De Beers is dealing with its equivalent shock of Brexit and Donald Trump’s election after the surprise demonetisation programme in India that has compelled the rough diamond giant to offer its Indian buyers continued flexibility in their purchases for the year ahead. Prime Minister Narendra Modi sent shockwaves through the Indian economy in November by recalling the 500 and 1,000 rupee notes, to be replaced with newly printed 500 and 2,000 rupee notes. The effect on the economy is being felt by De Beers, the largest producer and seller of rough diamonds by value. De Beers CEO Bruce Cleaver said in Gaborone at the start of the first of 10 rough diamond sales for 2017 that after a year of unpredicted surprises, "the most serious of the surprises for many of us in this room, Prime Minister Modi’s demonetisation programme in India falls squarely in this category". "Demonetisation is likely to have an impact on several of our businesses, so we need to respond with care and in the right w...
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