Diamond Prices Rise

This move comes in response to policies in diamond-producing countries like Botswana and Namibia, where manufacturers must process diamonds locally

Polished diamond prices have risen by three to four per cent in the past two weeks, on higher demand from domestic and international jewellery manufacturers.Polished diamonds of VVS quality were sold at Rs 3,220 a cent (a cent is a hundredth of a carat) on Wednesday for spot delivery in the benchmark Surat market. The recent bottom was Rs 3,177 a cent.The price rise during the ongoing lean season is unusual. Global consumers normally, stay away from fresh purchases for a month or two after the 45-day peak demand period of Christmas and New Year. Economic growth in America and a jump in equity indices has raised the purchasing power of individuals."Along with individual stones, demand for diamond studded jewellery has also risen sharply over the past few weeks," said Mehul Choksi, managing director, Gitanjali Gems, one of India's largest producers of branded jewellery.Data from the US department of commerce showed sale of precious ornaments, including jewellery and watches, jumped by ..