According to an international body of Diamond regulators, the production of uncut diamonds has fallen to 120 million carats in 2012 from 150 million carats back in 2007. This is a decrease of roughly 20 percent. Further more the industry is likely to stagnate at these figures for the next couple of years. However his could spell trouble for the world's largest diamond center in Surat, India.
As companies all over the world struggle to replace old mining assets with new ones, production could continue to slow down. Current diamond prices have already been affected. The rates charged for rough diamonds increased by 24 percent last year after seeing 32 percent gains for two consecutive years. With the rising demand for gems such as round shaped diamond jewelry from emerging middle class markets in India and China,it is a strong possibility that prices will continue to rocket upwards.
In 2012 the first ever women's only polishing and cutting factory for diamonds was opened in Ahmedabad. The facility is expected to employ over 100 female workers in the next few months, which could result in a vital shot of rejuvenation for the business.
In addition, diamond companies are collaborating with local producers on initiatives that would raise the standards of workplace safety and health in Gujarat, the face of the Indian diamond industry.