Surat: Diamond entrepreneurs happy with this decision of De Beers, ODC company. Loktej Surat, Business News
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Diamond workers of Surat, who have been facing recession for the last one year, are happy with a decision of mining company De Beers. Despite the lack of demand for polished diamonds, Surat’s diamond entrepreneurs had to buy rough diamonds from De Beers and other mining companies, but last month 100 diamond companies from Surat-Mumbai came together to mine rough diamonds (rough diamonds) for two months. Diamond) decided not to buy. Following the decision, mining companies including De Beers had to change their business policies.
The decision of diamond companies of Surat and Mumbai not to buy rough has affected the mining companies. Due to the slowdown in Surat’s diamond industry, the world’s largest rough supplier company De Beers and ODC had to cancel the auction of rough diamonds. In view of the current situation of the diamond market, both the companies have taken this decision after discussions with different site holders.
ODC has announced the decision to cancel the November 2023 spot auction. The company was scheduled to hold a spot auction from October 22 to November 3 and then a spot auction on November 6, 2023. De Beers has suspended all online rough auctions until the end of the year in an effort to stabilize the still-slow market.
This year, rough sales reached an all-time low. There were only 200 million sites in September but no buyers were found. The company said on Thursday that its rough diamond sales have declined by 61 percent compared to the 2022 period. A 46 percent decline was seen in sales in August.
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