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“Nervousness in the Market”: Surat Hit by US Sanctions on Alrosa

Surat manufacturers are cutting output and scaling back
Surat Diamond Bourse India
Credit: Surat Diamond Bourse

Following US sanctions on Russian diamonds, diamond manufacturers in India, primarily in Surart, “have cut their output, reduced working days from 12 hours to eight and are closing factories for two days a week,” Rough & Polished reports.

 

Last week, Alrosa was added to the US’ list of Specially Designated Nationals (SDN), which means that Alrosa is excluded from the US banking system, and US citizens are barred from trading with it.

 

In an interview with India’s Economic Times quoted by Rough & Polished, Vipul Shah, vice-chairman of the Gem & Jewellery Export Promotion Council (GJEPC), said: “US is a big market for us. There is nervousness in the market now. Everybody is taking a cautious step and the industry is currently in a wait-and-watch mode.”

 

Ramesh Zilariya, president of the Diamond Workers’ Union in Gujarat, said: “There is a nervousness in the US market, our biggest buyer. This has forced the cutting and polishing units to cut down production. As a result, our wages have been impacted. We used to work seven days a week. Now it has been brought down to five days a week.”

 

diamond mining trucks Russia
Credit: Alrosa


Tags: Diamonds News, Jewelry News, Diamond Industry News, Alrosa News, Diamond Jewelry News, India News

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