DIAMOND POLISHING
India cutters bet on sales sparkle under Trump
India expects to export 10% to 15% more polished diamonds to the US in the year beginning in April
Mumbai — India’s diamond cutters, who polish 14 of every 15 of the world’s gems, are betting on Donald Trump to sustain the expansion of their biggest market in the US, even as Asian buying of luxury stones falters. India expects to export 10% to 15% more polished diamonds to the US in the year beginning in April, growth similar to that seen in 2016, in the belief that a Trump presidency will reinvigorate the world’s largest economy, according to Praveen Shankar Pandya, chairman of the government-sponsored Gem & Jewellery Export Promotion Council. "More jobs are being created in America and they would spend more money on jewellery. It is already a big market, it’s going to be bigger," the third-generation diamond merchant, who has worked in the industry for 40 years, said in an interview this week at his office in the sprawling 20-acre Bharat Diamond Bourse complex in Mumbai. "From 2008, the market took a beating and now it is again going up," he said. In the eight months to end-Nov...
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