India’s Diamond Industry Worries About Supplying Shortages
Marange diamonds haven't yet received...Diamond industry in India, especially who manufacture in Surat, are worried about supplies after the World Diamond Council issued a statement saying that Marange diamonds have not yet received a formal or final approval for export by the Kimberley Process.
The World Diamond Council communicated that negotiations were continuing regarding legal export of rough diamonds from Zimbabwe.
Vice chairman of Gems & Jewellery Export Promotion Council (GJEPC), Sanjay Kothari said, "This is a major setback. The industry, especially the diamantaires in Surat, was eagerly waiting for the Zimbabwe goods to flood the market in order to overcome the severe shortage of rough diamonds."
Chandrakant Sanghavi, chairman of Sanghavi Exports, added, "The rough prices have appreciated by almost 30 percent in 2010 due to the shortages and the prices were expected to increase throughout 2011. The deadlock over the export of diamonds from Zimbabwe will create a difficult situation for the diamantaires."
In July 2010, the Kimberley Process agreed that some diamonds from Marange could be sold and exported. Two auctions were subsequently held, and most of those diamonds were purchased by traders in India.
By: Artofjewellery
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