| Date: |
30-03-2016 |
| Subject: |
Surat's diamond industry sees good days ahead |
|
Surat: After months of turmoil, Surat's diamond industry sees normalcy returning to the business shortly. The positive trend was seen in February when rough diamond imports surged by 37 per cent, signalling good days ahead.
As per the figures published by Gems and Jewellery Export Promotion Council (GJEPC), India imported rough diamonds to the tune of $1.57 billion in February 2016 compared to $1 billion during the same month in previous year. This augurs well for the world's largest diamond cutting and polishing centre in Surat, which after months of turmoil, is slowly coming back to normalcy.
Rough diamond imports remained sluggish during 2015-16 due to weak demand of polished diamonds in the United States, China and other centres.
During April 2015 and February 2016, rough diamond imports decreased by almost 18 per cent to $12.65 billion compared to $15 billion during the same period in previous year. Industry sources said diamantaires have been successful in replenishing polished diamond inventories and now there is a need to purchase fresh stock.
GJEPC regional chairman Dinesh Navadiya told TOI, "The market sentiments have improved in the last two months. Though polished diamond demand is weak in the world's second largest consumer market in China, the United States and other centres are doing well. The requirement of fresh stock suggests that diamantaires have run out of their polished diamond inventories."
After registering many months of declining exports, India's cut and polished diamond exports for February 2016 amounted to $2.33 billion as against $2.29 billion in February 2015, a rise of 2 per cent. The Indian diamond industry, which has been severely hit for many months due to global slowdown in the consuming markets, is slowly showing signs of revival.
Diamond analyst Aniruddha Lidbide said, "The tender auctions of rough diamonds have increased in the last one year. This could have reflected in the import figures. Otherwise, the market is very weak in China and Hong Kong. The recovery may take another four months."
Source : timesofindia.indiatimes.com
|