With the introduction of amendments in law governing the diamond mining industry, the South African government is planning to restrict 100% export of rough diamonds + they want more polishing units to process diamonds in the country to generate more employment.
The Indian gem and jewelry sector is worried with the new developments + the appreciating Indian rupee against the dollar + competition from China + revoking of DTC Sightholder status of eight Indian diamond firms may lead to massive unemployment in the sector and affect small and medium manufacturers. There may be more surprises as events unfold.
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