skip to main content
Moti Israeli Diamonds
the israel diamond industry logo

India: GJEPC Calls to Halt Diamond Purchases Until August

The organizations believe that the moratorium will help preserve inventory values"
diamond ring polishing repair
Credit: JoeFotoSS / shutterstock.com

India’s Gem and Jewellery Export Promotion Council (GJEPC) and  four other industry bodies are calling on industry members “to halt all purchases of diamonds” between July 10-31, Rough & Polished reports.

 

India Gems Diamonds
Credit: David Talukdar / shutterstock.com

 

According to the report, since the country went into coronavirus-related lockdown on March 25, India has been “stuck” with about $7 billion worth of rough and polished diamonds. The organizations believe that the moratorium “will help preserve inventory values and protect the industry”. Currently, industry members are allowed to import between July 1-9, “and can later agree to a voluntary restraint for the rest of the month”. According to the report, “the industry’s self-discipline has helped to reduce the industry’s inventory and manage cash flow at a time when businesses across the world are going through disruptions”.

 

India wedding diamond ring
Credit: Sukpaiboonwat / shutterstock.com

 

In the beginning of July, Surat, the world’s largest diamond cutting and polishing center, got to business with a new protocol to fight the spread of COVID-19; sadly, Rough & Polished now reports that “the number of COVID-19 infection has surged of late, leading to shutting down of the manufacturing units”.



Tags: Diamonds News, Jewelry News, Diamond Industry News, Diamond Prices News, India News

More News