Since the dates of the general elections in India were announced, diamond trade participants have encountered difficulties, since transactions exceeding Rs. 50,000 require special documentation. These norms have affected even the activities of angadias engaged in the gold and diamond trade sector, whose business has declined, reports ET.
Vipul Shah, chairman of the Gem and Jewelery Export Promotion Council (GJEPC), associates a lull in the market with an "unfavorable season," as Indian diamond traders find it increasingly difficult to work against falling raw material prices , which in normal circumstances would increase their profit margins. "Over the past two weeks, prices for raw diamonds have declined by 3-4%," Shah said.