In response to the recession affecting countries like America and Europe, the Diamond Trading Company (DTC) has reduced prices at its rough diamond sites by 2 to 3 percent. The recent auctions by DTC, a subsidiary of De Beers, aim to stabilize the market amidst challenging economic conditions.
The diamond industry in Surat, which has been grappling with challenges for the past two years, has felt the impact of these price reductions. Despite the diamond industry's resilience during the pandemic when other industries were closed, the aftermath of conflicts such as the Ukraine-Russia and Israel-Palestine wars has dampened global diamond demand.
DTC's auctions have been strategically scheduled, with the second auction held from February 2 to March 2, the third from April 2 to 5, and the fourth auction site from May 6 to May 10 this year. This move is part of efforts to stabilize the market and address the current bullish trend.
Jagdish Khunt, President of the Surat Diamond Association, highlighted that while the previous DTC rough auction saw stable prices, the recent auction has seen an overall reduction of 2 to 3 percent in rough diamond prices. Industry stakeholders are working diligently to stabilize the market and navigate the challenges posed by fluctuating demand and economic conditions.
