Small and medium-sized diamond cutters in Surat began to close, and some began to do this is with the October 24, 2016, before the 20-day holiday for the celebration of Diwali festival.
According to sources, many small cutting and polishing businesses began to close earlier due to lower trading volumes on the diamond market as well as due to increased diamond waste.
Small diamond manufacturers that manufacture the stones of less than 0.02 carat, are the most affected members of the diamond pipeline, since diamond prices fell in the international market by almost 10-15%.
Most of them have reduced production by almost 30% over the past few months. In Surat has about 4,000 large, small and medium-sized diamond manufacturers.
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During his recent visit to South America, the current chairman of the Kimberley Process (KP) Ahmed Bin Sulayem (Ahmed Bin Sulayem) held a series of meetings with the Venezuelan authorities on its return to the KP certification scheme, according to the publication The National.
In 2008, Venezuela unilaterally withdrew from the KP amid accusations that it is not sufficiently firmly adheres to the conflict diamond tracking system.
In Venezuela, there are numerous deposits of precious stones, but the Latin American country in recent years has relied mainly on exports of oil to replenish the budget. In recent years, however, its earnings plummeted due to a sharp decline in oil prices. Diamond trade could bring additional income to Venezuela.
The publication reports that Venezuela could return to the diamond trade at the end of this year after the formal visit of the members of the CP in this country.
"Of course, not everything is perfect, but the few meetings that I have had in Venezuela, have convinced me that this country is very seriously to re-entry into the CP. I hope that the Venezuelan authorities will be able to resolve any remaining differences and help his country return to the diamond trade ", - quotes the words of The National bin Sulayem.
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