Indian diamond trade benefits from ruble’s decline

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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

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