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Rouble, associated with the economy of Russia has been on a slide recently hitting an all time low with Rouble crossing 60 to a dollar. So Russia and Diamonds, which sounds synonymous to each other as the former being among the leading producers of the precious gem all over the world.
As a repercussion of the same, the exchange price of diamond has shown a substantial fall thereby making it cheaper for the rest of the world to purchase. Russian diamond exports have thus risen, leading to higher foreign exchange inflow in the country. As reported by The Economic Times, this has lead to a decline in the prices of diamonds by 2-5%.
This news surely signals a merry arrival of Christmas especially for our Indian manufacturers, with lower costs of imports and increasing profit margins. India being a global diamond polishing hub undoubtedly lays a pivotal role in the diamond market.
Now the question is till when will this last? Does falling Rouble, declining diamond prices will bring Christmas to diamond traders and manufacturers worldwide or it’s repercussions would be adverse subsequently?
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6 Comments. Leave new
Definitely, depreciation of Rouble has been an advantageous point for India till now but if this turns out to be disastrous in Russia, it would affect India too adversely. Not much should be a fall in Russian currency, so that the economy is easily recovered. Good efforts made (Y).
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