Amid higher scrutiny from G7: Diamond trade in rough, exporters looking to China
G7 countries putting constant pressure on the Indian diamond trade on the origin of rough diamonds that the country cuts and polishes, exporters are now seeking to step up sales to China, which has slowed down its diamond purchases in the past eight months. Cut and polished diamonds are a major foreign exchange earner for India.
India's diamond exporters are expecting demand from Chinese buyers for the country's cut and polished diamonds at the Hong Kong Jewellery & Gem Fair, which is being held from September 20-24.
Exporters are all set to negotiate prices with Chinese buyers as they want to clear the inventories, said industry executives.
A rough diamond that was selling at $2,500 per carat at the start of 2022 is now being sold around $1,750, they said, adding that this has forced diamond manufacturers to sell polished stones at lower prices.
China buys diamonds ranging from 1.2 to 10 carats. «We will be having dialogues with the Chinese buyers as China is the second largest destination for Indian cut and polished diamonds,» said Kirit Bhansali, vice-chairman, Gem & Jewellery Export Promotion Council.
The council is also organising roadshows in Vietnam, Saudi Arabia and South America so that Indian diamonds sell in these countries which in turn can save two million jobs in the diamond hub of Surat.
