Surat: Indian diamond industry will resume import of rough diamonds from 15 December 2023. Loktej Surat, Business News
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The Indian Gems and Jewelery Industry has announced that the voluntary suspension of rough diamond imports, which was effective from 15 October to 15 December 2023, will be lifted on 15 December 2023. The suspension was a collective decision. The Indian diamond industry is represented by GJEPC, Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse and Surat Diamond Association.
GJEPC Chairman Vipul Shah said, “We believe the suspension has helped bring stability to the Indian diamond industry, which was hit by low demand. The suspension also resulted in a positive impact on polished diamond prices in the last two months. Is kept. The industry expects prices to remain stable and sustainable in the coming months, as demand for natural diamonds gradually recovers in key markets such as the US, China, the Middle East and Europe.
GJEPC, along with other unions, informed its trade members through 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 displayed by the industry.
Furthermore, the association 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 alert and well prepared for the uncertainties ahead, as the global economic landscape continues to be influenced by geopolitical tensions.
Vipul Shah further added, “We will continue to work closely with 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 collaboration and flexibility we will achieve a prosperous future for the Indian diamond industry.”
GJEPC and other associations reaffirmed their commitment to engage with all industry stakeholders to strategize and implement effective measures to protect the interests of the industry and work towards a sustainable and balanced industry ecosystem.
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