"The recession had hit us hard but we would end 2010, 20 per cent lower than what we did in 2007 which is fairly good. Demand has been steadily rising from Brazil and China as people are consuming more," President of the World Federation of Diamond Bourses, Avi Paz, told reporters here.
The year 2007 was the best for global diamond industry during which United states had directly consumed 50 per cent of the total polished diamonds, he said.
In 2008, the demand had fallen marginally as the meltdown started in September but 2009 was the peak of the slowdown which saw demand falling by 50 per cent of 2007 levels, Paz said.
Though US' share has fallen, demand from emerging market economies like Brazil, China and India are providing succour to the international trade, Paz said after the inauguration of the Bharat Diamond Bourse BDB here today.
The fall in global demand last year had led to stress in India, one of the biggest manufacturers of diamonds in the world. Several units in the Surat region had shut down, rendering thousands jobless.
Published 17 October 2010, 13:20 IST