Russia may step up its diamond exports

Diamond prices are likely to fall by 2-5 per cent in the near future if Russia steps up its diamond exports, says a report.

However, the industry experts feel that thought there would be some impact on rough diamond prices if Russia increases its exports. But there is unlikely to be any serious crash as international companies like De Beers, Rio Tinto would come ahead to take care of the price slide. The Russian currency went down drastically in the past week with the rouble crossing 60 to a dollar. The country wants to boost its exports to increase its dollar inflow, and with diamond being a major exportable item, Russia may therefore increase its exports, adds a report.

While some diamantaires believe that the price slide may benefit the diamond manufacturing industr in India.