Antwerp has shut all their bourses since Monday. Antwerpsche Diamantkring sent an email to its members stating that bourses will remain shut until further notice. Ramat Gan’s Israel Diamond Exchange too remains closed since Sunday.
Diamond hubs in Mumbai and Surat conducts crores worth of business on a daily basis with both Antwerp and Israel. Diamond roughs are procured from Antwerp – around 30 per cent of diamond roughs are imported from Antwerp into India.
The Surat Diamond Association has called for an emergency meeting after Antwerp and Israel have shut down their respective bourses. In parts of Surat, trading has been reduced to as low as 40 per cent, considering markets in China and Hong Kong are shut. Diamond units have reduced their working hours from 12 hours to 8 hours and are remained shut during the weekends. However, economic ramifications of entirely closing down the industry in Surat will be huge.