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The Reserve Bank of India (RBI) directed exporters to convert 50% their foreign currency held in Exchange Earner’s Foreign Currency (EEFC) accounts into rupee within a fortnight to curb the currency’s slide against the dollar.
Recycled diamonds are a growing source of diamonds for traders since the 2008 economic crash and since became a focus for a number of companies in the industry that now specialize in it. One such company, White Pine Trading, recently sold more than $5 million worth of recycled diamonds.
A small number of investment professionals around the world are competing behind the scenes to turn the gem into a commodity that would be available to investors in the way that gold has been traded through funds on exchanges.
The diamond industry ended the first quarter of 2012 with a sense of relief. Trading has been steady but cautious and prices in March were relatively firm. While business has not been booming, it could have been worse. The preceding third and fourth quarter of 2011 certainly were.
It seems like the past half decade has been bumpy for the diamond industry. Diamond prices have been on a roller coaster, diamond industry credit has tightened and uncertainty throughout the diamond pipeline has been well above normal.