Surat: The Gem and Jewellery Export Promotion Council (GJEPC) and Surat International Diamond Trade Centre (SIDC) have launched the India Rough Diamond Show (IRDS) at the Surat Diamond Bourse. The first slot of the 35-day show, scheduled from April 6 to May 10, has received a strong response, with around 250 companies participating in the auction within the first five days. A Dubai-based company, Star Gems, has displayed rough diamonds worth ₹270 crore at the show. Buyers have arrived not on...Read More

Surat: The ongoing conflict in West Asia, which has disrupted international trade, may benefit Surat’s diamond industry, with global companies shifting auction activities to the city. Dubai-based Stargems Group has moved its rough diamond auction to the Surat Diamond Bourse (SDB), officials said. A seven-day pre-auction exhibition began on Tuesday at the Gems and Jewellery Export Promotion Council (GJEPC) office at SDB, where rough diamonds worth over ₹350 crore are being displayed for tr...Read More

Surat: The Surat branch of the Income Tax Department has launched search operations at multiple premises linked to some of the city’s leading industrialists and diamond traders. The action reportedly targeted Anil Bagdana of the Mahakal Group and his partners Tarun Bhagat and Pravin Bhoot, along with Dhiru Gajera of Laxmi Diamond. A large team of IT officials is carrying out searches at business offices, residences and project sites in Surat and Mumbai. Officials are reportedly examining fina...Read More

Surat: The Bureau of Indian Standards (BIS) has notified new diamond standards aligned with global norms, clearly stating that the term “diamond” will apply only to natural diamonds. Under the new standard, India officially adopts the terms “laboratory-grown diamond” and “laboratory-created diamond”, while expressly disallowing misleading or outdated descriptions such as “fake” or “artificial” for such stones. The standard also mandates full disclosure of treatments and prov...Read More

Surat: The US government’s decision to impose a 27% reciprocal tariff on Indian exports is expected to have a severe impact on Surat’s textile and diamond jewelry industry. The US has withdrawn the Most Favored Nation (MFN) status granted to India in the gem and jewelry sector and has imposed tariffs of 27% on cut and polished diamonds, 27% to 34.4% on polished lab-grown diamonds and synthetic stones, 32% to 34% on gold and platinum jewelry, 32% to 40.5% on silver jewelry, 30% to 34.9% on g...Read More