|Indian diamantaires and jewelry manufacturers have expressed concern for the industry following the results of Britain's referendum on Friday in favor of exiting the European Union, reports The Business Standard.
In reference to the depreciation of the British Pound (GBP) against the Indian Rupee and other major currencies in the wake of the referendum, Indian diamond and jewelry manufacturer Asian Star Company Ltd's CEO Vipul Shah remarked that, "A depreciating GBP would reduce the purchasing power of Britons, resulting into a proportionate decline in the purchase of gems and jewellery, which will hurt India's exports. Import of rough diamond would reduce equivalent to the decline in gems and jewellery exports," added Shah, as quoted by the news source.Shrenuj & Co. Chairman Shreyas Doshi reportedly remarked that, "The current fall in the GBP is a knee-jerk reaction. We need to wait and see for a couple of days for the currency to stabilise. Then its actual impact would be felt," said Doshi, as quoted by the news source.