The diamond industry in India will recommence the import of rough diamonds from December 15, marking the end of a two-month voluntary suspension, according to a statement from the Gem Jewellery Export Promotion Council (GJEPC), a leading trade body.
The decision to halt rough diamond imports voluntarily was initially implemented on October 15, and now, with prices stabilizing, the industry is gearing up to resume purchases, said Vipul Shah, the chairman of GJEPC.
The voluntary suspension, jointly agreed upon by major players in the Indian gem and jewelry sector, including the GJEPC, Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association, was a proactive measure to address the challenges arising from the imbalance between demand and supply.
“The suspension has also resulted in a positive impact 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,” Shah said.
While urging caution, Shah acknowledged the uncertainties in the global economic landscape due to geopolitical tensions.
“We will continue to work closely with the diamond miners to ensure a balance between demand and supply, and to 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,” he added.