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Weak ruble may diminish diamond prices by 2-5 percent

23 december 2014

As the ruble recession deepens with falling oil prices and the possibility of economic crisis is high, Russia, the largest diamond producing country in the world, may increase its diamond exports which may lead to a decline in rough diamond prices by 2-­5 percent, The Economic Times of India reports.
Mavji Patel, managing director of Kiran Gems, said, "There may be some impact on rough diamond prices if Russia steps up its exports. Prices may fall by 2-­5%."
The Russian currency crashed drastically in the past week with the ruble crossing 60 to a dollar.
The country wants to boost its exports to increase its dollar inflow, and with diamond being a major exportable item, Russia may therefore increase its exports.
"If rough diamonds from Russia become cheaper by 2-­5%, then the manufacturing industry in India will definitely benefit. They will have better margins," said Jignesh Mehta, managing director, Divine Solitaires. ALROSA recently signed a contract with Kiran Gems and with 11 other Indian firms so that it can sell more roughs to this country. India is a global diamond polishing hub where 14 out of 15 rough diamonds are polished.
While there's a feeling that rough prices might decline due to the ruble crisis in Russia, the demand scenario worldwide isn't very bright either. Though demand is stable in the US, things are somewhat quiet in the Far East markets due to economic and political uncertainties.
"Christmas sales across the US and Europe have not been very exciting. But we are hoping that things will start looking up from February onwards," said Patel.