Alrosa which is partly owned by Russian Government has resumed its rough diamond shipments to India following an interruption because of the conflict in Ukraine. Indian merchants are likewise seeking after various payment options.
“Orders for these diamonds were placed in early March, according to the sight holding schedule of Alrosa,” said Gem and Jewellery Export Promotion Council president Colin Shah about the diamonds arriving in India at present. “They are coming now. Exporters are routing payment through various banks that deal with euros or other currencies. However, for the diamonds that come up for sale in April, the trade would prefer a rupee-rouble mechanism. The concerned authorities are looking into it and something will be worked out.”
The Indian gems industry will be feeling quite a bit better that shipments are coming through. In any case, the way that US demand for jewels has diminished because of vulnerabilities over the Ukraine war and expansion will cause concern on the grounds because the US is the greatest purchaser of precious stones which are cut and polished in India.