At the largest diamond center in the world, traders were buoyed by news that the price of polished diamonds has risen, after they had suffered a serious price decline in recent months, the Times of India reports cited by Israelidiamond.co.il.
Although polished diamond prices fell by between 15% and 20% during the months of July and August, they were able to recover about 5% of their value during September, assuaging the fears of Surat diamondaires.
India's exports of polished diamonds shrunk significantly by 41% year-over-year during the five month period between April and August 2012, from $10.78 billion last year to only $6.3 billion this year, according to the Times of India.
Observers speculated that the reason for the initial decline in prices was due to the financial crises facing the United States and the European Union, and that the reason for the secondary trend was due to the onset of the Divali holiday season in India.
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