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.
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.”
The Latest
It’s showtime for these jewels, inspired by the motifs and color palette of the new Tim Burton film.
CEO Efraim Grinberg pointed to a challenging consumer spending environment, particularly in the watch category.
Inspired by a 19th century sculpture, Mandler transformed gold into liquid for these earrings.
Growing your Instagram following organically is more important than ever in today's technological environment.
The model and entrepreneur stars in two new Chopard campaigns.
Members of the founding family partnered with Mexican retail company El Puerto de Liverpool to possibly take Nordstrom private.
The iconic design has joined a lineup of notable pieces featured in the jeweler’s “With Love, Since 1837” campaign.
Supplier Spotlight Sponsored by GIA.
Ralph Simons is now CEO of the jewelry brand started by fashion designer Michal Kadar and her husband, Avraham Kadar, in 2015.
Jen Cullen Williams and Duvall O’Steen say it’s all about giving your social media feeds a human touch.
The models and friends of founder and artistic designer Valérie Messika showcase the brand’s jewelry in the “Back to Icons” campaign.
“From Italy, With Love” will showcase Roberto Coin, Marco Bicego, and other Italian brands.
The jewelry retailer will also have a diamond-set tennis racket on display at the tournament.
The retailer has moved into a 3,200-square-foot space at The Shops of Highland Park.
The month’s birthstone is vibrant in every color.
The special editions of the Premier, Navitimer, and Chronomat are equipped with a new perpetual calendar movement from the brand.
Fly away with designer Katey Brunini’s butterfly ring, as its spring-loaded wings flutter above your fingers.
The jewelry retailer has a new chief brand officer and chief operations officer.
Its next event will take place in D.C. on Sept. 17 and in New York City on Oct. 29.
Inflation remained a top concern among survey-takers who included write-in responses.
The wireless carrier is now stocking the Ultrahuman Ring Air in select U.S. stores.
In a collaboration with Muzo, Pamela Love hand-selected each Colombian emerald for eight one-of-a-kind pieces.
The certification is based on employee responses about their experience working at a company.
OFAC has issued two licenses addressing the issue, one for diamond-set jewelry and one for loose diamonds.
The gemological lab is looking to raise up to $477 million.
The annual jewelry design competition celebrates creativity, artistry, style, and excellence.
The boutique is in Easton Town Center’s newly renovated fashion district.