Its' depressing but true. If 2008 was tough for the diamond industry in Gujarat, 2009 is likely to be cruel. According to RSM Astute Consulting, the 5th largest audit, tax and consulting company in the US, the GDP growth of most of the developed nations / regions and the major diamond markets in the US and Europe is estimated to be negative in 2009. "Last year, it was around two per cent, while this year it has come to less than one per cent. It will further go down in Europe, Japan and the US in the negative," said Dr Suresh Surana, Founder Chairman of RSM Consulting. He was in Surat to attend 'Sparkle 2008'. The International Monetary Fund (IMF) in its December 2008 report has said that the US GDP growth is estimated to fall to – 0.7 per cent in 2009 adding to the fear of severe depression. The indications are many. "Diamond Trading Company (DTC), the world's largest distributor of rough diamonds has been able to sell only 40 to 45 per cent of the stock so far," said Surana. The only option available and viable with the diamantaires is to diversify into gem and jewellery, he said.
