Diamonds in demand, prices soar in Surat

SURAT - Increasing demand of diamonds in the international markets prompted traders in Surat to hike the prices of rough diamonds by seven to 20 percent.

Diamond-trading companies have supplied new diamonds in the market with seven to 20 percent increase in rates after growing demand from European and American markets.

“The price hike in rough diamond is five to 15 percent and on average it’s seven to 10 percent,” said Chandrakant Sanghvi, the regional chairman of the Gem and Jewellery Export Promotion Council.

Cut and polished diamonds grabs two-thirds of total gems and jewellery exports of the country so there is a solid demand of polished diamonds.

“After recession, there is a huge demand in diamond business in international market especially in countries like USA, Japan, China, and United Arab Emirates,” said Dinesh Nawadia, president of the Surat Diamond Association. (ANI)