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Double the pain for Surat diamond industry as demand falls, costs rise

Western markets fear recession and domestic business is uncertain ahead of festival season later this year

Topics
Diamond industry | India diamonds | Crisil ratings

Vinay Umarji  |  Ahmedabad 



Surat diamond industry
Rough diamond prices have increased by 10-15 per cent in the last one and half months amid a supply crunch due to US sanctions on Russia's Alrosa, said Bakul Gajera, who works with Surat-based Laxmi Diamond, a leading polisher.

The diamond industry in Surat, Gujarat, is preparing for flat domestic and international demand as raw material prices rise and "recessionary trends" build in the west.

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First Published: Mon, July 25 2022. 16:12 IST

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