A decrease in the price of rough diamonds has triggered a rush by Indian diamond traders to buy up large numbers of the stones, in greater quantities than they can immediately be put to use, The Times of India reports cited by Israelidiamond.co.il. Surat diamond dealers started stockpiling after De Beers' Diamond Trading Company lowered the price tag on rough by 8%.
Between May and August, the prices for rough diamonds were high, while the going rates for polished diamonds were low, putting the squeeze on diamonds cutters and polishers to eke out a profit. Major diamond miners like Rio Tinto, De Beers and Alrosa attributed these price hikes to the law of diminishing returns and additional operational costs, according to The Times of India.
Due to higher prices for rough, the second third of the year saw a dip in diamond imports to India, but since the DTC slashed prices in October, imports have shot up by 191% year-over-year.
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