{"id":28414,"date":"2022-03-09T20:45:29","date_gmt":"2022-03-09T15:15:29","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ukraine-diamantaires\/"},"modified":"2022-03-09T20:45:29","modified_gmt":"2022-03-09T15:15:29","slug":"biz-ukraine-diamantaires","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ukraine-diamantaires\/","title":{"rendered":"Ukraine war set to take sheen off diamantaires, sales seen falling by 30% in Q1: Report"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1561476767\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Mumbai, Mar 9 (PTI) The crippling economic sanctions imposed by the US and European nations on Russia following its invasion of Ukraine threaten to take the sheen off the domestic diamond industry, culling its sales by 25-30 per cent worth USD 2-2.5 billion in the next quarter alone, a report has warned.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2196919172\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The domestic diamond industry imports, cuts and polishes around 80-90 per cent of the world&#8217;s roughs, according to\u00a0a Crisil report.<\/p>\n<p> The sweeping economic sanctions on Russia also covers Alrosa, the biggest Russian diamond miner that meets as much as 30 per cent of global production of roughs, and this will have a bearing on the domestic diamond polishing industry, aid the report bases on the analysis of 53 diamantaires, which contribute a third of the industry revenue.<\/p>\n<p> Alrosa is a critical source for the domestic diamond industry, which imports, cuts and polishes 80-90 per cent of the world&#8217;s roughs, the report added.<\/p><div class=\"trade-content_5\" id=\"trade-1315110616\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Though sanctions do not prohibit doing business with Alrosa, the same have \u00a0severed Russian central bank and two major banks from the SWIFT system making trade settlement difficult creating supply disruptions if the war lingers on, the report noted.<\/p>\n<p> The domestic diamond industry, which is almost entirely export-oriented, is likely to clock revenues of USD 24 billion this fiscal having bounced back to pre-pandemic levels. It was expected to log a compound annual growth of 5-7 per cent over the medium term, driven by steady demand and hardening prices that already jumped over 21 per cent before the war began.<\/p>\n<p> Amid mining-side challenges, production cuts by miners, and rapid jump in demand over the course of the pandemic, the average inventory levels of domestic diamantaires have also come down to about three months from over four months earlier.<\/p>\n<p> If the trade disruption is protracted, sales in the next quarter \u00a0will be down by 25-30 per cent, shaving off about USD2-2.5 billion in sales, leading to flattish growth next fiscal, the report said, adding the loss would have been steeper but for the reasonably leaner first half when the industry generally reels in 45 per cent of its annual sales.<\/p>\n<p> Operating profitability of diamantaires has been under pressure since the second half of this fiscal due to their inability to fully pass on a sharp 21 per cent increase in prices of roughs since the start of this fiscal, but prices of polished diamonds just haven&#8217;t kept apace.<\/p>\n<p> Prior to the war, buoyant demand meant prices of roughs would rise 10-12 per cent next fiscal and is likely to rise by another 5-8 per cent due to the supply-side constraints.<\/p><div class=\"trade-content-10\" id=\"trade-3544028777\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> With pent-up demand almost saturated and tempering of consumer sentiment following the war, the industry may once again find it difficult, at least in the immediate term, to fully pass on the higher input prices, leading to a potential 75-100 bps drop in operating profit to 4-4.5 per cent next fiscal.<\/p>\n<p> However, credit risk profile of diamantaires is likely to remain stable as the decline in sales and profitability will be compensated by controlled leverage. PTI BEN  MR MR<\/p>\n<div class=\"trade-after-content\" id=\"trade-3740916295\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Mar 9 (PTI) The crippling economic sanctions imposed by the US and European nations on Russia following its invasion of Ukraine threaten to take the sheen off the domestic diamond industry, culling its sales by 25-30 per cent worth USD 2-2.5 billion in the next quarter alone, a report has warned. The domestic diamond [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1515,31],"tags":[],"class_list":["post-28414","post","type-post","status-publish","format-standard","hentry","category-company-results","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ukraine war set to take sheen off diamantaires, sales seen falling by 30% in Q1: Report - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ukraine-diamantaires\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ukraine war set to take sheen off diamantaires, sales seen falling by 30% in Q1: Report\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Mar 9 (PTI) The crippling economic sanctions imposed by the US and European nations on Russia following its invasion of Ukraine threaten to take the sheen off the domestic diamond industry, culling its sales by 25-30 per cent worth USD 2-2.5 billion in the next quarter alone, a report has warned. 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