| Date: |
17-10-2015 |
| Subject: |
Polished diamond exports fall 14% |
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SURAT: Diamonds have lost their glitter for diamantaires in the world's largest diamond cutting and polishing industry in Surat.
Gems and Jewellery Export Promotion Council (GJEPC) figures show a sharp decline of 14 per cent in polished diamond exports at $10.42 billion and rough diamond imports decreased by 26 per cent at $6.95 billion in the first six months of the current financial year compared to the same period in the previous year.
It is that time of the year when polished diamond exports start to pick up from the month of September to cater to the international demand for Christmas season and Chinese New Year.
However, September month has brought nervousness in the diamond market with polished diamond exports falling by 28 per cent at $1.92 billion compared to the same month in the previous year, signaling tough days for Surat diamond industry.
Even gold jewellery exports have not faired well in the first six months of the current financial year. The exports stood at US$ 3.81 billion, registering a decline of 23.1% over the comparative figures of US$ 4.96 billion in the same period last year.
De Beers kept prices stable in October even when the company struggled to garner profit from supply of rough diamonds.
"The main concern in the market is no longer prices. It is a lack of buyers for polished diamonds that is worrying," said an Antwerp-based sightholder. He would rather see rough prices remain stable until the end of the year as another bout of cuts may result in a further drop in polished prices.
Polished prices dived in September, with RapNet Diamond Index (RAPI) for 1-carat GIA-graded diamonds sliding 3 per cent for the month and 6.3 per cent in the third quarter.
"We need to wait and hope that end-of-year sales are strong and that China comes back into the market even if that seems unlikely at this point," the Antwerp sightholder said. "Right now, there are plenty of goods on the market and no confidence to buy."
Source : timesofindia.indiatimes.com
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