Indian Gov't Supporting Firms With Diamond Supply
Post Date: 02 Aug 2013 Viewed: 349
As small and medium sized diamond companies operating in India are increasing pressed to the brink to get access to rough diamonds, a state-owned firm will step in to provide them with the precious gems they need to continue functioning, pending the government's approval of the plan, Rough and Polished reports.
Approximately 2,000 manufacturers in Surat, the largest diamond center in the world, have encountered great difficulty securing stones of late, on account of the Indian currency, the rupee, losing significant ground to the American dollar. As a result, the Indian government's Minerals and Metal Trading Company will pick up the slack, resuming a role it held in the earliest years of India's diamond industry and supplying the small and medium sizes firms with the raw materials is requires.
MMTC chief general manager Ashish Majumdar made the commitment on behalf of the organization after he was contacted by Surat Diamond Association officials requesting intervention by the federal body, according to Rough and Polished.