The pandemic has indeed shaken up the world by its very roots. The economy has toppled and this industry is taking a beating world over. It’s not just a health disaster, the economy is crumbling, rupee is crashing, stocks are toppling and demand for diamond jewellery is yet to gain momentum.
Voluntary moratorium on import of rough diamonds extended
After nearly two months of the Covid19-induced lockdown, Indian diamond processors have been facing voluntary moratorium on the import of rough diamonds which is extending far into July 2020. Many diamond units are expecting the moratorium to mount pressure on mining companies to reduce the price.
Move to safeguard interests of all diamond merchants
“This move is a voluntary one, meant to safeguard the business interest of the diamond manufacturers and retailers in turn. It will help them cut down on import cost. Owing to the lockdown, most diamond traders have a good inventory. They don’t need more roughs at the moment,” explains Vipul Shah, vicechairman GJEPC.
Need to be more disciplined and united in these trying times
The ban isn’t mandatory – at the same time, it has been supported by members of the diamond fraternity in unison. Because of the lockdown, business did not take place for the past few months and demand-supply equation is still adjusting itself, which will determine diamond pricing. “It is difficult to gauge prices at this time, at B2B level, market pressures may force some traders to sell off their excess stock, which may have an impact on prices,” informs Vipul Shah.
Important to safeguard value of one’s assets
هذه القصة مأخوذة من طبعة May - June 2020 من Diamond World.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة May - June 2020 من Diamond World.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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