Weakening Rupee Contributing To Diamond Volatility

Reuters reported an interview with Clifford Elphick, who formed Gem Diamonds in 2005, who says diamonds will remain volatile as the world economy struggles.

As quoted in the market news:

A weakening Indian rupee is likely to contribute to volatility in rough diamond prices for the rest of the year, but longer-term price prospects are bright, the chief executive of London-listed miner Gem Diamonds Ltd said.

Clifford Elphick, who formed Gem Diamonds in 2005, said prices would eventually resume their upward trend because of the simple fact that demand will continue to exceed supply.

Click here to read the full Reuters report.