Indian gems and jewellery industry to resume rough diamond imports after two-month hiatus

The brief suspension, which started on October 15 and will end on December 15, 2023, has resulted in more stability for the diamond industry that was reeling from low demand and stagnated polished diamond prices

Surat: The Indian gem and jewellery industry has announced that the voluntary suspension of rough diamond imports, which had been in effect from October 15 to December 15, 2023, will be lifted on December 15, 2023. The suspension was a collective decision taken by the Indian diamond industry, represented by the GJEPC, Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association, to address the challenges related to the imbalance between demand and supply.

Vipul Shah, Chairman, GJEPC said, “We believe that the suspension has helped bring stability to the Indian diamond industry, which had been impacted by low demand. It has also impacted positively on the prices of polished diamonds over the past two months. The industry is hopeful that the prices will remain stable and sustainable in the coming months, as the demand for natural diamonds gradually recovers in the key markets such as the U.S., China, Middle East, and Europe.”

The GJEPC, along with other associations, notified its trade members via a letter regarding the resumption of rough diamond imports. Grateful for the cooperation and support extended by all industry stakeholders during the suspension, the associations recognized and appreciated the unity and resilience demonstrated by the industry.

Furthermore, the associations also expressed its gratitude to the miners and diamond producing companies who cooperated and showed confidence in the decision taken by the Indian industry and voluntarily suspended their sales.The associations have urged the industry to remain cautious and well-prepared for the uncertainties that lie ahead, as the global economic landscape continues to be influenced by geopolitical tensions.

Vipul Shah further added, “We will continue to work closely with the diamond miners to ensure a balance between demand and supply, and implement effective marketing campaigns to boost consumer confidence and demand for natural diamonds. We are confident that with our cooperation and resilience, we will achieve a prosperous future for the Indian diamond industry.”

GJEPC and other associations reaffirmed their commitment to engaging with all the industry stakeholders in order to strategise and implement effective measures on safeguarding the interests of the industry while ensuring a sustainable and balanced industry ecosystem.

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