Surat smiles as diamond business shines in US for Christmas

Diamonds are well and truly sparkling this holiday season!

The sale of diamond jewellery in the US and other markets, in the run-up to Christmas this year, has seen a significant rise as compared to the last two years, bringing smiles on the faces of Surat’s  diamantaires.

“Diamond jewellery sales have been very strong in the US, the world’s largest consumer of diamonds, in this holiday season so far. According to the feedback we are getting, sales have risen by 8 % - 15 % across various categories in the US this Christmas,” said Ashit Mehta, chairman of Blue Star Diamonds.

Mehta said that buyers in the US, who were wary of spending on jewellery due to economic uncertainty in the last two years, have loosened their purse strings and are spending on jewellery this year.

With many last-minute shoppers still needing to finish their gift lists, jewellery retailers will be buzzing with activity on Christmas eve, say diamantaires. Pravin Nanavati of Pratik Gems said,

“Jewellery sales in the US and parts of Europe have been very strong this holiday season, which is good news for the industry. There is a general feel-good factor due to the revival of the American economy, which is helping diamond sales. We are hoping that this momentum will continue till Christmas and New Year.”

Christmas is the peak season for diamond sales in the US which alone consumes almost half of the diamonds mined globally, in Europe and in other markets.

According to industry experts, more than 40% of the annual global diamond sales take place during this season. Diamond sales took a big hit in the Christmas seasons of 2008 and 2009, but the current season is turning out to be a good one for the industry.    

Dinesh Navadia, president of Surat Diamond Association, also said that diamond jewellery sales are strong, and “far better than last year,” due to improved consumer confidence.