In a move aimed at neutralizing the impact of reduced demand from key markets like the US and the European Union, the Indian diamond industry is set to shift its focus to domestic markets and new emerging markets in ASEAN countries, as per a report in the Financial Express (FE).
Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council of India told FE, “The outcome of the ongoing discussions on future prospects of the diamond business involving diamonds originating from Russia, is unclear at the moment. The intentions of the Western countries that they do not want to finance the Russian diamond business are clear. The government and industry are trying to work out the modalities of a fool-proof method of assessing the traceability of diamonds.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
