Diamond factory heads in India are urging their government to gradually reopen cutting and polishing operations in the country, following an extension of the nation-wide lockdown to May 17, Rough & Polished reports.
The lockdown was imposed on March 25, and extended on May 3 for another two weeks. Industry insiders in India are concerned that customers will look elsewhere for cutting and polishing; namely, in China. According to India’s Gems and Jewellery Export Promotion Council (GJEPC), customers are already beginning “to cancel their orders and go to other markets”.
According to another report in Rough & Polished, Surat – a major global center of diamond manufacturing – is “sitting” on around $2.3 billion worth of polished diamond inventory since the coronavirus crisis began.
