Surat’s diamond exports sparkle in November

Confidence in the world’s biggest diamond cutting and polishing centre in Surat has hit an all-time high. The industry has registered a 122 per cent growth in the export of cut and polished diamonds in November 2009 at Rs 6,252 crore compared to Rs 2,952 crore in the corresponding month last year despite the prevailing global economic slump. Reacting to the historic export growth, Gems and Jewellery Export Promotion Council (GJEPC) said while the recession in US and economic downturn seriously affected overall exports and imports of gems and jewellery during November 2008, the increased demand from emerging centres like Middle East, China, Hong Kong, Europe and other CIS countries boosted the export in November 2009. According to GJEPC, the total gems and jewellery export for November 2009 was worth Rs 9976 crore as compared to Rs 6799 crore last, a 55 per cent growth. Industry sources said consumers in US have responded well to the Christmas season. As per the report released by US-based Digital Researcher comScore, consumers have spent $19.9 billion online so far this holiday season giving a 30 per cent increase from the corresponding days in 2008. Sources said India has become the leading polished diamond supplier in November 2009 with $1.3 billion, followed by Belgium at $739 million and Israel at $524.1 million. “This is the fourth month of improved exports from India. It is an indicator to a recovery in the important US consumer market,” said Chandrakant Sanghavi, director of Sanghavi Exports.