Rupee Unable to Rescue the Slump in Diamond Supply

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Friday,January 20 2023 [ Issue 3 January/ 2023 ]

Supply of uncut diamonds from Russia to our country has seen a drop of 40% since the April 2023. A special facility was set up in July that allowed for the trade to be handled in rupees, but unfortunately, not one jeweller has gone for it yet.

This is because no one wants to put themselves on the line and risk volatility - making it evident that Russians disapprove of rupee invoicing as far as gems and jewellery is concerned. In an attempt to salvage the situation, Gem and Jewellery Export Promotion Council's Chairman Vipul Shah requested the Indian Government to import the uncut products directly on a government-to-government basis, but the government also has to tactfully manage the global relations.

The situation continues to remain grim as payments are not going into Russia. Shah revealed, if the demand picks up any further, then supply will become a real pain-point for India.

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