IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
SourcingJul 06, 2015
Indian traders stop short of banning rough imports
India’s top diamond exporters said no to temporarily stemming the flow of rough into the country but have outlined a number of other measures the trade there will take to deal with oversupply and lagging demand worldwide.
Mumbai--Members of the Indian diamond industry came close Tuesday to doing something they have not done since the advent of the financial crisis in 2008: banning rough diamond imports.
In the end, though, the approximately 250 diamond exporters who gathered in Mumbai opted to go into what Gem & Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah described as “self-discipline mode” for the time being and adopt a number of measures to help the Indian diamond industry deal with the problems plaguing it.
They are: an oversupply of diamonds, decreased profitability, lack of bank financing and decreased demand for diamond jewelry worldwide, which many consider to be the issue at the core of the industry’s problems.
“Ultimately, it’s sales,” said Ronnie Vanderlinden, president of both New York diamond company Diamex Inc. and the Diamond Manufacturers & Importers Association of America. “Polished (diamond) sales are weak. Nobody wants to take more rough at the elevated prices.”
This is particularly true of many diamond manufacturers today, as they find themselves squeezed in the middle.
Rough prices have continued to increase in recent years even as polished prices have sunk and demand for diamond jewelry has slowed worldwide. Retailers, who also are faced with shrinking margins, want to pay less for polished stones so they can compete while the producers continue to charge more.
Exacerbating the situation in India are the stockpiles of diamonds many Indian companies accumulated when the economy began to recover and banks there were lending freely.
Now with retail sales around the world, including in the United States, slowing and lending tightening, Indian companies find themselves stuck with diamonds they can’t move and little desire to add to their stockpiles.
On Tuesday, among the list of measures noted by the GJEPC was partnering with diamond mining companies and other segments of the industry to promote diamond jewelry, an idea that works for Prakash Mehta, head of New York-based jewelry manufacturer Interings and president of the Indian Diamond & Colorstone Association.
When asked on Monday about the vote, Mehta said he didn’t think that banning rough imports into India for a short period of time would have much effect, noting that “so many things have to be done.”
To begin with, he said the industry needs to do more to increase sales for retailers, and to divert millennials’ attention from electronic gadgets to jewelry.
He said
Editors' Picks
Sponsored by
his company, Interings, works with the five largest buying groups in the United States--IJO, RJO, the Leading Jewelers Guild, CBG and SJO--and hears from their members that “business is slow.”
The world’s No. 1 diamond producer in value terms, De Beers, recognizes as much.
The diamond miner has come under fire recently for charging too much for rough diamonds and not doing enough for its manufacturer customers that find themselves squeezed in the middle.
Over the weekend, in fact, an anonymous sender calling himself “just a simple sightholder” circulated an email to a long list of diamond companies. The email, which also was forwarded to National Jeweler and is posted online, called for sightholders at De Beers sight scheduled for next week to reject boxes that yield less than 10 percent profit.
“I say, let them (De Beers) deal with $300, $400, $500 million (in goods) that are not taken,” the email reads. “I want to see how they survive.”
In reaction, De Beers’s David Johnson said that the diamond miner does recognize the challenges facing many manufacturers and will be giving sightholders the option to defer--put off for a later date--an additional 25 percent of their allocation at next week’s sight, something the diamond miner did earlier this year as well.
In addition, he said De Beers has undertaken a number of activities intended to stimulate demand for diamond jewelry, including Forevermark, bringing back “A Diamond is Forever,” and joining and helping to form the Diamond Producers Association.
While the DPA’s starting budget of $6 million a year pales in comparison to what De Beers used to spend on generic diamond marketing in the original A Diamond is Forever days, Johnson said the DPA does intend to conduct consumer research to understand how to reach millennial consumers and, in turn, how to focus marketing programs, whether they are led by the DPA or individual businesses.
“It’s the sort of thing that could grow,” Johnson said of the DPA.
The Latest
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
