Why India's diamond industry is facing its worst crisis ever
(Business Today) - Two main reasons are cited. First, in recent years, Indian manufacturers misjudged the potential of the market. "They went on an expansion spree," says Sevanti Shah, Chairman, Venus Jewels, one of the biggest sellers of solitaires in the world, with sales of $362 million in 2011. "Projecting artificial demand, they kept buying more and more roughs and increasing production. This encouraged diamond mining companies to mine more and increase the price of roughs. There was oversupply in the market, which led to the prices of polished diamonds falling and manufacturers bleeding." The second reason was banks, which readily went along with the manufacturers' mistaken estimate, providing the capital for large diamond imports.
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