Diamond Price List publisher announces price down on the first day of the Indian Diamond Industry

All is not well for the Indian diamond industry since past few months but another news has gotten it further miffed. There is hardly any trading taking place along with that there is also a cash crunch in the market. The Jewish offices resumed last week after three weeks of holiday and Indian companies went on holiday early this week for minimum next two weeks. This was followed by the 'Diamond Price List' publisher announcing prices down by 3% almost across all categories.

Next day after Diwali is considered to be the first day of the year for all Indian diamond companies and they go for Diwali and New Year break for two weeks, keeping 80 per cent of manufacturing of the world at halt. This move by 'Diamond Price List' publisher announcing price change is considered by various diamond companies a deliberate attempt to further hamper Indian diamond companies. Many diamond companies have raised this concern and are asking why was this not done when other trading centers were on leave. Indian Diamond companies cannot take an action as their offices in Mumbai and Surat are all closed for next 15 days.

Even in past, price calculation and method of analyzing has always been seen under the light of suspicion, as there is no transparent method. For any business, monopoly is not a good sign and it's ill effects are being seen. There is only one price list and which is being followed world over. Absence of no second choice is not good and as a result industry has no option but to follow such abrupt and inaccurate pricing.