With demand declining, India’s diamond companies slash imports to keep prices stable

With demand declining, India’s diamond companies slash imports to keep prices stable

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Synopsis

More than 2,000 large and small firms in India – where 14 out of 15 stones are polished – have joined hands, acting on advisories issued by trade bodies, to slash and cancel imports, convince global miners Alrosa and De Beers of the urgency to defer supply, and avert panic sale as demand plunged amid Covid-19.

MUMBAI: Indian diamond houses with their overwhelming presence in the trade have come together to do what De Beers, in another era as a monopoly power, tried during the Second World War: Cut supply to hold prices.More than 2,000 large and small firms in India – where 14 out of 15 stones are polished – have joined hands, acting on advisories issued by trade bodies, to slash and cancel imports, convince global miners Alrosa and De Beers of the

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