Why Mumbai diamond traders are shifting base to Surat
At present, about 90 percent of the diamonds cut and polished in Surat are traded in Mumbai and exported to world markets.
Synopsis
The trend gathered momentum from January when 65% -70% of diamond imports in value terms took place in Surat. In January, India imported rough diamonds worth Rs 9215.61 crore, a 69.38 percent jump from Jan 2020.
Many diamond traders from Mumbai have shifted to Surat as the diamond exporters are trying to bring down costs and integrate the polished diamond business. Besides, the lockdown brought trading activities in Mumbai to a standstill, though export and import did happen from Surat, prompting the trade to relocate a portion of their businesses there.