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Diamond demand falling fast
“The build-up to the war is keeping the industry on tenterhooks. The mood is down and if a war breaks out, it will affect diamond exports,” says a worried looking Pravin Nanawati, president of the Surat Diamond [link widoczny dla zalogowanych] Association, the apex body of the diamond-cutting and polishing industry.Of the Rs 40,000 crore cut and polished diamonds exported from the country, Gujarat accounts for 70 per cent, of which Surat makes up 40 per cent. This makes Surat the biggest diamond-cutting and polishing centre in the world. This year, India’s target has been set at Rs 50,000 crore.
Generally, the period from October to December is considered the peak period for the diamond industry because the maximum number of sales is recorded during this festive period. “However, Dipawali and Christmas did not bring any cheer to the industry in 2002,” an official working with [link widoczny dla zalogowanych] a big diamond exporting firm pointed out.And now, with the war talk launched by the US since the past two months, it seems the going has not easy for the industry.According to K K Sharma, director of the Indian Diamond Institute, the industry will have to cushion itself against a major impact. “The diamond industry is such a one that both the raw materials and finished products come from outside and go outside. Hence, when the flow of materials is affected, the industry is bound to suffer,” Sharma said.The main market for diamonds cut and polished in Surat is the US. “When the US itself is going to war, you can imagine what the impact will be,” Sharma said, hinting at the nervousness prevalent in the industry.
On the other hand,[link widoczny dla zalogowanych], it seems war clouds have helped the industry tide over the shortage of rough diamonds. The industry, which of late was facing a shortage of roughs, now seems to have used this shortage to its advantage. “There is no effect of the shortage because the cutting and polishing units have cut down on production,” Nanawati said.The Diamond Trading Company [link widoczny dla zalogowanych] of De Beers, which supplies roughs to the Surat-based units, has already cut down on supplies. While the quantity cut was not known, industry sources said DeBeers was keeping a watchful eye on the war front and had started controlling the supply of roughs.Doubts have also been raised as to whether the industry would be able to achieve its target or whether there would be a shortfall.“How and where you send your polished diamonds is the key question if war breaks out. So there is no impact of the cut in supplies because the units have cut down on production,” Sharma said.
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