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Falling rupee may dent diamond-demand growth: De Beers

Indian shoppers spent 9% more on diamonds last year in rupee terms. Measured in dollars, demand dropped 5%

Bloomberg  |  London 

De Beers, the world's biggest diamond producer, expects the rupee's record slump to stunt sales growth in the third-largest market for the precious gems. "Domestic demand in India was going like a train at the start of this decade," said Howard Davies, commercial head for De Beers' global sales. "That had a real slowdown last year as a result of rupee depreciation. That would be our expectation this year as well - growth in local currency terms but maybe not such a good picture in dollar terms." The rupee retreated to a low of 61.2125 a dollar on July 8 ...

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First Published: Wed, July 10 2013. 22:32 IST