Surat firms upbeat as prices of polished diamond recover in Jan – by Melvyn Reggie Thomas (Times of India – January 11, 2016)

http://timesofindia.indiatimes.com/

Surat: The new year has ushered in a positive note for the diamantaires in Surat. After facing a sharp decline in 2015, the polished diamond prices recovered in the new year giving hope to diamantaires over improved market condtions.

According to US-based Rapaport group, the certified polished diamond prices in various category rose by 0.50% to 4.7%. The increase was recorded for the first time after the polished diamond prices witnessed a continuous decline in 2015. According to Rapaport’s Rapnet Price list, the polished diamond prices in various categories decreased between 5.8% and 14.5% last year.

Market sources said that the polished diamond market sentiment improved in December due to shortages supporting prices and dealers filling last-minute holiday orders.

Initial reports about US holiday season jewellery sales are positive with general retail sales up about 8% and online mobile sales witnessing an increase up to 50-60%.

However, there is still very limited dealer and retailer diamond inventory buying due to uncertainty about US post-holiday demand and the Chinese New Year.

The highest price increase was recorded in the 0.30 carat and 0.50 carat categories at 4.7% and 3.1%, respectively.

Surat is the world’s largest diamond cutting and polishing centre manufacturing small size diamonds below 50 cent. However, the diamantaires will get a price benefit on their unsold inventories.

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