India: Local Dealers Under Pressure

Slight improvement in trading, with more foreignbuyers in Mumbai for Bharat Diamond Week (Oct. 8 to 10). Local dealers underpressure due to weak rupee (-14% since beginning of year to INR 74.27/$1 onOct. 10). Smaller manufacturers closing factories early for Diwali as currency decline,bank caution and sluggish demand lead to tight liquidity. Some cutters also atrisk after loaning to Surat textile company involved in $70 million bankruptcy.Jewelry sales improving ahead of Diwali festival, which begins Nov. 7.

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