Covid-19 second wave causes diamond manufacturing to drop by 30% to 40%: Rapaport
Diamond manufacturing in India has dropped by an estimate of between 30% to 40% following the spread of the second wave of Covid-19 since mid-March, and diamond markets were mixed in April, according to diamond trading network Rapaport.
A dip in India’s diamond manufacturing and soaring Covid-19 cases mid-March has caused weakened sentiment in the diamond industry, Rapaport announced in a press release. Markets remained mixed thanks to a strong recovery in the U.S. and Chinese markets.
Rising infections has caused manufacturers to work at a reduced capacity to maintain social distancing and comply with local regulations. This caused diamond grading labs to experience a backlog of work, according to Rapaport. The situation also caused the Gemological Institute of America to extended its grading time to over a month at its labs in Mumbai and Surat.
Diamond manufacturing hub Surat saw infection rates rise rapidly as Covid-19 spread throughout the state of Gujarat. As of Thursday morning, Gujarat has reported 6.2 lakh coronavirus cases and 7,779 fatalities.
However, cases may be beginning to go down in Surat. On May 5, the district announced its third consecutive day of declining case and death rates, the Times of India reported, giving some hope to the diamond industry.
Copyright © 2021 FashionNetwork.com All rights reserved.