Rating agency Crisil has lowered the value of bank loan rating (BLR) of ten Indian diamond and jewellery manufacturing companies and reaffirmed its rating on 14 others.

Shreeji Jewellery, Shreeji Jewellery Designs, Fine Jewellery Manufacturing, D.A. Jhaveri, Kama-Schachter Jewellery, M Suresh Company, M Suresh Jewellery, Mohit Diamonds, Rosy Blue (India) and S Narendra are some of the companies which have been downgraded.

The jewellery manufacturers whose rating has been reaffirmed are Tribhovandas Bhimji Zaveri, Joy Alukkas Traders, Su-Raj Diamond Industries, Su-Raj Diamond and Jewellery, S Vinodkumar Diamonds, Star Rays, Radium Creations, PC Jewellers, Jasubhai Jewellers, H Dipak & Co, Forever Precious Jewellery and Diamonds, Blue Star Diamonds, Aurostar Jewellery and Arjav Diamonds.

Crisil believes that the challenging operating environment for cut and polished diamond players will keep sales volumes and profitability under pressure.