Initial polished diamonds exports of around $90 mln have resumed from Surat, which is minuscule compared to the polished diamond inventory of more than $2 bln heavily weighing on the cutting centre.
However, the diamond industry in Surat has heaved a sigh of relief with the resumption of exports, though in a small quantity.
The reason being, the diamond polishing units and traders who import rough diamonds are also facing payment challenges with depreciation in rupee value.
Though exports to Hong Kong, a major destination for India's polished diamonds, have resumed, the industry is currently sitting on an inventory worth around $2.3 bln.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
