Consumers Could See Lower Prices for Diamonds in India

Mineweb reported that forecasters are predicting a “massive correction” for prices of rough and polished diamonds as consumers rev up for the festival season in India.

As quoted in the publication:

The end result – consumers could end up getting huge discounts, with diamond wholesalers attempting to offload their inventory.

While the Standard Chartered Bank is recalling its loans, aiming to reduce its exposure to the trade in India, it has also lowered its exposure to gold and bullion trade in India after a default by jewellery chain Winsome.

Vipul Shah, chairman of the Gems and Jewellery Export Promotion Council, said that the prices of both rough and polished diamonds would soften by around 10% to 20%, as demand was low and with the imminent changes, supply would increase further.

Click here to read the full Mineweb article.