GJEPC: India Diamond Market “Optimistic” About the Holiday Season

GJEPC Chairman is seeing “multiple reasons to be optimistic about the holiday season ahead”

In an interview with Rough & Polished, Colin Shah, Chairman of The Gem and Jewellery Export Promotion Council (GJEPC) of India, said that the diamond market “is seeing signs of improvement, giving stakeholders multiple reasons to be optimistic about the holiday season ahead”. Demand, Shah said, is gradually picking up in the US, China and parts of Europe.

Shah added that out of the 7,000 small, medium and large diamond manufacturing units in Surat, only half of them are operational, and that factories have been working at 50% capacity. This, he says, have brought coronavirus cases down in the industry recently.

Shah also said that the major trade bodies in India have lifted the suspension of rough diamond imports (exercised until the end of July), although GJEPC is still urging “manufacturers to exercise extreme caution, self-discipline and self-prudence, keeping in mind the uncertain and volatile nature of the pandemic”.

Post-pandemic, GJEPC is planning to work with the government revival initiatives for the Indian diamond and jewellery industry, including a new e-commerce policy, reduction in import duty on polished diamonds, modifications to the Gold Monetisation Scheme and more.

Courtesy: Israeli Diamonds