Rough purchase to continue, decides meeting of Diamond traders in Mumbai

Mumbai

A meeting of diamond businessmen was held at Bharat Diamond Bourse in Mumbai today mainly over the issue that whether to halt purchase of rough diamonds for a month period or not at this stage. The meeting was attended by about 300 diamond merchants.

At the end of the meeting a decision was taken that those earning profit should continue to do business and continue to buy rough as per their need. Each trader will take decision, purely on the basis of profitability.

A decision was taken to form a committee which will keep watch over the market and review the short term and long term measures.

A meeting will be called again after one month to discuss further decisions.

It should be mentioned here that due to high rates of rough, and steady or reverse rates of polished diamonds, margin of profit has shrunk. Moreover there’s no major demand at this point of time, and entire market is waiting for good time around Christmas and Diwali. In year 2008, diamond traders had halted rough purchase for three months due to slow-down.

– DeshGujarat