Surat: Demand for gems and jewellery from India has brought an early Diwali for manufacturing and trading in the country. Top export-centric manufacturers say the demand is not only for the festive season and suggests an improved market scenario, but also that the anticipation of tariffs is fuelling demand.Top jewellery manufacturers in Surat and Mumbai have been informed by jewellery traders and chains in the US to fulfil the orders before the end of Sept.Jewellery brands are looking to stock products for Christmas buying, but along with improved US markets, industry experts believe the possibility of an over-50% tariff is behind the early orders.In Aug, the US Senate passed a bill to impose up to 100% tariff on top Russian-oil-buying countries, and it is in the House of Representatives before it becomes law. The bill will likely be introduced in the House in mid-Sep. “Jewellery brands in the US are being cautious and asking partners to complete order at the earliest,” a market expert said.After a long time, the diamond manufacturing industry is witnessing demand for natural cut-and-polished stones, which has been dropping on both the value and volume fronts. The improved conditions are suggesting that the markets are returning to their traditional choices. Lab-grown diamonds have become popular as an affordable alternative to natural diamonds. Further, the tariff and geopolitical situation affected the trade.“Along with an improved market scenario in the US, the possibility of tariffs is also fueling demand. Manufacturers are accelerating production and focusing on supplying goods early,” said Dinesh Navadiya, chairman of the Indian Diamond Institute (IDI).Diamond traders in the city are preparing for a boom as demand is picking up as customers are buying natural diamond jewellery in the US. It is looked at as a good sign by manufacturers and traders.“The market is showing good signs ahead of the festive season in the US. Normally, demand for diamonds improves during July and Aug ahead of festivals in the US,” said Hitesh Kutchhi, a diamond trader.
