Diamond business experts are watching a repeat, and perhaps even worse scenario, of the 2008 situation on the Indian diamond market, as the diamond cutting and polishing sector in Surat faced a severe financial crisis due to the fall of the rupee exchange rate.
According to media reports, diamond producers are pressuring traders, demanding that they return the debt, forcing some of them to go to the market.
Obviously, diamond traders adhere to the payment of revenue, because they have to pay in dollars, and taking into account the exchange rate difference, they are in danger of incurring losses.