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Diamond Business Expected to Move up after Mid-August
The diamond trade which is currently passing through a quiet phase, expects business activity to pick up by the latter half of August 2010.
By: Diamond World News Service
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Aug 25 2010 11:35AM
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Reference: 5243  

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Trade circles explain that normally business slows down in July every year, in view of the vacation in the USA, to be followed by holidays in Europe till mid-August.

Polished Prices Soften :

In view of the present slowdown in business activity, prices of polished gems have in general softened by 2-3 per cent. This softness is particularly visible in certified goods. Piques which are, however, in short supply remain steady.

Rough Gemstones Somewhat Easy :

The market for rough gemstones is also easy with quotations for most varieties come down by 3-4 per cent from the recent elevated levels.

Manufacturing Activity Subdued :

Currently manufacturing activity, on the whole, is lower than normal, because of two factors. Shortage and high prices of rough have been responsible for some reduction in manufacturing activity. Besides, most factories are facing the problem of shortage of workers. Many of them, who were sent away by their employers last year when recession was severe, have not returned. It is possible that they might have got jobs elsewhere. Moreover, even those who are working are threatening to go on strike at some manufacturing centres, such as Ahmedabad, unless their wages are raised.

Problems in China Too :

It might be interesting to note that the industry in China is also facing similar problems. Workers in most cases have, however, been able to get hikes in their wages. While the manufacturers fear that such wage hikes might make them uncompetitive. Overall demand was reported to be down there by 20-25 per cent. It was feared that prices of polished gems might come down by 5-7 per cent, if the present slowdown continued for some more time. The jewellery manufacturing industry in China is currently working at reduced capacity.

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