Bhopal (Madhya Pradesh): The past few diamond auctions organised by Panna diamond office received lukewarm response from traders and buyers owing to global recession and less demand for diamonds in the international market. However, Panna diamond office is planning next auction in July.
“Diamond market is facing a rough patch. Those who have purchased diamonds in last auction are in losses as they are struggling to sell them off,” Panna’s diamond trader Naresh Jain said.
He added that the war between Russia and Ukraine had clouded international diamond market. There is very less demand of diamonds in international market, resulting in poor response from traders in Panna diamond auction.
“In partnership, I purchased diamonds worth Rs 15 lakh but they could not be sold. The diamond purchasers are suffering losses. In next diamond auction, I will only go to see diamonds and not have any intention to purchase diamonds,” he said.
“Earlier, there used to be huge demand of diamonds from big cities like Mumbai and Surat but now the demand has reduced,” added another diamond trader.
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