Surat's Diamond Industry Revives

Surat's Diamond Industry Revives

Gujarat Industry Review Team

Following a streak of dampened demand, the diamond polishing industry in Surat is witnessing the demand being reignited since the end of November. Industry experts attribute the increase in demand from abroad to the international festivals like Christmas and Chinese New Year after a long phase of weakened demand in industry.

Dinesh Navadiya, Regional Chairman, Gem and Jewellery Export Promotion Council (GJEPC), Gujarat, said that as compared to the exports in November 2019, there was a 92 per cent increase in November 2020. 

"After COVID-19 lockdown, the diamond industry is getting back on track from November first week. In November 2019, we exported diamonds worth 620 million USD. In 2020 November, exports reached more than 1100 million USD. This means there is a jump of 92 per cent," said Navadiya.     

"During this time (lockdown) the diamond polishing industry was closed. After the markets started opening, there was an increase in demand ahead of festivals," he added.

Nilesh Bodki, a diamond exporter, said that the tradition of gifting diamond jewellery in the West was the reason behind an increase in demand.  

"Before the lockdowns across the world, there was a panic in the market due to the news of the spread of the virus. But once the production started ahead of Chinese New Year and Christmas, there was an increase in demand. The main reason is the American and English tradition of gifting diamonds on special occasions," he stated.   

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