De Beers Cancels Diamond Sale Amid Surat Crisis

Surat : Following the sharp production cuts and the leading diamond companies announcing 10-day vacation in the world’s largest diamond cutting and polishing centre in Surat, the world’s largest diamond miner, De Beers, has called off its August sale and rescheduled the dates for later in the year. 

According to Rapaport News,, De Beers has called off its August sight and rescheduled sale dates for later in the year as the diamond industry battles an oversupply. The miner has combined its August and October trading sessions into one sight that will take place in September, it told customers Thursday.  

The move reflects sharp production cuts in India, with executives estimating a reduction of around 50% year on year for July and the first week of August. Kiran Gems is among the manufacturers planning extended vacations this month, which is usually a quieter time for the sector, stated Rapaport. 

“Following extensive discussion and feedback from sightholders, this decision has been taken to support sightholder businesses in navigating the prevailing midstream trading conditions, as well as to avoid timing issues with a UN conference set to take place in Botswana in mid-December,” the company wrote in a note to sightholders. 

About 60 diamond artisans have committed suicide in the last 18 months due to the ongoing recession in the world’s largest diamond cutting and polishing centre in Surat. Faced with dire economic straits and unemployment, a huge section of diamond artisans are forced to take up petty jobs in other sectors and many have set up food stalls and paan shops for their survival. 

At this difficult stage, the Diamond Worker Union Gujarat (DWUG) office-bearers submitted a memorandum to Surat district collector and urged the Gujarat Government to announce financial relief package for the diamond artisans rendered jobless due to ongoing recession in the diamond industry and those who have committed suicide. 

Bhavesh Tank, vice-president of DWUG said, “The suicide cases among diamond artisans are increasing alarmingly due to the recession and unemployment in the diamond industry. 

Due to the recession in the diamond industry, the jewelers are in dire economic straits and the unemployment rate is on the rise due to which the suicide rate is increasing alarmingly” 

The DWUG has demanded that the State Government should announced financial relief package for the diamond artisans, Ratnadeep scheme, abolition of professional tax, financial aid to the families of diamond artisans committing suicide, and formation of Ratnakalakar Kalyan Board.