David Parks is a well known author and has written articles on B2b, B2B Portal, Business Directory, suppliers, Manufactures and many other subjects.
After a considerably long lull period, the diamond industry seems to have finally regained some momentum in the wake of the upcoming festive season. According to diamond traders in major markets, in the past few weeks, demand for diamonds has shown signs of improvement.
Market rebounds
Economic recovery in international markets such as the US and the European Union (EU) has also contributed to this gradual rebound in the diamond industry. According Tejraj Prasad, Partner of Varsha Gems and Jewellery, a Gwalior-based diamond exporter, “With the recessionary pressures showing signs of easing, demand for Indian diamond has surged again in the foreign markets.”
Expectedly, the uptrend has brought cheer to the diamond industry — constituted largely by SMEs in the unorganised sector. Significantly, prior to the festive season, several small-sized diamond exporters and retailers were forced to shut operations owing to the financial crisis. However, the festive season has provided them with some respite and some of these units have resumed operations.
Future outlook bright for diamond units
“In the past few months, the situation has improved considerably and demand for diamond has started picking up in both domestic and international markets. In fact, prices of rough diamonds which bottomed out previously are now stabilising. The industry therefore expects the diamond sales to increase further during the last quarter of the current financial year,” opines Abhijit Biswas, Proprietor of Anasuya Guinea Emporium, a small-sized jewellery retailer in Kolkata.
To capitalise on the increasing demand for diamonds and Diamond Jewellery in the market, several diamond units are paying a higher wage to skilled craftsmen. These units expect demand to rise further.
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