At present, about 30 per cent diamond manufacturing units in Surat have resumed operations, due to shortage of workers. Most of the workers have already left to their native places due to the COVID-19 crisis, and not likely to return in the next couple of months.
Last month, diamond industry leaders, through a letter to industry members of the Gems and Jewellery Export Promotion Council (GJEPC), had urged diamond manufacturers to avoid rough diamond import during the month of June.
In the past, the Surat diamond industry’s rough diamonds import was to the tune of $19 bln per annum. At present, polished demand has also been badly affected by consumer countries like USA, Europe, UAE and Hong Kong. Facing this scenario, it is predicted that India may reduce rough diamonds imports for the next few months.
According to reports, De Beers and ALROSA, the world's largest diamond mining companies, have decided to cut diamond production due to the subdued demand from India.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
