Indian diamonds to tap domestic, ASEAN mkts

The Indian diamond industry is adapting its focus to domestic markets and emerging ASEAN countries to counterbalance the impact of reduced demand from the US and the European Union (EU).

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This shift arises amid concerns that diamonds from Russia might face a ban. The Gem and Jewellery Export Promotion Council’s Chairman, Vipul Shah, noted ongoing discussions about the future business prospects for Russian diamonds, stating that a fool-proof method to assess traceability is being sought to address concerns.