Indian diamond dealers on industry's watch list

Country's diamond debt is about US$10 billion out of global diamond debt of US$12-14 billion

Published Sun, Oct 29, 2017 · 09:50 PM

Tel Aviv, Israel

DIAMOND dealers in Israel and Belgium are closely monitoring several indebted Indian diamond dealers and manufacturers.

The implications for a global gem industry just recovering from depressed levels are potentially serious.

According to estimates from Antwerp, Israel and London, global diamond debt is currently between US$12 billion and US$14 billion, with Indian diamond dealers and manufacturers accounting for most of the borrowings.

During a recent interview in Tel Aviv, Eli Avidar, managing director of the Israel Diamond Exchange, said its members are conducting strict financial checks on Indian counter parties.

An informed source from Antwerp confirme…

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