According to Gem & Jewellery Export Promotion Council chairman Vipul Shah, the weakening of the ruble will mean mining costs for miners in Russia will come down.
The Indian diamond processing industry, which is the largest in the world, is set to benefit from the weakening Russian ruble, which has declined to below 60 rubles per U.S. dollar.
“We will definitely benefit as we are net importers of roughs from Russia and a weakening ruble will mean mining costs for miners in Russia will come down and they can pass it on,’’ Vipul Shah, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) told The Hindu. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
