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Prices Of Polished Diamonds Drop Further | Surat News – Times of India

Surat: With prices of a few categories of polished diamonds dropping further by 1.5%, the diamond manufacturers and traders have now started struggling to find a way out. The drop in the prices has been recorded in almost all categories, but market experts claim that in a few categories the prices have gone down to what they were one and a half decades ago.
The drop ahead of the festive season has created further confusion among diamond traders. The drop has led jewellers to delay buying further as they are waiting for the market to stabilise.
“The price drop has continued due to global slowdown and absence of demand. It is expected that the prices will stabilise soon,” said Vijay Mangukiya, regional chairman of Gem and Jewellery Export Promotion Council (GJEPC).
“The buyers will not buy diamonds till the prices stabilise. Jewellers will wait till the market shows the signs of recovery. But the price drop is continuing,” said Dinesh Navadiya, former regional chairman, GJEPC.
According to the data shared by diamond trading firms, the prices of specifically two categories SI1 and SI2 now match the prices of 2004 level in the category of above 1 carat.
“In some categories the prices have dropped to the levels that were 15 years ago. We are hopeful of some positive movement in the market now,” said Mangukiya.
Heavy purchase of rough diamond when the market was going upwards and excessive stocks are being blamed for the situation. Surat Diamond Traders Association committee member Hitesh Kachhi explains: “In certified diamonds, the price drop has caused huge losses to manufacturers and traders. Over-purchasing and huge stocks led to this situation.”
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