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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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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The prices of vegetables in Ranchi have dropped by approximately 20% due to an increase in the supply of vegetables in local markets. Staple vegetables like brinjal, onions, and tomatoes are now more affordable, allowing households to include a higher number of nutritious vegetables in their meals. The drop in prices is attributed to recent showers that have replenished water reservoirs and improved crop yield. The reduced costs of vegetables are a relief for families struggling with inflation and are promoting a healthier lifestyle.
G7 group learns diamond sourcing, tracing by traders
A delegation of G7 members visited Surat as part of their three-day visit to Mumbai and Surat. The delegation, led by Brad Brooks-Rubin, is discussing the potential impact of tighter G7 sanctions on Russian diamonds. In Mumbai, they met with diamond trading firms and trade bodies to gather information on trade practices. In Surat, they visited diamond manufacturing units and a diamond trading market to learn about diamond tracing and sourcing. The delegation also met with representatives of the Diamond Worker Union Gujarat and the Surat Diamond Association, who expressed concerns about job losses if Russian rough supply is blocked.
A delegation of G7 members visited Surat as part of their three-day visit to Mumbai and Surat. The delegation, led by Brad Brooks-Rubin, is discussing the potential impact of tighter G7 sanctions on Russian diamonds. In Mumbai, they met with diamond trading firms and trade bodies to gather information on trade practices. In Surat, they visited diamond manufacturing units and a diamond trading market to learn about diamond tracing and sourcing. The delegation also met with representatives of the Diamond Worker Union Gujarat and the Surat Diamond Association, who expressed concerns about job losses if Russian rough supply is blocked.
G7 delegation visits Surat diamond industry
A G7 delegation has visited Surat, India’s Diamond City, as part of a three-day trip to the country’s diamond trade and manufacturing hubs. The delegation’s main focus is to discuss the potential impact of tighter G7 sanctions on Russian diamonds. Led by Brad Brooks-Rubin, the delegation includes representatives from various G7 nations and has engaged in discussions with government officials and diamond industry representatives. They have visited diamond manufacturing units, trading markets, and the world’s largest office building, the Surat Diamond Bourse. The visit highlights the importance of Surat’s diamond industry in the global trade landscape.
A G7 delegation has visited Surat, India’s Diamond City, as part of a three-day trip to the country’s diamond trade and manufacturing hubs. The delegation’s main focus is to discuss the potential impact of tighter G7 sanctions on Russian diamonds. Led by Brad Brooks-Rubin, the delegation includes representatives from various G7 nations and has engaged in discussions with government officials and diamond industry representatives. They have visited diamond manufacturing units, trading markets, and the world’s largest office building, the Surat Diamond Bourse. The visit highlights the importance of Surat’s diamond industry in the global trade landscape.
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