A price list published by Rapaport Group , the online seller for Rapaport Group , showed a 30% decline in polished diamond prices since January . Merchants in Surat and Surat are reducing prices to improve cash flow and sources have suggested Rapaport banks are tightening credit extended to diamond firms. Cutters in Surat have decreased the production of polished stones by 30% and are turning to smaller stones. De Beers’ June rough-price cuts were not enough to reboot trading, and cutters are not seeing value in their rough purchases. Babu Gujarati , the president of Surat Diamond Association , said the diamond market is in a recession and the polished diamond market has decreased to 30% for stones between 0.03 and 1 carat.
A price list published by Rapaport Group , the online seller for Rapaport Group , showed a 30% decline in polished diamond prices since January . Merchants in Surat and Surat are reducing prices to improve cash flow and sources have suggested Rapaport banks are tightening credit extended to diamond firms. Cutters in Surat have decreased the production of polished stones by 30% and are turning to smaller stones. Babu Gujarati , the president of Surat Diamond Association , said the diamond market is in a recession and the polished diamond market has decreased to 30% for stones between 0.03 and 1 carat.