Probably UK withdrawal from the European Union on the results of the referendum last week, a negative impact on exports of gems and jewelery from India due to the depreciation of the pound against a basket of major world currencies, including the Indian rupee, noted in Smartinvestors.
Meanwhile, India annually exports less than 10% of its jewelery in the UK, the total volume of Indian exports of such products reached about $ 40 billion. British Pound Reduction can reduce the purchasing power of the United Kingdom of citizens, which is why the consumption of precious stones and jewelry can significantly down, harming the Indian export performance.
However, in the long term diamond import India may fall. Cheaper rupee, which may occur on the background of the UK release of the EU, leading to a rise in price of imports of rough diamonds, whose prices are denominated in dollars.
Representatives of the British central bank said that the regulator will take all necessary steps to ensure monetary and financial stability after the decision to withdraw from the EU.
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The draft India's budget for 2016-2017 year Finance Minister of India Arun Dzheytli (Arun Jaitley) has introduced a single harmonized certification system (Harmonised Systems Code, HS Code) for lab-grown diamonds and diamonds. So far for natural and synthetic gemstones in India there was a single certification system. Ministry of Commerce has proposed to split the certification of different origin stones due to frequent cases of adulteration of undisclosed synthetic diamonds in the Party of natural stones.
"This is a big step forward to curb adulteration undisclosed synthetic diamonds in the party natural stones This will create an environment of fair business with well-defined verticals for both (types of brililantov).", - said Pravinshankar Pandya (Praveenshankar Pandya), Chairman of Export Promotion gems Council and jewelry India (Gem & Jewellery Export Promotion Council, GJEPC).
Now trade in natural and synthetic diamonds and diamonds in India is carried out by the same certification. General Directorate of Foreign Trade of India (Directorate General of Foreign Trade, DGFT ) is responsible for the creation of systems of certification of various products.
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