Indian Diamond Industry Set to Resume Rough Diamond Imports on Dec. 15

Surat : The Indian diamond industry has announced the anticipated lift of the voluntary suspension on rough diamond imports, effective from December 15th, 2023.

This decision, initially enforced from October 15th to address challenges related to demand-supply imbalances, was a collective resolution by key industry players, including the Gem & Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association.

Vipul Shah, Chairman of GJEPC, expressed confidence in the positive outcomes derived from this temporary suspension. “The industry observed greater stability due to this suspension, especially amidst reduced demand. It’s noteworthy that this move has positively impacted polished diamond prices in the past two months. Looking ahead, the industry remains optimistic about sustaining stable prices as the demand for natural diamonds gradually rebounds in key markets like the U.S., China, Middle East, and Europe.”

Trade members were notified about the resumption of rough diamond imports through a joint communication from the GJEPC and associated bodies. Expressing gratitude for the cooperation and backing received from industry stakeholders during the suspension period, these associations acknowledged the unity and resilience demonstrated by the sector.

Additionally, the associations extended appreciation to the miners and diamond-producing companies for their cooperation and confidence in the decision made by the Indian industry, leading them to voluntarily suspend their sales.

While looking forward to a resumption, the industry is cautioned to remain vigilant and prepared for potential uncertainties stemming from global economic factors and geopolitical tensions.

Chairman Vipul Shah emphasized ongoing collaboration with diamond miners to ensure a balance between demand and supply. He highlighted the commitment to launch effective marketing campaigns aimed at enhancing consumer confidence and demand for natural diamonds. Shah reiterated the industry’s determination to forge a prosperous future, driven by cooperation and resilience.

The GJEPC and allied associations reinforced their commitment to engage with all industry stakeholders, strategizing to implement measures aimed at safeguarding industry interests and fostering a sustainable and balanced industry ecosystem.