As global diamond demand picks up, diamantaires in Surat have sweetened incentives for workers by increasing polishing charges by 5%-10% to retain the workforce. Production of cut and polished diamonds was down 20% in the second wave of COVID (April -June) compared to the January-March quarter of this year due to a shortage of workers. Though the decline in production has helped the industry maintain steady prices of polished diamonds, they may face a problem as migrant workers may only return after the Kharif sowing is over, according to an Economic Times report.
Dinesh Navadiya, regional chairman (Gujarat) of Gem & Jewellery Export Promotion Council (GJEPC) said: "Production of polished diamonds got affected in the second wave of covid and it is still down by 20%. We want the migrant workers to return but unless the Kharif sowing is over, they are unlikely to come back However, this has a positive side too. Since the production is less, there is no inventory pile-up like the previous years.
We are being able to get steady prices of cut and polished diamonds in the world markets. That's good for the financial health of the country's diamond trade, which cuts and polishes 14 out of 15 diamonds in the world."
There has been a steady rise in diamond exports from India, and revenues are expected to go beyond the $20 bn mark this fiscal.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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