Menu Click here
website logo
Sign In| Sign Up
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
MY IDEX
My Bids & Asks My Purchases My Sales Manage Listings IDEX Onsite Company Information Branches Information Personal Information
Logout
Newsroom Full Article

Russian Sanctions: Rupee Deals Hit by Currency Worries

January 22, 23 by John Jeffay

(IDEX Online) - Indian diamond traders are too worried about volatile currency exchanges to buy Russian diamond in rupee.

The welcomed the announcement last July that nine banks were opening "vostro accounts", allowing them to maintain business ties, despite Western sanctions against Moscow.

But imports of rough from Russia have fallen by 40 per cent since April 2022 and not a single diamond trader has used the facility.

"Nobody is willing to take the exchange risk and volatility," said Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), according to a Bloomberg news report.

"The Russians are not comfortable with the rupee invoicing as far as the gems and jewelry sector is concerned." 

Shah said the GJEPC was exploring all avenues to resume the flow of diamonds to India, including direct imports on a "government-to-government basis".

India's diamond exports fell 7.7 per cent to $16.6bn year-on-year in the nine months to end of 2022.

Diamond Index
Related Articles

Indian Diamantaires Hit by Record Low Rupee

October 02, 22 by John Jeffay

Read More...

India's Polished Exports Down by 26% in October

November 22, 22 by John Jeffay

Read More...

Indian Banks Ease Rupee Trade with Russia

November 22, 22 by John Jeffay

Read More...

Newsletter

The Newsletter offers a quick summary of the past week's industry news and full articles.
Our Services About IDEX Privacy & Security Terms & Conditions Sign-Up Advertise on IDEX Industry Links Contact Us
IDEX on Facebook IDEX on LinkedIn IDEX on Twitter