India's Gem & Jewellery Industry Resumes Rough Diamond Imports

Mumbai, Dec 8 (PTI) The Indian gem and jewellery industry on Friday said it will resume imports of rough diamonds, which were under voluntary suspension since October 15.

The suspension was a collective decision taken by the Indian diamond industry, represented by the Gem Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Mumbai Diamond Merchants' Association, Surat Diamond Bourse, and Surat Diamond Association, to address the challenges related to the imbalance between demand and supply.

The gem and jewellery industry will lift the voluntary suspension of rough diamond imports on December 15, which is in effect from October 15 to December 15, a joint industry statement said.

"We believe that the suspension has helped bring stability to the Indian diamond industry, which had been impacted by low demand. The suspension has also resulted in a positive impact on the prices of polished diamonds over the past two months," GJEPC chairman Vipul Shah said.

"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 US, China, Middle East and Europe," he said.

The GJEPC, along with other associations, have notified its trade members through a letter regarding the resumption of rough diamond imports.

However, the associations have urged the industry to remain cautious and prepared for the uncertainties ahead, as the global economic landscape continues to be influenced by 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," Shah added.