Rough, Polished Prices Rise In Mumbai

(IDEX Online News) – Both rough and polished diamonds have risen in Mumbai. Rough prices have gone up by 8-10 percent, while polished prices have firmed up by 2-5 percent.

Industry watchers note that the price rises are not linked to any increase in demand or actual movement but are more opportunistic in nature.

Manufacturers wanting to reopen their factories after the Diwali vacations are willing to pay more for rough than they would ideally want to pay. Rough dealers are aware of this and are thus holding firm with prices.

Polished dealers, who had a poor Diwali sales season and might be holding polished inventory that has come out of expensive rough that they had bought in July, see this post festival period as a small window of opportunity to claw back some lost pricing ground.

There is some overseas demand due to Christmas orders and the ongoing Indian marriage season is generating some demand as well.

Polished from new production will not come onto the market for another 20 days at least. By the time it does come - in the first week of December - both Christmas and the Indian bridal demand will fade.

Whether the current price rally will be sustained, is thus a big question.