Indian diamond industry leaders have jointly appealed for a voluntary two-month suspension of rough diamond imports to help “better manage the balance between demand and supply, IDEX Online reports.
This call to action is being made by several prominent organizations, including the GJEPC (Gem and Jewellery Export Promotion Council), the Bharat Diamond Bourse, the Mumbai Diamond Merchants Association, the Surat Diamond Bourse, and the Surat Diamond Association. According to them, exports have experienced a 25% drop in the year up to August, leading to an accumulation of inventories and a drop in prices.
They are encouraging their members to refrain from importing rough diamonds from October 15 to December 15. A follow-up meeting will be held during the first week of December to determine any further steps.
In a letter to their members, India’s diamond industry leaders say: “We have no doubt and remain confident that we will address and improve long term demand in this precious and rare natural resource, but at the same time, we must navigate the short term carefully.”
