India s diamond hub Surat abuzz after prolonged lull
While many stakeholders in the industry see the recent rise in production as a temporary affair driven by the festive season, some are hopeful that it will continue.
Diamond
While a majority of sectors have been negatively impacted by the coronavirus pandemic, raw diamond cutting and polishing units in and around Surat city of Gujarat are abuzz with activities after a prolonged lull.
Media reports say that India is the world’s largest cutting and polishing centre of rough diamonds, and 14 out of every 15 rough diamonds in the world are polished here. Surat is the hub for cutting, polishing and processing rough diamonds and 85 percent of the diamonds are exported. The diamond sector was facing a slowdown in recent years. The situation worsened from in the last week of March when the nationwide lockdown was announced.
SURAT: If all goes well, the lab-grown diamonds might be traded along with the real diamonds on the trading floors of Bharat Diamond Bourse (BDB) in Mumbai. For the first time, the board of BDB has proposed the removal of the restrictions on the trading of the lab-grown diamonds and invited its members to vote at the Annual General Meeting (AGM) to be held on December 28.
In a circular issued to its members and shareholders on Monday, BDB board said that there is restriction on the trading or dealing in lab-grown diamonds at the bourse. However, the board feels that considering the current operations of the company, the said restrictions should now be removed and be modified accordingly.
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SURAT: After a fall in polished diamond exports following the outbreak of coronavirus pandemic, the Christmas seems to have brought loads of goodies for Surat’s diamantaires.
The export of polished diamonds witnessed a 158% growth in November this year compared to the corresponding month last year. November is the month when most of the export goods for Christmas and New Year festival are delivered.
According to the trade figures provided by Gems and Jewellery Export Promotion Council (GJEPC), the polished diamond export increased to $1,600 million in November this year compared to $620 million during the same month in the previous year.
01 march 2021
21 december 2020 The diamond industry, which was hit hard at the first stage including due to transport restrictions, suddenly, looks like a beneficiary of the Covid-19 pandemic towards the end of the year. The lifting of strict quarantines triggered a ‘broken-down’ diamond trading mechanism, as the sightholders were able to fly to Antwerp or Moscow to view and buy their goods. At the same time, global travelling is at a very low level due to a sharp increase in the COVID-19 infections, and restaurants are closing or restricting attendance. In the run-up to the holidays, a significant portion of the funds that should have been spent on travelling or dining out may be spent to purchase diamond jewellery.