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Nationwide Strike Hits Indian Diamond Market Activity

May 31, 2012 4:49 AM   By Dilipp S Nag
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RAPAPORT... The Indian diamond market activity was affected on Thursday due to the nationwide strike called by the country’s opposition political parties to protest the recent sharp hike in fuel prices.

“Several offices are closed today and there isn't any activity in the market,” said an executive with a Mumbai-based diamond firm. “There is no official support from the gems and jewelry industry to the strike, but as a precautionary measure people preferred to shut their operations.”

Market activity was also affected in Surat, the world's biggest diamond cutting and polishing center. The Surat Diamond Association (SDA) supported the strike.

Normal routines were disrupted across the country due to the strike and there were reports of sporadic incidents of violence in a few places.

State-run oil companies recently raised petrol prices by more than INR 7.50 per liter that led to protest from several political as well as the government’s coalition partners. The National Democratic Alliance (NDA) called a nationwide shutdown, Bharat Bandh, on May 31 against petrol price hike.

Oil companies have hinted that if the international crude price softens and the rupee to dollar exchange rate eases, the hike may be partially rolled back on June 1, when the companies review the prices in a cyclic mode.
Tags: diamond, Dilipp S Nag, Gems and Jewelry, India, mumbai, Rapaport, SDA, Strike, Surat
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