{"id":79765,"date":"2018-05-25T08:27:31","date_gmt":"2018-05-25T08:27:31","guid":{"rendered":"http:\/\/www.bnreport.com\/cheer-at-home-as-global-diamond-demand-rises\/"},"modified":"2018-05-25T08:27:31","modified_gmt":"2018-05-25T08:27:31","slug":"cheer-at-home-as-global-diamond-demand-rises","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/cheer-at-home-as-global-diamond-demand-rises\/","title":{"rendered":"Cheer at home as global diamond demand rises"},"content":{"rendered":"

KOLKATA: Rough diamond prices have risen 3-4 per cent in the past one month as global demand has strengthened, offering some relief to domestic diamond manufacturing sector which has seen bank credit tighten in the wake of the alleged Rs 14,000-crore Punjab National Bank fraud case. <\/p>\n

\u201cDemand is picking up in the world markets. We are expecting a robust demand in the second and third quarters of 2018-19,\u201d said Colin Shah, vice chairman, Gem & Jewellery Export Promotion Council. \u201cThe growth in these two quarters should be 5-10 per cent higher than in the corresponding period of the previous year.\u201d <\/p>\n

However, Shah said, the growth will also depend on some macroeconomic factors such as oil prices, rupee depreciation, interest rates and economic growth in the run-up to the 2019 Lok Sabha<\/a> election. \u201cAll these factors can affect the Indian manufacturing sector. Despite all these, exports will grow in the second and third quarters,\u201d he said. <\/p>\n

In 2017-18, exports of gems and jewellery from India<\/a> fell 11.29 per cent from a year ago to Rs 2,10,869.36 crore. In April, the first month of the current fiscal, exports fell another 20.59 per cent to Rs 16,983.46 crore. \u201cThere is no cause to worry. This is normal. Exports are now steady and the real pickup will happen from July,\u201d said Shah<\/a>. <\/p>\n

There is good demand from markets across the world, including from the United States for large diamonds, said Vipul Shah, a leading diamond exporter. <\/p>\n

Weaker rupee is also providing a fillip to exports although, analysts said, prices of polished diamonds have not gone up in tandem with prices of rough diamonds. \u201cThere will be pressure on the margins of manufacturers if polished diamond prices do not go up,\u201d said Anirudha Lidbide, a Surat-based diamond trade analyst. <\/p>\n

\u201cManufacturers in Surat are cautious now. They are not ready to build an inventory as they are uncertain what new guidelines banks will come up with for lending to the gems and jewellery sector. <\/p>\n

Banks have asked diamantaires to become more transparent while dealing with them.\u201d Domestic consumption of diamonds remains muted even as exports are looking up. \u201cHigh gold<\/a> prices have affected the consumption of gems and jewellery in the country. This has also impacted diamond consumption,\u201d said another analyst, who did not wish to be identified. <\/p>\n

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