MUMBAI DIAMOND TRADE LOSES SPARKLE AMONG FOREIGN BUYERS

By P. Vijian

MUMBAI, Aug 6 (Bernama) -- Diamonds may be forever but have lost the sparkle
among foreign buyers who are giving India's oldest diamond market in South
Mumbai a miss, as a result of last month's triple bomb blasts.

While the market is normal, foreign buyers are not visiting because they are
cagey over security, says Bombay Diamond Merchants Association president Bharat
Shah.

"Orders are by mail and through telephones. Exports are a little panicky,"
he told Bernama Saturday.

On July 13, serial blasts disturbed India's financial capital, as an unknown
terror group targetted Mumbai's famous diamond trading hubs Zaveri Bazaar and
Opera, and Dadar district.

At Zaveri's gold and diamond bazaar, hundreds of retailers and thousands of
workers cut and polish the world's best diamonds in dingy outlets.


Both the hub's businesses are estimated at US$25 billion (RM75 billion)
annually.

According to Mumbai police, the evening blasts killed 25 people and more
than 125 were injured.

The authorities have yet to nail the mastermind behind the bombings.

Indian media reported the July attack was the third terrorist strike on the
diamond market in the last two decades.

"Five of our people died in the incident, mostly brokers and (diamond)
cutters. The industry is more worried about the loss of lives of workers," said
Shah.

The July attack was the worst since the November 2008 terror strike on
Mumbai landmarks, where nearly 170 people were killed by armed militants.

-- BERNAMA