FORTNIGHTLY MARKET REPORT
Mumbai Market Has Eye on Hong Kong Show - There are many overseas and domestic buyers in the market and there is a clear demand for goods, but transactions have been slowed considerably due to the differences in asking and offering prices. The 5-7% increase in the price of rough diamonds at the February De Beers Diamond Trading Company (DTC) sight is the main factor in sellers’ insistence on higher polished prices.
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India’s Prime Minister Narendra Modi inaugurated HK Hub, the ultra-modern diamond manufacturing unit of Hare Krishna Exports Pvt. Ltd., in Surat on April 17th. Also present on the occasion were Gujarat chief minister Vijay Rupani, Gujarat deputy chief minister Nitin Patel, and Gujarat’s former chief minister Anandiben Patel.
In his speech, Modi said Surat has made a mark in the diamond industry but there is now a need to look at the entire gems and jewellery sector. He said that “as far as the gems and jewellery sector is concerned, our aim should not only be ‘Make in India’ but also ‘Design in India’.” 20,000 people, which included guests and employees of the company. Modi also planted a sapling named ‘vikas no vadlo’, meaning the tree of progress.

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