Relief to the domestic diamond industry as retail demand rises in the US, China

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Mumbai, Ta. 22 January 2021, Friday

Given the increase in retail demand for diamonds in the US and China, the country's diamond industry is expected to reach à«« 12 billion by the end of the current financial year. Exports of cut and polished diamonds fell 3 per cent to à«® 16.7 billion in the last fiscal, from 6 billion a year earlier.

As a result of the lockdown and sluggish demand, exports fell to ૬ 2.50 billion in the first six months of the current financial year, halving on an annual basis.

However, diamond exports rose again to an average of ૧ 1.50 billion a month in the December quarter, pushing the full-year exports to ૫ 12 billion, according to diamond industry sources.

Demand from the US and China is on the rise. Pre-Christmas demand in the US and lunar New Year demand in China were seen in the December quarter.

The industry had a huge stockpile of rough and polished diamonds at the beginning of the current financial year. The prices of diamonds were also reduced by eight to 10 per cent by weak miners due to weak demand and oversupply, sources said.

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