RAPAPORT… India is undergoing a severe Covid-19 crisis that will impact the global diamond trade.
India manufactures about 92% of the world’s diamonds. While the Indian government is doing everything possible to support continued diamond manufacturing and exports, shortages and price volatility are expected to intensify over the next few months.
This is a good time to support Indian suppliers. The disruption to the supply chain will be significant once current goods being processed by the GIA are put on the market. We anticipate a 30% to 40% reduction in Indian production during the months prior to the holiday season.
Our hearts and prayers go out to the Indian diamond community. May they stay safe and recover swiftly.
Source: diamonds.net Rapaport