Abstract Reuters recently said that "anti-corruption, stock market, economic slowdown" caused Chinese consumers to reduce luxury purchases, which even affected India's diamond processing industry. Known as the "City of Diamonds", the Indian Su...
Reuters recently said that "anti-corruption, stock market, economic slowdown" led Chinese consumers to reduce luxury purchases, which even affected India's diamond processing industry. Surat, India, known as the "City of Diamonds", is facing the dilemma of a backlog of goods and forced production cuts. And some Indians believe that competition from China is the biggest pressure. It is no exaggeration to call India a “diamond kingdomâ€. The Indian diamond processing industry is developed, and the value of finished diamonds produced is 65% of the world, 85% by carats, and 92% by number of pieces. In other words, 9 out of every 10 diamonds in the world are polished in India. There are about 3.5 million domestic jewellery practitioners, more than 1 million of whom specialize in diamond business. In 2014, the sales of polished diamonds reached nearly 20 billion US dollars.
The “Capital†of India’s “Diamond Kingdom†is in Surat. This seaside town is about 250 kilometers away from Mumbai. The convenient logistics conditions and hundreds of years of diamond processing family business make it a world diamond processing center. At present, Surat has 25,000 diamond-related enterprises, employing nearly one million people, and is responsible for more than 90% of the global diamond processing business. Surat is affiliated with Gujarat, known as “Guangdong, Guangdong.†The two most proud business cards in the state are the diamond processing industry represented by Surat and the textile industry symbolized by Mahatma Gandhi.
There are four criteria for measuring diamond quality: color, purity, weight and cut. The first three items are all "God", and only the cut is to rely on "man-made." Generally speaking, after a diamond original embryo is excavated from Africa, it will be sold to Antwerp, Belgium at a lower price. The global diamond processor will then acquire, process and put into the consumer market. Among them, diamond dealers from India are particularly eye-catching. Diamond cuts are generally labor-intensive, which is in line with India's low labor costs and high market demand. Therefore, most diamond processing in the world, especially for small diamonds (less than 5 points), depends on Indian diamonds. factory. After a hundred years of accumulation, Surat's diamond factory has already bid farewell to workshop-style production and entered the era of computerization and standardization.
An original diamond imported into India, after being designed, cut, polished and re-exported to foreign markets, profits will increase by four or five times, which is why the diamond processing industry has become a major export-exporting industry in India. Such a huge interest will of course make the diamond dealers of other countries follow suit, and it is the Chinese counterparts who have done a good job. A few years ago, companies in Shanghai, Guangdong, and Shandong provinces were investing huge amounts of capital in diamond processing, and a world diamond base centered on Shanghai was taking shape. According to data from the Shanghai Diamond Exchange and the Shanghai Diamond Exchange Joint Management Office, the value of China's diamond cutting and polishing industry has increased from US$600 million in 2007 to US$2 billion in 2011. The number of skilled skilled diamonds has also increased from 7,000 in 2007 to 60,000 in 2011. Chinese businessmen are grabbing India's share of the diamond trade.
Under the guidance of the Chinese government’s “going out†policy, a group of Chinese companies are directly acquiring African diamond embryos in the form of acquiring strategic assets and acquiring foreign natural resource use rights, and then transporting them to the Chinese mainland for processing and production, bypassing Belgium, Traditional intermediaries such as India save large production costs.
In India, there were smaller reserves of diamonds in the early years, and its Golkonda mine produced a 76-carat "dome egg" - Joseph Grand Duke. However, there are currently no diamond mines that can be mined in India, and some new proven diamond veins will take some time to develop. Under this circumstance, India's “diamond industry heavily affected by imports†is in a relatively passive position, and it does not have enough support to connect with overseas mining companies like China. From the perspective of the international market, the price of precious metals has continued to decline in the past two years, which has an impact on the international diamond trade. From the purchase volume of Surat's finished diamonds, it has fallen by nearly half in one year.
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