Surat Diamond Facing problems with US economy slowdown

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Surat India(Surat in) ,Ranked by a U.N survey on growing metropolises as one of the fastest growing cities in the world, Surat has the unique distinction of being the heart centre of the Diamond industry in the world.Surat is known as 'Diamond City' becuse of excellent business prowess in Surat Diamond industry. Surat’s sparkling claim to fame comes from its diamond polishing industry which polishes almost 95% of the world’s diamonds. This port town situated in the Western state of Gujarat is also celebrated as one of the oldest trading port towns of ancient India. From chemicals to sarees, from Dress Materials to Hotels In surat, from pharmaceuticals to Surat textiles; synthetic fibres to ornate Surat Zari embroidery;Surat has the distinction of being an out and out industrial town with the golden touch!.Because of its growing business properity one can find many good Schools in Surat Anyone dreaming of making it big in any business can actually make their dreams come true in this city.It surely has the Midas touch that can transform dreams into gold! Read More

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Surat Diamond Facing problems with US economy slowdown

Surat Diamond Facing problems with US economy slowdown

Currently one thing that is most worrying the exporter of Diamond from India is the soaring of rupees for rough diamond and availability of raw material? Also one more thing has been put forward as the use of credit limits in an appropriate way by US based buyers of gems and jewellery.


Above $17 billion worth is the consumer market, and about more that 50% of polished diamonds and jewellery are exported by the Indian gems and jewellery industry to US. The sub-prime of US has caused a step decline in sale of jewellery estimated to about 9% since last few months, as to which directly affecting Indian exporters is receiving payments which in turn is also making a hindering point is other export related issues.

Some of the leading exporters from Surta ad Mumbai are worried as crores of rupees as payment mode is been held up by the counterpart buyers of gems and jewellery in US since last year.

“Non-payment and misuse of credit limit is the biggest problem with US buyers. We had exported polished diamonds, worth Rs 40 crore on a credit limit of 90 days, to three of our US based clients in December. In spite of dozens of reminders, the clients are yet to release our payments,” said a leading diamond exporter based in Mumbai.

Year 2006 was a remarkable year for US jewellery as the sale has risen to more than 7% in comparison to last year. But 2008 has shown some different face as the first quarter has showed sludge to about 9% less sale. Most of the common issue hindering and haunting are the rising price of gasoline, acute housing slump, job availability…ect.

A real figure for the outstanding dues from US buyers is not yet been put off but its certain a blame which is been tagged to the exporters for the late payments.

Sanjay Kothari, chairman, Gems and Jewellery Export Promotion Council (GJEPC), said “The industry is grappling with the credit issue in the US market. Earlier, we had passed a resolution for not selling goods to international buyers beyond 90 days credit limit in 20003 and them in 20005. But most exporters continue to sell their goods, offering six to eight months credit to US based buyers. Now they are suffering from the nonpayment issue and rising inventories, following the sub-prime crisis.”

Kothari further said, that the council has urged exporters to strictly adhere to the credit policy resolution passed at the council meeting held in 2003 and 20005, which does not allow credit limits beyond 90 days to international buyers.

“The US market consumes $17 billion worth of jewellery on an annual basis. But the sub-prime crisis has hit the jewellery industry hard during the last few months. The buyers are delaying payments due to rising inventories and depleting sales.” said Sohail Kothari, director, Fine Jewellery a promoter of Nirvana brand, who is also grappling with the nonpayment issue from his US based buyers.

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Surat is called silk City because of its Textile Industries:-Surat textile is second most powerful business the city.Surat is a main hub of production of high class fibers, be it natural, synthetic or man-made, Surat has carved a name for itself in the world of high quality production of fibers and accounts for almost 40% of all the synthetic fiber output in India More Info

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Surat sarees are famous all over India and are rapidly catching the fancy of the Western fashionistas as well.Surat is largest manufacturing ground of sarees in India.These 5 yards of unstitched cloth available in silk, cotton or synthetic material More Info

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Shopping Surat contains information about Surat, India, Gujarat India, Surat Hotels, Surat Textile, Surat Diamonds, Surat Airport and Surat Sarees. Since 8 out of 10 diamonds are cut and polished in Surat India. That is why Surat is called 'Diamond City'. Another business of Surat is textile.Surat Textile is known not only in India but the world. There are many luxrious Hotels in Surat. Holiday inn is 5 star Hotel of Surat.