Gemstones have witnessed a rise of 10 to 15 percent in price in the international market largely due to swelling demand in China and India.[break]
There are several forces driving the price rise - strongest being the surging demand from fast growing economies, particularly China and India. People in both the countries have a fascination for colored stones, some of which are believed to bring good luck. Another contributing factor is the rise of the Yuan against the dollar, the denominating currency for gemstone prices, followed by supply shortage.
The price of high quality gemstones such as rubies has gone up by 50 per cent this year and has doubled in the past two years in the global market.
"Gemstones have lately become expensive by 10 to 15 percent in the local market due to an increase in the price in the international market.
"A large amount of gemstones available in the market are imported from India and China and since the demand has surged in these two countries, a consequent price rise is being seen in the local market as well," said Ravi Shrestha of Asri Jewelers in New Road.
Precious gemstones such as ruby, emerald and sapphire among others available in the local market come from places such as Burma, Madagascar, Sri Lanka, Thailand, China and Africa, among others.
Tej Ratna Shakya, president of Nepal Gold and Silver Dealer´s Association, "People were not so fond of gemstones earlier but with gold becoming expensive, people are switching over to precious and semi-precious stones due to the security reasons." People are attracted to stones such as ruby, emerald and diamond.
"More people are today attracted to diamond jewelries and the demand for diamond is growing at 10 percent," Shrestha told Republica.
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