SourcingSep 15, 2023
‘A Diamond Is Forever’ Is Back Again, Backed by $20M SourcingSep 27, 2023
India Calls for 2-Month Moratorium on Rough Diamond Imports
The plea comes against a backdrop of declining demand and falling prices.
Five diamond industry leaders in India have signed onto a letter calling for a two-month halt on rough diamond imports amid flagging demand for diamond jewelry and falling polished natural diamond prices. (Stock image ©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Mumbai, India—Diamond industry leaders in India are appealing to mining companies and the country’s manufacturers to stop importing rough diamonds for at least two months.
In the letter, they “suggested” manufacturers halt the import of rough diamonds from Oct. 15-Dec. 15 in response to the decline in diamond jewelry demand in the world’s two largest markets, the United States and China.
The letter also notes that Indian diamond leaders already have reached out to all the major diamond mining companies and asked them to support the industry with a “prudent and responsible approach in their offerings to their respective customer base.”
It states: “We have witnessed that mining companies are regularly selling the rough diamonds that are being mined, irrespective of the state of demand in the midstream. They believe that the midstream is a mature segment of the pipeline and will only purchase rough diamonds if there is real demand.
“In other words, they rely on the midstream to gauge the demand for rough diamonds and are happy to respond with corresponding levels of supply. This puts the onus on the midstream to transmit real levels of demand by translating our need for supply of rough diamonds to all mining companies.”
Alrosa, which remains under sanction in the U.S., agreed last week to cancel its September and October sales in response to a request from India’s Gem & Jewellery Export Promotion Council (GJEPC).
De Beers said it will continue to hold sights, focusing on “additional supply flexibility” for sightholders when needed.
The company said it will “take a responsible approach to rough diamond sales, supplying to demand and supporting both the short-term and long-term health of the industry, just as we have previously when faced with challenging industry conditions.”
Together, Alrosa and De Beers account for approximately 53 percent of the world’s production by volume and 59 percent by value.
Related stories will be right here …
In the letter, they “suggested” manufacturers halt the import of rough diamonds from Oct. 15-Dec. 15 in response to the decline in diamond jewelry demand in the world’s two largest markets, the United States and China.
The letter also notes that Indian diamond leaders already have reached out to all the major diamond mining companies and asked them to support the industry with a “prudent and responsible approach in their offerings to their respective customer base.”
It states: “We have witnessed that mining companies are regularly selling the rough diamonds that are being mined, irrespective of the state of demand in the midstream. They believe that the midstream is a mature segment of the pipeline and will only purchase rough diamonds if there is real demand.
“In other words, they rely on the midstream to gauge the demand for rough diamonds and are happy to respond with corresponding levels of supply. This puts the onus on the midstream to transmit real levels of demand by translating our need for supply of rough diamonds to all mining companies.”
Alrosa, which remains under sanction in the U.S., agreed last week to cancel its September and October sales in response to a request from India’s Gem & Jewellery Export Promotion Council (GJEPC).
De Beers said it will continue to hold sights, focusing on “additional supply flexibility” for sightholders when needed.
The company said it will “take a responsible approach to rough diamond sales, supplying to demand and supporting both the short-term and long-term health of the industry, just as we have previously when faced with challenging industry conditions.”
Together, Alrosa and De Beers account for approximately 53 percent of the world’s production by volume and 59 percent by value.
The call to temporarily halt rough diamond imports comes as the decline in demand for diamond jewelry has left Indian companies with more polished natural diamonds in a market where prices are falling.
It is the third time industry leaders in India have made such a plea. The first was in 2008 during the global financial crisis, and the second came in 2020 during the COVID-19 pandemic.
As Stephen Rego reported for National Jeweler’s September 2023 India Diamond Report, the country’s polished diamond production is well below the levels recorded last year, signaling an end to the halcyon days the industry witnessed in the immediate wake of COVID.
According to figures released by the GJEPC, in the first five months of the Indian fiscal year (April to August 2023), exports of polished diamonds have fallen 30 percent year-over-year in value terms and are down 28 percent in volume terms.
Ajesh Mehta of D. Navinchandra Exports, who is also head of GJEPC’s Diamond Panel Committee, told Rego that while manufacturers expected a drop-off in U.S. demand, the global slowdown has been deeper and wider than anticipated due in large part to stagnant demand in China.
In the letter, the industry leaders provided examples of the various initiatives under way to help stimulate natural diamond demand, including the GJEPC’s gala at the recent Hong Kong show, the new dedicated diamond section at the India International Jewellery Show, and the efforts of the Natural Diamond Council, which just unveiled its latest campaign.
De Beers also is looking to generate demand for natural diamonds this holiday season by reviving and refreshing its “Seize the Day” campaign from the 1990s.
“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,” the letter states.
The leaders of five key Indian diamond industry organizations signed the letter: GJEPC Chairman Vipul Shah, Bharat Diamond Bourse President Anoop Mehta, Mumbai Diamond Merchants Association President Bharat Shah, Surat Diamond Bourse Chairman Vallabhbhai Patel, and Surat Diamond Association President Jagdish Khunt.
The letter calls for revisiting the proposed ban on rough imports on Dec. 1 to gauge if the supply/demand situation has improved.
It also noted that Indian diamond manufacturers should continue their operations without interruption despite the ban on rough imports, and that measures should be taken to ensure the moratorium doesn’t impact the livelihoods of the country’s many diamond factory workers.
“Having taken these steps, we have no doubt that we will come through these challenging times stronger than ever, as we all believe in the longer term consumer demand and value of this finite natural gift of love—diamonds.
“Let us act together in the collective interest of the Indian diamond industry so that we can confidently walk towards a better season ahead,” the letter concludes.
The letter calls for revisiting the proposed ban on rough imports on Dec. 1 to gauge if the supply/demand situation has improved.
It also noted that Indian diamond manufacturers should continue their operations without interruption despite the ban on rough imports, and that measures should be taken to ensure the moratorium doesn’t impact the livelihoods of the country’s many diamond factory workers.
“Having taken these steps, we have no doubt that we will come through these challenging times stronger than ever, as we all believe in the longer term consumer demand and value of this finite natural gift of love—diamonds.
“Let us act together in the collective interest of the Indian diamond industry so that we can confidently walk towards a better season ahead,” the letter concludes.
More on Sourcing
The Latest
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement PlansHe retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
