Diamond price surges ahead of festive season
Oct 15, 2020
Surat (Gujarat) [India], October 15 : Prices of polished diamonds, especially those below 30 cents and one carat have risen by 10-25 per cent, according to diamond traders in Surat.
For the first time in the last five years, despite pandemic restrictions, polished diamond prices have shown a rise between 2 per cent and 20 per cent during that period.
"Demand for diamonds from our potential customers across India, United States, Hong Kong and Europe have risen again after the last few months that left a void. So this is a positive change for the diamond traders and we are looking forward to business growth during the upcoming festivities," Hiten Desani, a diamond merchant from Surat said.
Surat diamantaires have voluntarily banned the import of rough diamonds for two months to clear their inventories. Now about 70 per cent of units have reopened post-lockdown while the manufacturing capacity is below 60 per cent.
With the increasing demand, traders are unable to supply due to a shortage of goods in the market. Prices of polished diamonds have increased in the last one month due to the festive season in India and the United States.
"Diamond industry is seeing positive signs. Prices of polished diamonds below 30 cents and one carat have risen by 10-25 per cent due to production cut and an import ban on the rough diamond for two months," Dinesh Navadiya, regional chief of Gems & Jewellery Export Promotion Council, Surat told ANI.
Diamond traders are eyeing the upcoming festival season for a potential boost to the industry, which slowed down during the lockdown amid COVID-19 pandemic.
"Diwali, Christmas and Valentine's Day will be the big sale opportunity for the diamond industry. We really need this positive flow after so many months of remaining shut. I'm happy," Nitin Bothra, another diamond merchant told ANI.
