diamond price has fallen 30 percent US can ban import from India
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Mumbai: More than 95% of the diamond business is traded in Mumbai and these days there is a sluggish atmosphere in the Indian diamond market. After the decline in exports due to decrease in global demand, clouds of concern have started appearing on the trade of real diamonds which have become cheaper by 30%. The industry, which has already reduced the hours of manufacturing production, is also facing a slowdown in new orders for Christmas. A trader said on the condition of anonymity that the US, the biggest buyer of diamonds, feels that India The finished goods coming to America are actually operated from Russia’s Alrosa. In such a situation, it is being said that since the US has imposed sanctions on Russia, the US may stop importing diamonds above 1 carat from India from January. This is the reason why new orders are being eclipsed due to lack of clarity on this matter.
However, Vipul Shah, chairman of the Gems and Jewelery Export Promotion Council (GJEPC), told that the situation is not clear as to what will happen next regarding the diamond coming from Russia. Yes, it is certain that Western countries do not want to finance Russia’s diamond business. The industry, along with the government, is trying to find a better way out. So far, the matter of ban from America and other developed countries is not clear. If this happens, the industry will focus on India along with other emerging markets like Vietnam, Cambodia.What do experts say
However, Vipul Shah, chairman of the Gems and Jewelery Export Promotion Council (GJEPC), told that the situation is not clear as to what will happen next regarding the diamond coming from Russia. Yes, it is certain that Western countries do not want to finance Russia’s diamond business. The industry, along with the government, is trying to find a better way out. So far, the matter of ban from America and other developed countries is not clear. If this happens, the industry will focus on India along with other emerging markets like Vietnam, Cambodia.
What do experts say
In this regard, Siddharth Sacheti, CEO of Jaipur Gems, says, ‘30% of rough diamonds in the world come from Russia and the way trade between India and America has increased after America’s sanctions on Russia, this dilemma has increased now. Is. If India takes social benefit with America on this issue, then India will not have to face America’s ban. The rest, as far as opportunities in new markets like Vietnam and Cambodia are concerned, are just tingling. Because there is neither population nor GDP.
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