Price rise, weak demand for specific diamonds affect Indian G&J industry
Sai Nikesh | The Dollar Business A weak demand for polished diamonds locally and globally is likely to affect India’s rough diamond imports, which is likely to decline by 10-15% in the current year, said news reports on Tuesday. Speaking to The Dollar Business, Sabyasachi Ray, ED, Gems & Jewelry Export Council (GJEPC), said the profitability of the industry has suffered due to high prices of rough diamonds and lesser demand for polished diamonds. Taking this and other scenarios, including the increasing cost of finance of Indian banks and undisclosed mixing of synthetic/lab grown diamonds, the business sentiment is not that conducive and the manufacturers have cut down their production from 10-40% in different cases which has resulted in the overall ...
