Reduction of prices for rough diamonds by almost 5% did not add optimism to the participants of Indian diamond trade, as consumers are very reserved in purchases, the Indian edition of The Economic Times writes.
Demand for diamond jewelry, traditionally revitalized by the beginning of the Navratri festival, remains weak this year, and diamond traders are negotiating with raw materials suppliers to force them to lower prices again.
However, falling prices for raw diamonds cheered traders who expect to revive export markets. In the US, there has been an increase in demand, orders from EU countries have started to arrive.
Managing Director of Laxmi Diamond Ashok Gajera (Ashok Gajera) told the reporter: "Prices for rough diamonds this month fell, and next month, a further decline of about 3% is expected. The reason for this is stagnation in the market, forcing suppliers to cut prices. In India, there is hardly any demand for these precious stones. "
The liquidity crisis caused a significant impact on the demand for diamonds in India.