India: Polished Suppliers Under Pressure

Market quiet, with very few customers visiting from overseas due to virus. Some traders took vacation over Holi festival. Polished suppliers under pressure as inventories rise and prices soften. Demand down for SI-clarity and better diamonds. Some interest in I1 among local jewelers. Manufacturers have reduced polished production in response to the decline in orders. High gold prices and rupee depreciation (-2.7% since March 1 to INR 74.2/$1) weighing on domestic demand.

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