Today, the global market for polished diamond sharp drop in demand, the diamond industry is caught in another kind of crisis which: on the one hand no one to buy diamond polishing; the other hand, has been supplied to the diamond industry, but the original stone mountains. Therefore, the diamond industry have for the first time require the supplier to reduce the supply of stone. Recently, India Surat's diamond industry will be faced with rough prices and tight labor force and meaning.
Recently, India has about 2,000 small diamonds chose suspension. Decreased demand for polished diamond, will also lead to more than 2,000 stores closed after Diwali. Surat Diamond Association president Larry who said: "The Surat diamond industry supplies 60% of annual polishing drill into the U.S. market. Now, polished diamond sold in the U.S. fell to 30%, even during Christmas last year, no diamond buyers. while in previous years, this time the supply is usually increased. in India in the past about 25% of diamond sales occur during Diwali, this year's sales were meager. "
DTC look for polished diamond business is usually based on the consumption (measured about once every 3 months) to determine how much the diamond industry supplied the original stone. Since the bankruptcy of U.S. investment banks due to sudden crisis and further deterioration in the Indian market, the demand for polished diamond was almost zero. Thus the diamond industry since many years, first asked suppliers to reduce the supply of raw stone, until the remainder of the original stone used.
Lo Exchange Gujarat (Gujarat Hira Bourse) Joint Secretary of the Pale Man? Nana fee Di said: "During Diwali, the diamond companies have had to work every day from 14 to 15 hours; and this year, they only work 7-8 hours. the original plan only to leave the standard 15 days, is now ready to leave for 40 days. In this situation, it has been put to the industry, yet most of the original stone processing, and will lead to demand for the original stone was reduced by 30% to 40%. If In Diwali or so after the market downturn, then the original stone supplier will have to limit the supply in December, the month its down to an average of 25% of supply. "
Surat diamond industry in the past 20 years for the first time facing a dilemma. Despite the current crisis will not "eat" away the annual export earnings, but to bring an additional burden on the industry, there is no market for diamond polishing. Where Larry said: "Recently, the Surat diamond is production quality is superb, and sold in the international market a good price. Meanwhile, the rupee's depreciation will also indirectly increase profits."
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Indian Jewellery Export Promotion Council Gujarat region chairman Charles Delakente? Sangge Wei said: "The diamond industry demand for the original stone has fallen from 30% to 40%. In order to maintain inventory, we have first requested the supply of raw stones operators reduce market supply. "