Falling Rupee hurts industry sentiments

The Indian Rupee has slipped drastically against the US Dollar, and the fall has been to quick. Within days it slipped to a low of almost 69 against the USD. This is sending worry signs to the diamantaires for their payments against imports of rough diamonds, reports say.

The orders that were placed in the early months of the year, will have to be procured at the new Rupee value, (which is a difference of almost 10-15 percent) which will be a huge difference for the traders. Gem and jewellery exports too have taken a beating with the global economic strain, reports say. There is hope of some respite in sales during the festive season to help boost back industry confidence, reports say.