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India to Lift Ban on Rough Diamond Imports
Though diamond demand is expected to recover, leaders are urging the industry to remain cautious amid economic and geopolitical tensions.
Industry leaders in India will lift the two-month moratorium on rough diamond imports on Dec. 15, the GJEPC officially announced Friday. (Stock image ©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Mumbai, India—Diamond industry leaders in India have agreed to end the voluntary suspension of rough diamond imports as prices stabilize.
The two-month ban, which went into effect Oct. 15, will be lifted on Dec. 15.
The announcement came from India’s Gem and Jewellery Export Promotion Council (GJEPC), which is acting as a representative for the Indian diamond industry alongside the Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association.
The moratorium was put in place in the hopes of addressing the imbalance between supply and demand as natural diamond jewelry demand declined in the world’s two largest markets, the United States and China, and polished prices dropped.
Indian officials are lifting the ban because market conditions have improved.
GJPEC Chairman Vipul Shah said, “We believe 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.”
“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 U.S., China, Middle East, and Europe.”
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The two-month ban, which went into effect Oct. 15, will be lifted on Dec. 15.
The announcement came from India’s Gem and Jewellery Export Promotion Council (GJEPC), which is acting as a representative for the Indian diamond industry alongside the Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association.
The moratorium was put in place in the hopes of addressing the imbalance between supply and demand as natural diamond jewelry demand declined in the world’s two largest markets, the United States and China, and polished prices dropped.
Indian officials are lifting the ban because market conditions have improved.
GJPEC Chairman Vipul Shah said, “We believe 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.”
“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 U.S., China, Middle East, and Europe.”
The GJEPC thanked industry stakeholders and associations for their cooperation and support, as well as the miners and diamond producers that “cooperated and showed confidence in the decision taken by the Indian industry and voluntarily suspended their sales.”
Despite improvements, the Indian associations are urging the industry to remain cautious amid the ongoing economic uncertainty and 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,” said Shah.
“We are confident that with our cooperation and resilience, we will achieve a prosperous future for the Indian diamond industry.”
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