DiamondBuzz
Surat diamond manufacturers implement summer shutdowns on lower demand
Diamond manufacturers in Surat, India’s diamond polishing hub, have begun implementing summer shutdowns for the first time in years as demand for natural stones remains persistently weak and the threat of steep U.S. tariffs looms over the industry.
Traditionally, factories in Surat—home to nearly 4,000 diamond units—take their main annual break during Diwali, remaining operational through the summer months. However, the ongoing downturn has prompted many units to extend Diwali closures and introduce unpaid summer breaks, a move not seen in previous years.
Around 10% of Surat’s diamond factories have declared a summer holiday of at least 15 days, with some major units planning to stay shut until June 6, according to industry sources and local media reports. The closures have triggered an exodus of thousands of migrant workers, many of whom are returning to their hometowns in Saurashtra and North Gujarat as operations wind down.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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