India is experiencing a shortage of rough diamonds which could cause a jewellery shortage for exporters ahead of the upcoming winter holiday season in overseas markets as the effects of Covid-19 continue to be felt.
Citing a recent halt to mining activities due to the coronavirus pandemic and lockdown measures, miners have not been able to meet India’s rough diamond demand, ET Bureau reported. As the winter festive season approaches, a time when diamond jewellery exporters usually see their largest orders, a shortage of rough diamonds has also driven up the price of the precious gems.
“The demand is very strong from the US and China,” the Gem and Jewellery Export Promotion Council’s vice chairman Vipul Shah told the Economic Times. “Even European nations are showing a revival in demand. Our only concern is the steady supply of rough diamonds. At present, there is a shortage of supply. But that is also helping to hold the prices of both rough and polished diamonds.”
The recent Jewellery Show international trade show in Las Vegas, US indicated good demand for fine jewellery globally. Jewellery exporters are counting on the winter season to aid post-pandemic recovery but supply shortages and rising rough diamond prices could put a dampener on their plans.
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