Russian Rich Kids, and Diamonds Too

KOLKATA: Diamond miners such as De Beers, Alrosa and some others have restricted supply and reduced prices of rough diamonds by 7 per cent-8 per cent in the last fortnight, bringing relief to the Indian diamond trade that is starved of international orders.With major exporting markets facing the heat of a global meltdown, diamond trade has identified the US and India as the big markets for diamond offtake.

All those Indians who thought buying diamonds was beyond their means now have a reason to cheer. They could soon own high quality diamonds by investing as little as Rs 900 a month for about two and a half years. The Indian Commodity Exchange (ICEX), which recently got Sebi approval to start the world's first diamond trading bourse, will launch a systematic investment plan (SIP) for retail buyers to acquire the precious stones. So far, Indian investors have been able to buy mutual funds and gold funds through the SIP route.

All those Indians who thought buying diamonds was beyond their means now have a reason to cheer. They could soon own high quality diamonds by investing as little as Rs 900 a month for about two and a half years. The Indian Commodity Exchange (ICEX), which recently got Sebi approval to start the world's first diamond trading bourse, will launch a systematic investment plan (SIP) for retail buyers to acquire the precious stones. So far, Indian investors have been able to buy mutual funds and gold funds through the SIP route.

GAHCHO KUÉ, N.W.T. — Seen from inside an approaching aircraft, the Gahcho Kué diamond mine seems to materialize out of nowhere, a speck of industrial development amid an endless stretch of low vegetation and tiny lakes imprinted on the northern Canadian rock face. Here, there are no natural points of reference. The view looking out from one side of the mine is nearly indistinguishable from any other.

Anglo American has serious problems right now, and the company's diamond business isn't helping. The miner, which owns 85% of De Beers — probably the most famous diamond company on the planet — just released its third quarter production report, things don't look good.

It is the season of festivals and weddings, and consequently , jewellery shopping. While gold remains a favourite investment-cum-consumption option, in recent years, many have opted for diamonds over the yellow metal. The Diamond Insight Report 2015 released recently by DeBeers ranks Indians amongst the top buyers of the precious stone in the world. "Driven by a widening consumer base, economic development and increasing volumes, India's diamond consumer market is now one of the world's largest," it says. And demand is only growing.

MUMBAI: De Beers, the world's largest diamond miner, sees the industry's biggest opportunity in India, with its burgeoning economy and emerging middle class. "Already one of the world's largest markets for diamond jewellery, the growth of the middle class in India over the next decade is set to make a major contribution to growing diamond demand," according to De Beers Group of Companies' Diamond Insight Report 2015. The diamond industry fundamentals support the long-term confidence in the sector as India presents further growth opportunity, it said.