Rough diamond prices have increased by 10-15 per cent in the last one and half months amid a supply crunch due to US sanctions on Russia’s Alrosa, said Bakul Gajera, who works with Surat-based Laxmi Diamond, a leading polisher.

The diamond industry in Surat, Gujarat, is preparing for flat domestic and international demand as raw material prices rise and “recessionary trends” build in the west.

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