Advertisement

India’s demonetization dampened sales for the world’s biggest diamond producer

Print Friendly, PDF & Email

Bain & Co. predicts that by 2020, India will surpass Europe and Japan to become the world’s third-largest market for diamond jewelry, trailing only the US and China. But first, a speed-bump. De Beers, the world’s largest diamond supplier, reports that business has slowed since the Indian government pulled R500- and Rs1,000-denomination notes out of circulation. It’s another unintended effect of the demonetization, which is meant to weed out counterfeiting, tax evasion, and black-market activity. Anglo American, a majority stakeholder in De Beers, said that rough diamond sales in the final cycle of 2016—it divides the year into 10 sales cycles—amounted to $418 million, down from $476 million in the previous cycle. (That was still up from the final cycle of 2015, when a slowdown in China pinched sales.)

To access the complete article, please use this link: QUARTZ India

Latest

I seek advice from Sarfaraz Ahmed in tough situations: Babar Azam

Pakistani skipper, Babar Azam lauded former cricketer Sarfaraz Ahmed. Babar Azam said he turns to Sarfaraz Ahmed in difficult situations since he has a lot of experience. Chairman PCB also appreciated Sarfaraz for supporting the team despite being removed from captaincy.