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
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
