Surat: 25 % fall in polished diamond exports, biggest after 2008

retail
By retail October 9, 2019 19:16

Surat: 25 % fall in polished diamond exports, biggest after 2008

For the first time after global economic downturn in 2008, polished diamond exports from the country fell by 25% from August 2018 to August 2019 with average price tumbling by 19% in the international market. This is the biggest ever fall in the last one decade, according to industry experts.
Due to prevailing recession, dwindling demand and decrease in polished diamond prices, diamantaires in Surat and Mumbai have drastically cut down on polished diamond production.
India’s cut and polished diamond exports declined by 25% year-on-year, totalling US$1.64 billion from August 2018 to the same month in 2019 as the average export price tumbled by 19% to $658 per carat, the lowest level in two years. The August results do indicate a modest 9% upturn from July, when India’s polished diamond exports fell to their lowest point in 2019, at $1.50 billion.
All figures are from India’s Gem & Jewellery Export Promotion Council (GJEPC). Babu Gujarati, former president of Surat Diamond Association (SDA), said, “Manufacturers have cut down on diamond production by almost 50% to match inventory levels. On the other hand, polished prices are continuously declining, which is biggest deterrent for traders.”
However, rough diamond imports during the month fell by only 4.3% to $861 million in August as compared to US$890 million
Courtesy: The Hitavada
retail
By retail October 9, 2019 19:16
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