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Smaller diamond manufacturers in Surat hit by rising rough diamond prices

Smaller diamond manufacturers in Surat hit by rising rough diamond prices

Diamond companies in India's main diamond processing center of Surat, particularly small and medium-size firms, are being challenged with a tough financial outlook due to rising prices of rough diamonds.


Prices of rough goods from the world's main diamond mining firms have been raised by 3-5 percent in January, said a report in The Times of India.


While the Diamond Trading Company (DTC) increased prices for its Indian sightholders by 2.5-3 percent at its first sight of 2013 last week, other major diamond miners, like Russia's Alrosa and BHP Billiton, have put up their rough diamond prices by 3-4 percent, the report said.


Rising prices have been caused by a shortage of higher-quality polished goods.


Small and medium-size diamond manufacturers have been buying DTC rough diamonds at a premium of 5-6 percent and more in the open market in Mumbai and Surat, according to the newspaper.


"After the DTC, other mining companies too have increased the prices of rough diamonds in the start of the year," a diamantaire told the newspaper.


"This is going to further create problems for the small and medium diamantaires who have to depend on the goods purchased from the open market" he added.


Surat Diamond Association President Dinesh Navadia said, "The price rise is weighing heavy on the profit margins of the small and medium diamantaires. The prices of polished diamonds are stable and the increase in the rough diamond prices is going to affect the industry."

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