times.
New York—The State Bank of India (SBI) will start lending money to lab-grown diamond producers, according to a recent news report out of India.
The Economic Times wrote in an Aug. 10 story that SBI, India’s largest bank, has become the first Indian lender to come up with a formal policy to fund the growers.
An anonymous SBI source told the news site that the loans would come with certain conditions, such as mostly funding the import of machinery rather than supplying working capital.
But the bank is studying pricing in the sector, according to the report, before it fully enters the sphere.
The State Bank of India could not be reached for comment or confirmation before press time.
The move comes just months after the country’s Gem & Jewellery Export Promotion Council (GJEPC) asked the government for help promoting the lab-grown diamond sector, which it believes “[has] the potential to build and sustain a stronger and more self-reliant domestic cutting and polishing industry,” Chairman Shri Colin Shah said during a May meeting.
According to GJEPC, India accounts for about 15 percent of the global production of lab-grown diamonds.
It noted India’s exports of polished lab-grown diamonds more than doubled to $1.3 billion from April 2021 to March 2022, compared with $636.25 million in FY 2020-21.
More on Lab-Grown
The Latest
SourcingDec 04, 2023
David Prager To Leave De Beers in 2024Ryan Perry, who has been with De Beers since 2002, also will be leaving the company next year.
WatchesDec 04, 2023
Chrono24 Debuts the ‘Dow Jones’ for Luxury WatchesThe watch seller’s new index tracks sales data from 14 brands, including Rolex and Patek Philippe.
MajorsDec 04, 2023
David Bouffard to Leave Signet, RJCThe industry veteran will step down from both roles in April 2024.
Brought to you by
The Most Important “C” in Diamonds: Confidence!Without the ability to instill confidence within the industry and directly to the consumer, a diamond holds very little value.
TrendsDec 04, 2023
Amanda’s Style File: Decadent DecemberTanzanite, turquoise, and zircon are all options for December babies, who sometimes “get the birthday shaft,” Amanda Gizzi writes.
Weekly QuizNov 30, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
FinancialsDec 01, 2023
Movado Lowers Guidance Again After Q3 Sales DipThe company said it is facing a “challenging retail environment” but is prepared for the holiday season.
CollectionsDec 01, 2023
Piece of the Week: Muzo’s Emerald and Argyle Pink Diamond NecklaceIt’s the hero piece of the newest "Green Jewel" collection, a collaborative offering from the two mines.
Brought to you by
If It’s Custom, Make It PlatinumWith holiday proposals right around the corner, encourage your customers to go for platinum when making the big purchase.
AuctionsNov 30, 2023
This Pink Diamond Reigned Supreme in Hong KongThe 15.48-carat fancy intense “Pink Supreme” topped Christie’s fall jewelry auction in Asia, while a Patek Philippe led the watch sale.
MajorsNov 30, 2023
Claire’s Hires Former Bath & Body Works Exec as CFO, COOChris Cramer, who also spent time at Gen Z intimates brand Parade, will take on the dual role.
AuctionsNov 30, 2023
Sotheby’s To Auction 133-Carat Yellow DiamondThe stone headlining the upcoming sale could fetch up to $5 million.
IndependentsNov 30, 2023
Frank Adams Rolls Out Kwiat’s ‘Mine to Shine’ ProgramThe retail offering lets customers track their diamond’s journey.
SourcingNov 29, 2023
Largest New Diamond Mine of the Decade Coming Online in Angola The Luele mine is expected to eventually make the country the world’s third-largest diamond producer.
SurveysNov 29, 2023
Holiday Shoppers Broke a Record This Weekend, Says NRFFrom Thanksgiving through Cyber Monday, 200.4 million consumers shopped online and in stores.
MajorsNov 29, 2023
Cast Debuts at Nordstrom, Closes on More VC FundingThe growing company also plans to open more of its own boutiques.
EditorsNov 29, 2023
Warren Buffett on Success, Mistakes and Betting on AmericaThe best quotes from the Oracle of Omaha and his right-hand man Charlie Munger from the 2018 Berkshire Hathaway shareholders meeting.
IndependentsNov 28, 2023
Maine Jeweler to Relocate After 76 YearsJ. Dostie Jewelers will move from Lewiston to Yarmouth this spring.
IndependentsNov 28, 2023
Fink’s Jewelers Opens 10th StoreIt’s the company’s second location in Tennessee.
AuctionsNov 28, 2023
Mary Tyler Moore’s Jewelry Is Up For Auction You can have this jewelry, why don’t you take it?
Events & AwardsNov 28, 2023
The Original Miami Beach Antique Show Is Celebrating 60 YearsNext year’s milestone show will be full of educational programming and collaborations.
EditorsNov 27, 2023
10 Tips for Selling Diamonds This Holiday SeasonSales experts and a diamantaire share their best advice on how to send customers home with diamond jewelry.
CollectionsNov 27, 2023
See the New ‘Platinum Born’ JewelryThe brand has released five new collections.
IndependentsNov 27, 2023
Frank Adams Jewelers Named ‘Family Business of the Year’The Albany Business Review recently honored the 100-year-old company.
GradingNov 27, 2023
Dr. John W. Valley Retires from GIA Board of GovernorsTo honor his legacy, GIA has set up a scholarship in his name.
CrimeNov 22, 2023
JSA Warns of Surge in Attacks on Jewelers on the RoadThere have been eight attacks in the last month, spanning from a jewelry store parking lot in Rhode Island to highways in California.
TrendsNov 22, 2023
Amanda’s Style File: November GlowThese 15 pieces of jewelry celebrate November babies and the hues of citrine and topaz that reflect the colors of the season.
SourcingNov 22, 2023
Columbia Gem House Raises $12K for WildlifeThe money will help a nonprofit rehabilitate sea turtles.
