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<ul><li>The US sanctions on Russian <keyword id="14552383" type="General" weightage="20" keywordseo="diamond-mining-company-alrosa" source="Orion">diamond mining company Alrosa</keyword>, following the invasion of Ukraine, has cut supplies of rough diamonds by almost 30%.</li><li>The state-owned company Alrosa is the <keyword id="14552384" type="General" weightage="20" keywordseo="largest-diamond-producer" source="Orion">largest diamond producer</keyword> in the world and India is the world's largest cutting and polishing centre for diamonds.</li><li>However, with a restriction on its source, diamond is expected to lose its lustre and dip by 15-20% in revenues in India, says a report by CRISIL.</li></ul>The war in Ukraine has impacted the sourcing of rough diamonds across the world. While most of this precious commodity originates from the mines of Russia, it is polished in Mumbai and Surat. Diamantaires, who give diamonds of the world their shine in India, now have a cause to worry. The diamond industry in India is staring at a drop in revenue of 15-20% to $19-20 billion this fiscal, said a report by ratings agency CRISIL. World's largest polishing centre of diamonds, India to witness a dip in revenue Following the invasion of Ukraine, the US government issued an<a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/11/executive-order-on-prohibiting-certain-imports-exports-and-new-investment-with-respect-to-continued-russian-federation-aggression/"> executive order </a>prohibiting the import of certain products originating in Russia, including the diamond. The ban directly targets Alrosa, which the US government identified as the world's largest diamond mining company. Government-owned Alrosa is responsible for 90% of Russia's diamond mining capacity and accounts for 28% – nearly a third of global diamond output. Besides, key buyers in the US and EU markets have been insisting on certificates of origin. As a result, the prices of roughs have shot up almost 30% since the start of this fiscal. Apart from that, a surge in Covid-19 cases has led to lockdowns in several regions in China, which is one of the largest importers of Indian polished diamonds. Additionally, inflation and opening up of other avenues of discretionary spending, such as travel and hospitality, will dampen demand growth in the US and Europe in the near term, said the report. “While volatility in rough diamond prices is typically passed onto the polished diamond prices — albeit with a lag due to the long operating cycle in the trade — tepid demand has kept polished prices from fully catching up with rough prices this time around. This could squeeze the operating profitability of Indian diamond polishers by 75-100 basis points to 4-4.25% this fiscal. Accordingly, interest coverage may weaken marginally,” said Subodh Rai, chief ratings officer, CRISIL Ratings. However, despite various ups and downs, there is one thing that diamantaires have to cherish. Payments from customers have been timely and this, along with reduced inventory, will control reliance on external debt. “As a result, the total outside liabilities to tangible net worth ratio will remain under 1.5 times for the industry, keeping the credit risk profiles of players steady,” said Rai. During the last festive season, as Indian consumers started stepping out and revenge spending, diamantaires stocked up on rough diamonds. While polished exports witnessed a growth of roughly 48% year-on-year last fiscal, rough diamond imports were up close to 74%, with almost 40% of the imports being in the closing quarter. This hoarded inventory build-up was later corrected in the first quarter of the current fiscal, following the beginning of the Russia-Ukraine war and disruptions in the Chinese market due to new variants of Covid-19. The lack of availability of rough diamonds in India, has given birth to a new trend. There is now increased demand for lab-created stones. “The increasing prices and short supply of natural diamonds has also meant a growing shift in consumer interest towards lab-grown diamonds, which resemble natural diamonds and are 50-60% cheaper to boot, offering growth opportunities in a price sensitive market. The market share of lab-grown diamonds is estimated to have expanded to about 8% presently from less than 3% two years ago,” said Rahul Guha, director, CRISIL Ratings.

Diamantaires stand to lose a fifth of their revenues as roughs get dearer

More than 14 million children in the US have tested positive for Covid-19 since the onset of the pandemic, according to the latest report by the American Academy of Pediatrics (<keyword id="6356115" type="General" weightage="80" keywordseo="aap" source="Orion">AAP</keyword>) and the Children's Hospital Association. More than 92,000 child Covid-19 cases were reported for the week ending July 21, the second consecutive weekly increase of reported cases, according to the report. More than 311,000 child Covid-19 cases have been added in the past four weeks. Nearly 6.1 million reported cases have been added in 2022, <keyword id="106387" type="General" weightage="50" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword> reported. There is an urgent need to collect more age-specific data to assess the severity of illness related to new variants as well as potential longer-term effects, said the AAP. "It is important to recognise there are immediate effects of the pandemic on children's health, but importantly we need to identify and address the long-lasting impact on the physical, mental, and social well-being of this generation of children and youth," the AAP added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/blockchain-gamers-have-the-same-potential-as-youtube-streamers-tiktok/instagram-influencers/articleshow/93125272.cms">‘Blockchain gamers have the same potential as YouTube streamers, TikTok/Instagram influencers’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/worlds-largest-polishing-centre-of-diamonds-india-to-witness-a-dip-in-revenue/articleshow/93114945.cms">Diamantaires stand to lose a fifth of their revenues as roughs get dearer</a>

Over 14 million children in the US test positive for Covid-19

<ul><li>Most of the world’s diamonds originate from the mines of Russia but they are polished in Mumbai and Surat.</li><li>Now, Indian merchants are also growing the precious stone in India in a lab to become less import-dependent.</li><li>This lab-grown diamond industry market in India was ₹2,200 crore in 2021 and is expected to grow exponentially.</li><li>Currently, India’s lab-grown export is around $1.3 billion and is growing at a pace of 105% y-o-y.</li></ul>India has always been a diamond polishing hub thanks to a vibrant small-scale industry driving it. Now, it intends to go up the value chain by producing its own diamonds – not by mining but by growing them in laboratories. It also helps that lab-grown diamonds (LGDs) are no different than their prized, mined counterparts. The only difference is the certificate. Mined diamonds fetch you a white one, while lab-grown diamonds have a yellow certificate. Retailers claim that lab diamonds are greener and 55-60% cheaper than mined diamonds. “If I get mined diamond for $4,000 and a lab-grown diamond costs $700-800, young people would spend the remaining money on travel and other experiences,” said Shardul Vashi, head of marketing, Maitri Diamonds. India’s annual lab-grown <keyword id="622307" type="General" weightage="20" keywordseo="diamond-exports" source="Orion">diamond exports</keyword> are at around $1.3 billion. But it’s growing at a breakneck speed of 105% y-o-y and contributing around 15% to global production. Shashikanth Dalichand Shah, chairperson, Lab Grown Diamond &amp; Jewellery Promotion Council, believes that it’s just a matter of time before India becomes the biggest outsourcing hub for lab-grown diamond and jewellery (LGDJ). The biggest market is abroad The sales of India’s lab-grown diamonds are much higher abroad than in the domestic market, with 60-70% exported. Lab-grown diamonds are more popular overseas as jewellery tends to be more about fashion, while in India it’s more of an asset. Thus, in the domestic market, the major buyers are space, research and industrial equipment industries. In 2021, the LGD market in India was about ₹2,200 crore ($250 million). Jewellery, as per retailers, only contributes about 2% of the pie. However, industry experts believe LGD jewellery will become more popular in India as well. As lab-grown diamonds are more affordable, Shah believes that they will adorn more bangles, necklaces and rings. Every Indian woman, living in a hut or a bungalow, owns at least 1 gram of gold and diamonds could soon be a part too. “Only 3-4% of Indians actually buy diamonds and now, middle-class people can also afford diamonds,” Mahesh Sonani, MD of LGD manufacturing company Sonani Industries, told Business Insider India. Apart from the cost difference, the fact that lab-grown diamonds are not blood diamonds or harm the earth will also play a role in their sales. Consumers take time to switch <div type="image" title="Real diamond" msid="93458392" hostid="261" caption="&amp;lt;p&amp;gt;BCCL&amp;lt;/p&amp;gt;"></div> Shah said that lab-grown diamonds contribute only 3% to India’s industry because of a lack of awareness in the B2C market. A mined diamond is exclusive, rare and the most expensive gem of them all, which makes for an attractive offer for consumers. With lab-grown diamonds, albeit equally shiny, some consumers might have a tough time seeing its allure. But Shah is optimistic that a diamond’s origin will become secondary in years to come. He said, “When a baby is born, you don't ask how it arrived, whether it is through natural means, IVF, or is it a test tube baby. The birth certificate doesn’t mention how the baby was delivered.” World’s major mines such as Argyle Mine in <a href="https://phys.org/news/2020-11-world-biggest-pink-diamond.html#:~:text=The%20world's%20largest%20pink%20diamond,giant%20Rio%20Tinto%20said%20Tuesday.">Australia </a>are shutting down and with a supply cut from Russia, lab diamonds will get a push. Millennials and GenZ are first adopters Sonani Industries says that there is a lot of interest for lab-grown diamonds from millennials as they prefer the ‘greener and cheaper’ versions. Trivedi of Maitri Diamonds said that millennials are also more open to accepting lab diamonds because they want to make a fashion statement without burning a hole in their pockets. “Earlier, people were suspicious of lab-grown diamonds but in the last two years, there’s been a growing awareness about the characteristics of lab diamonds. It’s exactly the same, which is attracting more consumers and it’s not just limited to high-end consumers,” said Harshil Trivedi, senior sales associate of Sahajanand Technologies Ltd (STPL), a home-grown company that provides diamond machines to the world. LGDs are made artificially by simulating the conditions that produce natural diamonds in the earth. There are two categories of lab-grown diamonds – chemical vapour deposition (CVD) and high pressure and high temperature (HPHT). Currently China supplies the roughs for HPHT while India makes almost 90% of CVD diamonds, said Kishan Trivedi of Surat-based Maitri Diamonds. However, India is eyeing a larger share of the HPHT market as well, Trivedi added. There are about 2,200-2,800 lab diamond machines in India currently. This could go up to 5,000 in two years, taking India’s production level to new heights, said LGDJ Council’s Shah. As the LGD industry continues to grow at the rate of 28%, Shah of LGDJ Council is confident that more consumers will embrace the greener alternative of diamonds. “Sky’s the limit for this democratic diamond,” Shah said.

Indian diamantaires want to make lab-grown diamonds a woman’s best friend

(Eds: Adds details) Mumbai, Mar 5 () A Rolls Royce car, paintings of famous artists M F Hussain and Amrita Sher-Gil, designer handbags and other luxury items belonging to fugitive diamond jeweller Nirav Modi garnered over Rs 51 crore in the second auction conducted on Thursday. As many as 40 items went under the hammer on Thursday, which marks the completion of auction of assets seized by the Enforcement Directorate. The auction was conducted by Saffronart on behalf of the deputy director, Enforcement Directorate, and was expected to garner a minimum of Rs 40 crore in proceeds.A collection of 112 prized assets of Modi were put up for live and online auctions from March 3 to 5, which included major artworks by contemporary and modern Indian artists, designer handbags, luxury watches and cars.While the online auction on March 3-4 garnered Rs 2.04 crore against the expected proceeds of Rs 52 lakh, the live auction on Thursday garnered Rs 51.41 crore more.These assets, seized by the ED, were put on auction in an attempt to recover a part of the dues Modi owes to various banks.According to officials from Saffronart, the ED would get Rs 53.45 crore from the proceeds of these two auctions. The lots that went under the hammer included legendary painter MF Hussain's painting of 'Battle of Ganga and Jamuna- Mahabharata 12' which went for a record 12 crore, the highest price received so far for the painter's work. Amrita Sher-Gil's rare 1935 painting 'Boys with Lemons', which was auctioned for the first time, sold for Rs 15.7 crore (USD 2.24 million). V S Gaitonde's tranquil 1972 painting was sold for Rs 9.52 crore while Manjit Bawa's Untitled 1992 sold for Rs 6.16 crore. Modi's Rolls Royce Ghost witnessed a high demand, selling for twice its estimate at Rs 1.68 crore (USD 240,000). PSK BALBAL

Fugitive diamantaire Nirav Modi's asset sale garner Rs 51 cr for ED

<ul><li><keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword> enters into a longer partnership with Hansal Mehta for more web series like the Scoop.</li><li>Netflix will be engaged in the entire creative process from scripting to marketing and distribution.</li><li>Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal among others.</li></ul>After the runaway success of Scoop, a web series based on the life of a crime journalist, Netflix has announced a multi-year series partnership with filmmaker Hansal Mehta. Scoop was Mehta’s maiden series on the streaming platform which was inspired by a court case involving journalist Jigna Vora, who was accused of allegedly conspiring with gangster Chota Rajan in the murder of another prominent journalist in 2011. Taking this collaboration forward, Hansal will create multiple series for Netflix in the coming years. Scoop has been called a genre-defining series inspired by crime reporter Jigna Vora’s book ‘Behind Bars in Byculla: My Days in Prison.’ Audiences and critics alike have been captivated by the deeply layered characters and compelling storylines, hailing it as one of the most binge-worthy series of the year. Mehta is a National Award winning director instrumental in delivering many critically acclaimed films and series including Aligarh, Shahid, Citylights and Scam 1992: The Harshad Mehta Story. “As a filmmaker, the idea of creating diverse and dynamic stories constantly keeps me on my toes. What excites me about this partnership with Netflix, which is home to some of the finest talent, is the potential for my work to reach viewers across the world. As was the case with Scoop, Netflix is engaged in the creative process right from scripting, all the way to marketing and distribution which is critical for the success of any creative collaboration. This long-term partnership with them is only going to empower me to dive into a variety of undiscovered stories,” he said. Over the years, docuseries and stories based on real life scams and personalities have captured the imaging of viewers. Another such series by Netflix was Bad Boy Billionaires: India, which documents the major financial scams that rocked India. These included some very colourful personalities like liquor baron <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword>, diamantaire Nirav Modi and Subrata Roy. According to Netflix, the investigative docu series explored the greed, fraud and corruption that built up — and ultimately brought down — India’s most infamous tycoons. Monika Shergill, Vice President - Content, Netflix India, said “Hansal is a master of his craft and has an eye for spotting stories that have a broad appeal and are relevant to a wide audience. Being a nuanced storyteller, he is able to tell these stories like no other. Scoop marks yet another success for our series line-up this year, and with this partnership we look forward to never before seen stories that audiences will love.” Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal and more.

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

Ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> has started to lay off 200 employees from its <keyword id="6362049" type="General" weightage="50" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, Ola Electric and <keyword id="7306214" type="General" weightage="50" keywordseo="ola-financial-services" source="Orion">Ola Financial Services</keyword> verticals as part of the "restructuring" exercise. The layoffs, which were first announced in September last year, happened across the teams. The company told IANS that it is "centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions". The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". "Currently, the company has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months," according to the ride-hailing company. The Bhavish Aggarwal-run company has nearly 1,100 employees in its core ride-hailing business. Earlier, restructuring exercises impacted employees across product, marketing, sales, supply, tech, business, and operations verticals at the company, affecting nearly 500 employees that "were a result of restructuring in the cars and dash businesses". The ride-hailing major last year shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, as well as its quick-commerce business, <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, as the company shifted to focus on its electric two-wheeler and car verticals. Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals and strengthens capabilities across the vehicle, cell, battery, manufacturing and autonomous streams. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/fugitive-diamantaire-mehul-choksi-buying-protection-by-bribing-antigua-officials-says-an-expos-on-blogger/articleshow/96956166.cms">Fugitive diamantaire Mehul Choksi buying protection by bribing Antigua officials, says an exposé on Blogger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-11-5g-launch-event-how-to-buy-event-tickets-price-benefits-and-more/articleshow/96956696.cms">OnePlus 11 5G launch event – how to buy event tickets, price, benefits, and more</a>

Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise

Japanese two-wheeler major <keyword id="48197" type="General" weightage="100" keywordseo="yamaha" source="Orion">Yamaha</keyword> on Monday said its entire motorcycle range in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> would be compliant with E20 fuel by the end of this year. The company also announced that its 149cc-155 cc bike range in the country would now come with <keyword id="8136580" type="General" weightage="80" keywordseo="traction-control-system" source="Orion">Traction Control System</keyword> (TCS) as a standard feature. Yamaha used to offer only R15M and R15V4 with the TCS and now FZS-Fi V4 Deluxe, FZ-X and MT-15 V2 Deluxe would also come with the technology. The traction control system controls the ignition timing and fuel injection volume to instantly adjust engine power output to avoid excessive slippage. This ensures efficient delivery of power to the wheel and minimising wheelspin. The company stated that the 2023 motorcycle line-up now comes equipped with onboard diagnostics (OBD-II) system, a requirement for the upcoming stricter emission norms which will kick in from April 1 this year. "While our present strategy is filled with action to keep customers engaged and excited, we also never forget our responsibility to provide a carbon-neutral future for mobility. As the first step in that direction, today we have launched the FZS-Fi V4 Deluxe and the FZ-X models compliant with E20 fuel and by end of this year, we plan to make all our motorcycle models compatible with E20 fuel," <keyword id="12798300" type="General" weightage="50" keywordseo="yamaha-motor-india-group-of-companies" source="Orion">Yamaha Motor India Group of Companies</keyword> Chairman <keyword id="12798301" type="General" weightage="50" keywordseo="eishin-chihana" source="Orion">Eishin Chihana</keyword> noted. The E20 fuel comprises 20 per cent ethanol blended with gasoline. The FZS-Fi V4 Deluxe is now priced at Rs 1.27 lakh; FZ-X at Rs 1.37 lakh; R15M at Rs 1.94 lakh; R15V4 at Rs 1.82 lakh; MT15 V2 Deluxe at Rs 1.68 lakh (ex-showroom). "Globally, Yamaha motorcycles are immensely appreciated for their impeccable handling and performance. And we are confident that the more evolved 2023 versions of our motorcycles with a list of highly desired features will surely entice our young consumers in India," Chihana said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/modern-love-in-india-for-young-indians-it-is-mind-over-matter/articleshow/97864352.cms">Modern love in India: For young Indians it is mind over matter</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/fugitive-diamantaire-nirav-modis-pune-flats-remain-unsold-to-go-for-re-auction-at-slashed-rates/articleshow/97862420.cms">Fugitive diamantaire Nirav Modi's Pune flats remain unsold, to go for re-auction at slashed rates</a>

You Searched For "Diamantaire" and got 7 results

Diamantaires stand to lose a fifth of their revenues as roughs get dearer

Karuna Sharma

Over 14 million children in the US test positive for Covid-19

IANS

Indian diamantaires want to make lab-grown diamonds a woman’s best friend

Karuna Sharma

Fugitive diamantaire Nirav Modi's asset sale garner Rs 51 cr for ED

PTI

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

BI India Bureau

Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise

IANS

Entire motorcycle range to be E-20 compliant by end of the year: Yamaha

PTI

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