Future is bright
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Saturday,August 01 2020 [ Issue 1 August/ 2020 ]
Future is bright
Diamonds seem to be losing their shine, as Covid19-induced economic downslide has brought the demand for the shining rock down to nil. Diamond industry is grappling with several issues: labour problems, capital problems, dwindling profits, and nearly zero demand. For over the past four months 1.3 billion Indians have been under a strict lockdown, amidst this, the diamond industry in India has been one of the worst hit.

Diamond production will reduce by 23 million carats this year.  While China, Hong Kong and Europe were on their route to recovery from the pandemic, some regions in these countries have again been caught in the second and third wave of the pandemic.

Despite the uncertainties Chinese economy is showing signs of an early recovery, yet there too diamond factories are still shut. Indian economy is not yet showing signs of recovery, most analysts believe that the Indian economy will gradually stagger back to normalcy only after October 2020.

Top players of the diamond sector are trying their best to control diamond prices from crashing. Some rich families, are investing in large diamonds because they have a lot of unspent disposable income.

This is keeping the flame of optimism burning bright for the large diamond producers. So after all, the diamond still retains its shine!

 
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Highlights
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With the Chinese imposition of the national security law on Hong Kong, the United States of America has given an indication of imposing 7.5% duty, which was earlier about 3.3%. US, President Donald Trump, has unswervingly see
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