Surat diamond jewelry manufacturers are in “dire straits” as diamond prices go up more than 50%, Rough & Polished reports. According to industry experts quoted, “prices have soared more than 50% in the past month” – a 5% hike every week.
According to the report, 50%-75% of the price rise “has been witnessed in rough and cut polished diamonds.” In addition, between April to December 2021, exports of studded gold jewelry totaled $4.084 million – a 46% rise year-on-year.
Dinesh Navadiya, GJEPC regional chairman said: “The diamond jewelry manufacturing industry is in a ‘wait and watch’ mood. There is international demand but new orders are either being put on hold or accepted on condition with the addition of rising diamond prices.”
