September 20, 2020

Diamond chopping and sharpening exercise picks up in Surat as Covid-19 circumstances decline in factories



Kolkata: Diamond chopping and sharpening exercise has picked up in Surat, the largest diamond manufacturing hub on the earth, as Covid-19 circumstances have declined within the factories. Of the 7,000 diamond manufacturing models, practically 5,000 small, medium and enormous models have turn out to be operational. Following authorities pointers, the factories are working at 70% capability.

Dinesh Navadiya, regional chairman (Gujarat), Gem & Jewelry Export Promotion Council (GJEPC) advised ET that Covid-19 circumstances in Surat, particularly within the diamond sector, have diminished significantly, with some factories reporting no new circumstances up to now two months. “Consciousness has unfold quickly, and persons are sustaining social distancing norms. The transfer by the diamond commerce for a voluntary ban on tough imports for a few months has helped clear the diamond pipeline, which, in flip, has generated some liquidity for producers,” he mentioned.

Pravin Shah, director, Ankit Gems, mentioned, “Now we have been operational since Might and are working at 80% capability.” The Surat-based diamond manufacturing firm specialises in diamonds which might be larger than one carat and is presently witnessing demand for emerald, radiant and oval-cut diamonds. Costs of polished items, on the whole, are comfortable, however the items which might be briefly provide are seeing a value rise, mentioned Shah.

Star Rays, a distinguished producer of diamonds between 30 cents and 5 carats is working at 70% capability. Dilip Mehta, the corporate’s companion, mentioned: “Whereas the US demand has not reached regular ranges, Hong Kong is seeing good demand – 50 to 70-cent diamonds are doing effectively, and 1-carat-plus are being favoured.” The corporate’s essential export locations are the US, China and sure components of Europe, he mentioned.

Diamond exporters are witnessing orders from the US, Hong Kong and components of Europe for sure forms of polished items. “The upcoming vacation season in western nations would additional enhance the demand for gems and jewelry,” mentioned Colin Shah, chairman, GJEPC.

Sanjay Shah, convenor, diamond panel committee, GJEPC, exuded optimism concerning the third and fourth quarters of this monetary yr as orders have come from the US. “Shoppers now have disposable earnings, which was earlier being spent on travelling and holidays – a few of it’s being diverted in direction of jewelry. With hopes of a profitable vaccine quickly, we are going to see an entire revival of the business in a yr,” he mentioned.

India’s exports of reduce and polished diamonds fell 44% year-on-year in April- July.