The festive season did not bring cheer in the diamond market. Many diamond cutting and polishing unit gave their workers 40 days leave as opposed to 20 days which is the norm. There is no pre- Christmas enthusiasm as demand for diamond has gone down. The financial crisis in the US has affected the diamond industry. The US is world’s largest consumer of diamonds; nearly 50% of loose diamonds are exported to the US from India.
C.P Vanani President Surat Diamond Association said, "Generally there is a huge demand for diamonds from the West during Christmas but this time the scenario is completely different." "The demand from the US has fallen sharply," he further added.
"In fact we had to send the workers for an extended leave during Diwali as there is no work for them," said Vanani.