Points raised in the conference:
What was the need to lower the prices at such time?
How can he change the full pricelist to -5%?
Is diamond a commodity?(market rapaport thinks so)
Is rapaport jus a result of research on the U.S. market research?does he study all the markets
Has he ever taken india into consideration wen he does the research?
Rapaport was questioned about his decision to change the prices at the time when the market is under financial turmoil.
Indian diamentere requested martin rapaport to reinstate the last weeks pricelist and to freeze it for sometime.Rapaport disagrees with the arguments and blames the market for this situation.
Infact he blames people for the speculation in the market by holding the goods.how can he blame the industry?when the prices are going up its obvious people will hold the goods.
Rapaport says why do u people work on low margins.But this is not about just printing papers.india is largest manufacture of diamonds in the world and its done free.it involves a lot of expenses.
In india,people work under 5% and when pricelist goes down by 5% what will people get.
Diamond market is based on the DEMAND and SUPPLY factors...this is how the diamond market runs and is going on from the starting.
Diamond is not a commodity and theres no need to discuss it with the stocks,crude or any other commodity.
Rapaport said five to ten percent fluctuations should be taken in stride. Arun Mehta, chairman and director, B. Arunkumar countered this by saying that of an inventory worth $25bn, five percent was almost $1.30 bn, and this was not a sum to be taken lightly. He requested Rapaport to make an announcement to suspend the current pricelist and issue a revised edition considering the concerns voiced by the industry — a request that was turned down amidst a veritable uproar by the packed audience. However, in his closing statement Rapaport did concede that he would take constructive steps next time to resolve the issue.
The whole idea was to explain him the problems indian diamond industry is facing and a hope of getting the previos rap pricelist reinstated failed.
This has created a bad impact on the diamond industry
RAPAPORT has to work again on each and every clarity colour with detailed SCRUNITY.
1 comment:
Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now keep it up!
Post a Comment