Surat, Sep. 8 (ANI): Diamond traders in Surat are expecting good business during the upcoming National Gold and Diamond festival week in China.
The Indian diamond cutting industry was one of the badly hit sectors due to the global recession.
"The upcoming show in Hongkong will provide good market to Indian diamonds. This is a great help as we were going through recession. This is a good signal for diamond Industry here," said Prakash Bhai, a diamond trader.
A lot of foreign tourists will throng National Gold and Diamond festival week to be hosted in Hongkong.
Traders are hopeful that tourist will buy Indian Diamonds in good amount.
"During the festival season, we not only expect Chinese public to buy diamonds in good amount but also lot of tourists who will visit the fair. They will also be attracted towards jewellery and diamonds showcased there. This in turn will benefit Surat diamond Industry a lot," said Rohit Sharma, President Diamond Association, Surat.
The Surat diamond industry is worth 800,000 million rupees and accounts for more than half of the total diamond exports from India.
It employs more than 700,000 workers from across the country. Over 2.5 million people are indirectly associated with the trade.
The diamonds processed in Surat are sent to various parts of the world including the Middle East from where manufactured jewellery is then sold across the globe.
The United States, one of the largest markets for diamonds and other gemstones, imports 60 percent of diamonds cut and processed in Surat. (ANI)