In line with Chandrakant Sanghvi, the regional chairman of the Indian Export Council, there was a 5%-15% hike within the value of tough diamonds and seven%-10% hike within the general diamond value in India in 2010, as in comparison with the earlier yr. Diamond costs in India are little doubt growing, however so is its demand. This reality is confirmed by the information printed in MineWeb on December 1, 2010, which says that Surat and Gujarat, the world’s greatest diamond reducing and sharpening centres, have reported a large improve of 57.63% within the export of diamonds between April 2010 and October 2010.
Diamond Worth in India: 2009-2010 Information
As mentioned by Parag Dave within the Financial Occasions (difficulty November 18, 2010), “If you’re planning to postpone shopping for diamond jewellery until Christmas finish, then you will need to not delay it anymore as tough stone costs, which have soared 50-100 % since first quarter of 2009, is more likely to proceed to be expensive until March.” This displays the rising diamond value in India. Nevertheless, right here now we have some attention-grabbing information printed in Commodity On-line concerning the demand for diamonds among the many Indian individuals that may make you overlook their value:
- In 2008, whole gross sales for diamonds ranged from INR 18000 to 20000 crores, whereas in 2009, it touched the mark of INR 25000 crores.
- The Diwali pageant of 2010 accounted for greater than 20% of the diamond gross sales in India.
- With gold costs growing and touching the INR 15Ok mark at first of 2010, extra individuals are shifting to diamond jewellery.
- Of the overall jewellery enterprise of INR 1.5 lakh crore in India, many individuals are buying diamond studded jewellery with a minimized proportion of gold.
- Since customers’ consciousness about licensed diamonds is growing, the branded companies have reported a progress charge of 40%-50% of their diamond gross sales.
The above details about diamond gross sales and the recognition of diamonds in India point out that regardless of the growing diamond costs in India, individuals are extra inclined than ever to purchase diamond jewellery. In line with a information report, the Gem and Jewellery Export Promotion Council (GJEPC) is to start out a marketing campaign in some 16 cities to advertise the gross sales of diamond jewellery. This may additional increase the demand for diamonds.