Image credit: neo tam (Pixabay)
(idexonline.com) - Stuart Brown, the ex-joint managing director of De Beers, and current CEO of Canadian miner Mountain Province Diamonds, made an amazing statement in a Financial Times article, stating the very obvious: "We need India to open up. Until the manufacturing opens up there, there will be no demand for rough diamonds." It seems as if miners have suddenly realized that they need India far more than India needs them. And if it doesn't? Then producers may literally choke on their diamonds. The government of India can assist the industry in a tremendous manner if, after the corona lockdown has been rescinded, it simply puts a three-month moratorium on rough diamond imports. Whether the moratorium would be for two, three or four months is something it could discuss with the industry. It certainly depends on how long it takes for the diamond market not just to stabilize, but also to pick up.
