Surat jewellery manufacturers are in dire straits as diamond prices go up more than 50%

Manufacturers of diamond jewellery are facing a tough time owing to a steady hike in diamond prices daily. Industry experts claim that the prices have soared over 50 per cent in the past month. Manufacturers complain that there has been a five per cent rise in prices every week as per a Times of India report.
Over 50 to 75 per cent price rise has been witnessed in rough and cut polished diamonds. The exact hike depends upon the quality and category of the stone. 
Export of studded gold jewellery from April to December 2021 was $4,084 mn, higher by 46 per cent than the previous year. However, after December, the rising diamond prices are putting the jewellery manufacturer and jewellers in a fix.
Some jewellery manufacturers said they had to bring down production by almost 40 per cent in their units after December with the rise in diamond prices and also a shortage in supply. Many prefer to take new orders and manufacture jewellery only after the prices stabilize.
Dinesh Navadiya, GJEPC regional chairman said, “The diamond jewellery manufacturing industry is in a 'wait and watch' mood. There is international demand but new orders are either being put on hold or accepted on condition with the addition of rising diamond prices.” 

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished