Diamond News Archives
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(IDEX Online) - The IDEX Polished Price Index was up 2.20 per cent in June, as the rate of recovery speeds up and exceptional consumer spending shows no sign of slowing down. This inevitably fuels fears of a bubble that might, at some point, burst. But there's more to this than just pent-up demand. Consumers have been spending more for a year now since the first lockdowns were eased, and a buoyant stock market, has also helped.
In May the Index rose by 1.37 per cent and in April it was up 0.73 per cent. The Index jumped almost 1.5 points in a single day (on 4 June), and climbed steadily day on day. It opened the month of May at 125.83 and closed at 128.60
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(IDEX Online) - Diamond manufacturers are increasing wages by as much as 10 per cent to entice migrant workers to return to Surat.
Many thousands who returned to their villages because of the Covid pandemic are now busy sowing rice, maize, sorghum and other "kharif" crops.
Production of polished diamonds in India is reportedly dropped by 20 per cent during the second wave of coronavirus, and has yet to fully recover.
Manufacturing in may parts of India has been hit by curfews limiting the opening hours of industrial units.
Dinesh Navadiya, regional chairman (Gujarat) of Gem & Jewellery Export Promotion Council (GJEPC) told the Economic Times newspaper: "Production of polished diamonds got affected in the second wave of covid and it is still down by 20 per cent. We want the migrant workers to return but unless the Kharif sowing is over, they are unlikely to come back."
However he said reduced production would prevent inventory piling up.
Pic shows rice planting in India...
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