New York--India’s demonetization initiative has affected another industry event.
Because of the program, which banned the country’s widely circulated 500 and 1,000 rupee notes in an effort to combat corruption and terrorism, the International Colored Gemstone Association announced that it has moved its 2017 Congress from April to October.
The event now is slated for Oct. 21 to 24, immediately following the Diwali holiday.
The ICA Congress brings together leaders and experts in the colored gemstone industry with presentations and special events.
“As a result of demonetization, the Indian markets are observing a slowdown, and the current situation is not very clear as new policies are surfacing every other day. In such an environment, we felt that Indian, as well as international delegates, would not participate in good numbers,” said Congress Chair Rajiv Jain.
He added India’s currency challenges are expected to lessen in the next few months.
India’s demonetization program also led Gemfields to delay its December auction of emeralds until February, and both De Beers Group and Alrosa said the initiative has hurt the trade for lower-value rough goods.