India Mulls Moving Out Of China

Jan. 20, 2010 08:15AM PST

Chinese authorities have detained 21 Indians for smuggling diamonds. Another war in the offing? India’s Gems & Jewellery Export Promotion Council (GJEPC) is said to be seriously considering pulling out of its China-based diamond cutting and polishing business and to relocate its activities to Hong Kong. The Shenzhen incident has stunned diamond traders …

Chinese authorities have detained 21 Indians for smuggling diamonds. Another war in the offing?

India’s Gems & Jewellery Export Promotion Council (GJEPC) is said to be seriously considering pulling out of its China-based diamond cutting and polishing business and to relocate its activities to Hong Kong.
The Shenzhen incident has stunned diamond traders in India – the leading foreign presence at the Shanghai Diamond Exchange. The 21 men, mostly from the western Indian state of Gujarat, were charged with illegally transporting the gems from Hong Kong to the south China boomtown of Shenzhen.

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