news on the diamond industry and the world economy

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Woops that should say world!

http://www.idexonline.com/portal_FullNews.asp?id=31485

"Crisis Hits India Too, Polished Exports -20% in October
(November 13, '08, 14:58 Edahn Golan)

India's diamond trade was hard hit by the global financial crisis, registering strong declines in October. Polished diamond exports fell20.4 percent to $1.24 billion. By volume, exports nose dived 83.6 percent to just 36,000 carats, compared to 219,000 carats exported in October 2007."

 

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http://www.idexonline.com/portal_FullNews.asp?id=31488

"India Halts Rough Diamond Imports for a Month
(November 15, ''08, 2:41 Edahn Golan)

The organized Indian diamond industry decided to stop all rough diamond imports to the country for a month starting November 25, the Gems & Jewellery Export Promotion Council announced Friday. The cited reason was to send a signal to the banks that the industry will not increase indebtedness.



The move is also meant to apply pressure on diamond miners, so they will "share in the financing burden," according to GJEPC Chairman Vasant Mehta and force them to act.



Indian traders have been purchasing rough diamonds in large quantities even as prices continued to climb, yet the resulting polish diamonds was accumulated without buyers to take them off manufacturers hands."

 

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IDEX Online Rough Diamond Market Report: Sight 9 - No Demand
http://www.idexonline.com/portal_FullNews.asp?id=31483

"IDEX Online Rough Diamond Market Report: Sight 9 - No Demand
(November 13, '08, 11:52 Edahn Golan)

The industry witnessed a very rare occurrence in the last two weeks - no demand on the secondary market for rough diamonds. An even rarer occurrence took place when many first hand buyers - those that buy from producers like the Diamond Trading Company (DTC) and Alrosa - turned down a large percentage of the offered goods."

 

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http://www.idexonline.com/portal_FullNews.asp?id=31479

"Alrosa Clients Turn Down Rough Diamonds Buy Offer
(November 13, ''08, 6:07 Edahn Golan)

A news report from Moscow Wednesday reports that diamond manufacturer Kristall has refused to purchase rough diamonds from Alrosa, after the miner declined to reduce its prices by 20 percent. Kristall was not alone, a number of buyers declined to purchase goods after the Russian diamond miner held on to its prices."

 

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Those are the ones I found most interesting.
More can be found here:
http://www.idexonline.com/portal_NewsRoom.asp