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Belgium, Dubai cancel auctions on India diamond slump


Major rough diamond auction houses in Belgium and Dubai have cancelled auctions as India's diamond industry is hit by a slump in demand for polished stones from China and the US.


Indian companies process nine out of every 10 diamonds in the world. De Beers has also rescheduled its auctions and postponed planned viewings of its rough diamonds as beleaguered buyers wait for a market revival.


The GJEPC chairman warned the fall in demand would hurt exports this quarter.


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