Surat Diamond Association president, Babu Gujarati said, “The diamond market is in the recession mode. A price list published by Rapet, the online seller for Rapaport Group, showed a 13% decline in polished diamond prices since January. Merchants in Surat and Mumbai are reducing prices to improve cash flow and sources have suggested Indian 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. The government has also been trying to curb demand through its “Make In India” campaign. has decreased to 25% for stones between 0.03 and 1 carat.
A price list published by Rapet, the online seller for Rapaport Group, showed a 13% decline in polished diamond prices since January. Merchants in Surat and Mumbai are reducing prices to improve cash flow and sources have suggested Indian 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. The government has also been trying to curb demand through its “Make In India” campaign. has decreased to 25% for stones between 0.03 and 1 carat.