Third International Rough Diamond Conference pulls in 99% of world's top diamond producers

The event is being strategised to portray the potential of Israel in diamond manufacturing and trading

Post By : Diamond World News Service On 31 January 2008 12:00 AM
THE bankruptcy of the US-based jeweller M. Fabrikant & Sons, whose annual diamond purchases from India exceeded $60 million, could have a major affect on its Indian clients, and may further slowdown diamond exports which were hit by the Surat floods earlier this year.

Fabrikant told a US court that it has $225.9 million in assets and debts amounting to $363 million. The Gem & Jewellery Export Promotion Council (GJEPC) chairman Sanjay Kothari said that of its total debts, Fabrikant owes Indian diamond merchants around $25 million. “This is expected to slow down the business further,” he added. In the April-to-October period this year, India’s total jewellery exports dropped by 17 per cent to $6,291.3 million compared to a year ago.

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