Diamond Price in India
According to Chandrakant Sanghvi, the regional chairman of the Indian Export Council, there was a 5%-15% hike in the price of rough diamonds and 7%-10% hike in the overall diamond price in India in 2010, as compared to the previous year. diamond rings Diamond prices in India are no doubt increasing, but so is its demand.
According to Chandrakant Sanghvi, the regional chairman of the Indian Export Council, there was a 5%-15% hike in the price of rough diamonds and 7%-10% hike in the overall diamond price in India in 2010, as compared to the previous year. Diamond prices in India are no doubt increasing, but so is its demand. This fact is confirmed by the news published in MineWeb on December 1, 2010, which says that Surat and Gujarat, the world’s biggest diamond cutting and polishing centres, have reported a massive increase of 57.63% in the export of diamonds between April 2010 and October 2010.
Diamond Price in India: 2009-2010 News
As said by Parag Dave in the Economic Times (issue November 18, 2010), “If you are planning to postpone buying diamond jewellery till Christmas end, then you must not delay it anymore as rough stone prices, which have soared 50-100 % since first quarter of 2009, is likely to continue to be costly till March.” This reflects the rising diamond price in India. However, here we have some interesting news published in Commodity Online about the demand for diamonds among the Indian people that will make you overlook their price:
- In 2008, total sales for diamonds ranged from INR 18000 to 20000 crores, while in 2009, it touched the mark of INR 25000 crores.
- The Diwali festival of 2010 accounted for more than 20% of the diamond sales in India.
- With gold prices increasing and touching the INR 15K mark in the beginning of 2010, more people are shifting to diamond jewellery.
- Of the total jewellery business of INR 1.5 lakh crore in India, many people are purchasing diamond studded jewellery with a minimized proportion of gold.
- Since consumers’ awareness about certified diamonds is increasing, the branded businesses have reported a growth rate of 40%-50% in their diamond sales.
The above facts about diamond sales and the popularity of diamonds in India indicate that despite the increasing diamond prices in India, people are more inclined than ever to buy diamond jewellery. According to a news report, the Gem and Jewellery Export Promotion Council (GJEPC) is to start a campaign in some 16 cities to promote the sales of diamond jewellery. This will further boost the demand for diamonds