Indian diamond industry shuts down for Diwali
The center of the global diamond-polishing industry in India will shut for around three weeks during the Hindu Diwali vacation.
The Times of India reports that around 4,000 diamond enterprises in the Gujarati city of Surat will be shut for 20 days as traders and workers depart for their hometowns to spend the religious festival with family members and friends.
Surat, situated in the northern Indian state of Gujarat, is renowned for its diamond industry and is the world's leading diamond-polishing center. In 2005 the city cut 92% of the world's diamond pieces, while Gujarati expatriates currently dominate the historic European diamond trading hub of Antwerp.
The president of the Surat Diamond Association (SDA) Dinesh Navadia says that despite the 20 day vacation a number of manufacturers will re-commence operations early in order deal with supply orders for the Christmas period.
Industry reports that members of the local diamond industry are optimistic due to rising demand for polished diamonds from Eastern Asia, following the success of September's Hong Kong International Jewellery and Gem event as well as flourishing trade during China's Golden week holiday at the start of October.