Political Rivalry Leads To US Dollar Reserve Currency Replacement Idea Being Raised Again

It's an idea that has been raised from time to time in the past. The last time that I recall it was suggested was following the 2008 financial crisis.

The idea is to use other currencies instead of the US dollar for the purchase/sale of diamonds – as well as a wide range of internationally traded commodities. Russia's ALROSA, the world's leading rough diamond miner by volume, announced that it has tested a payment mechanism with foreign clients using the Russian currency, the ruble.

IIJS Once Again Shows The Power And Strength Of the Indian Gem And Jewelry Sector

Attending the 35th edition of the India International Jewellery Show (IIJS) recently once again brought home a very clear fact: the extraordinary size, scale and strength of the Indian gem and jewelry industry.

No surprise there, of course. We all know the power of the Indian diamond, gemstone and jewelry trade. We are all familiar with the famous statistic that Indian polishes close to 90% of the world's diamonds, in volume terms. In value terms the figure is around 60-65%.