Chennai: Surging gold prices have spurred
demand for diamond in India with buyers expecting high
returns, a top official of the Gemological Institute of
America (GIA) said today.
Diamonds offer higher returns in terms of investment
compared to gold contrary to general perception, GIA (India
and Middle East) Managing Director Nirupa Pandya Bhatt told
reporters on the sidelines of a function here.
"Based on reports we get from retailers, the size of the
diamond industry in the country is about USD 1.5 billion. It
is well poised to grow in the future", she said.
Gold prices this festive season have zoomed past the
Rs-17,000 mark per ten gram, which buyers hope would be
reflected in the diamond market as well in terms of returns.
Bhatt said economic meltdown has not impacted sale of
diamonds in India.
"I think there was no impact of it (meltdown). I should
say the purchase of diamond from customers has been going on
as usual," she said.
The Gemological Institute, headquartered in America, is
involved in diamond grading and has six laboratories across
the globe, including their second biggest in Mumbai, she said.
PTI
First Published: Thursday, December 24, 2009, 18:38