With the diamond flow becoming tight in global markets, Surat's diamond polishing units are now awaiting roughs from Zimbabwe, which recently got a reprieve from the KP scheme, which allowed the country to sell a portion of its diamond stocks.
Polishing units in Surat said they will be importing Zimbabwean gems in the coming months as the demand for the sparklers has gone up in the global market.
Kimberley Process during the recently concluded World Diamond Congress has allowed Zimbabwe to carry out exports of diamonds from its Marange deposits. The deposits in Marange diamond mines are valued at close to 2 billion US dollars.
With close to 4,500 diamond polishing units, Surat is a major importer of rough diamonds in India and with this development they will be able to import diamonds form Zimbabwe. Surat, which is also touted as diamond capital of Asia, polishes almost 95 per cent of the world's diamonds, making it the largest diamond polishing centre in the world.
Diamantaires supported the president of International Diamond Manufacturers Association Moti Ganz, during the six months of negotiation when the US, Australia, Canada and the EU tried to block Zimbabwe KP certification.
Addressing the 34th World Diamond Congress in Russia, Ganz said that by not allowing the diamonds mined in Marange to be traded legitimately, the industry will be setting the scene for an untenable situation in the rough market.
Industry sources said Zimbabwe diamonds will help the diamond market to recover fast after the global economic slowdown in 2008-09. It is the Zimbabwean diamonds which are helping the industry to sustain its growth, because of the optimism they have brought to the market.(Inputs, Zimbabwe Guardian)