Industry News by Nemesis

'Demonetisation' slows demand for lower-value roughs

January 27, 2017

Mining majors, ALROSA and De Beers, have reportedly been adversely affected due to 'demonetization' in India, which triggered the slowdown in demand for lower-value rough diamonds in Nov. and Dec. 2016, says a report in TOI. 


According to the report, small and medium diamond manufacturers in Surat are facing liquidity crisis ever since the government announced demonetisation on November 8, 2016. 


The Gem & Jewellery Export Promotion Council (GJEPC) officials told TOI that the import of rough diamonds fell five per cent at $1.4 bn compared to $1.5 bn in the same month in previous year.

 

The import of rough diamonds between April-Dec-2016 had increased by 25 per cent at $12.6 bn compared to $10 billion during the same period in previous year. 

 

Source: Rough-polished

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