After Brief Correction, Rough Diamond Prices Rise | Hyderabad News

Hyderabad: Rough diamond prices, which had soared in the aftermath of the Russian-Ukrainian war, have begun to chart their upward trajectory again after a brief correction forced by lockdowns in China earlier this year.
Indian experts in the gemstone and jewelery industry point to the significant challenges the ongoing war has posed to the industry since the US imposed sanctions on Russia, which supplies about a third of the world’s rough.
“There was a 30-40% rise in prices for natural diamonds due to the war,” said Mahendra TayalPresident and Regional Chairman, Gem & Jewelery Export Promotion Council (GJEPC) South.
“The gradual opening of the lockdown (in China) has led to increased demand from global players even as supply constraints continue, pushing rough diamond prices up 4-5% in the past few days” , said the vice-president of the GJEPC. President Vipul Shah.
The Covid-19 lockdown in China in April and May this year led to a slowdown in purchases and an accumulation of diamond stocks. This reduction in Chinese demand has led to an 8-10% correction in rough prices, as China is a big consumer of diamond jewelry, Shah said.
According to reports, there had been temporary relief in March as roughs from Russia started to arrive in India again after a hiatus.

Sarah C. Figueiredo