Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
SourcingJul 06, 2015
Indian traders stop short of banning rough imports
India’s top diamond exporters said no to temporarily stemming the flow of rough into the country but have outlined a number of other measures the trade there will take to deal with oversupply and lagging demand worldwide.
Mumbai--Members of the Indian diamond industry came close Tuesday to doing something they have not done since the advent of the financial crisis in 2008: banning rough diamond imports.
In the end, though, the approximately 250 diamond exporters who gathered in Mumbai opted to go into what Gem & Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah described as “self-discipline mode” for the time being and adopt a number of measures to help the Indian diamond industry deal with the problems plaguing it.
They are: an oversupply of diamonds, decreased profitability, lack of bank financing and decreased demand for diamond jewelry worldwide, which many consider to be the issue at the core of the industry’s problems.
“Ultimately, it’s sales,” said Ronnie Vanderlinden, president of both New York diamond company Diamex Inc. and the Diamond Manufacturers & Importers Association of America. “Polished (diamond) sales are weak. Nobody wants to take more rough at the elevated prices.”
This is particularly true of many diamond manufacturers today, as they find themselves squeezed in the middle.
Rough prices have continued to increase in recent years even as polished prices have sunk and demand for diamond jewelry has slowed worldwide. Retailers, who also are faced with shrinking margins, want to pay less for polished stones so they can compete while the producers continue to charge more.
Exacerbating the situation in India are the stockpiles of diamonds many Indian companies accumulated when the economy began to recover and banks there were lending freely.
Now with retail sales around the world, including in the United States, slowing and lending tightening, Indian companies find themselves stuck with diamonds they can’t move and little desire to add to their stockpiles.
On Tuesday, among the list of measures noted by the GJEPC was partnering with diamond mining companies and other segments of the industry to promote diamond jewelry, an idea that works for Prakash Mehta, head of New York-based jewelry manufacturer Interings and president of the Indian Diamond & Colorstone Association.
When asked on Monday about the vote, Mehta said he didn’t think that banning rough imports into India for a short period of time would have much effect, noting that “so many things have to be done.”
To begin with, he said the industry needs to do more to increase sales for retailers, and to divert millennials’ attention from electronic gadgets to jewelry.
He said
his company, Interings, works with the five largest buying groups in the United States--IJO, RJO, the Leading Jewelers Guild, CBG and SJO--and hears from their members that “business is slow.”
The world’s No. 1 diamond producer in value terms, De Beers, recognizes as much.
The diamond miner has come under fire recently for charging too much for rough diamonds and not doing enough for its manufacturer customers that find themselves squeezed in the middle.
Over the weekend, in fact, an anonymous sender calling himself “just a simple sightholder” circulated an email to a long list of diamond companies. The email, which also was forwarded to National Jeweler and is posted online, called for sightholders at De Beers sight scheduled for next week to reject boxes that yield less than 10 percent profit.
“I say, let them (De Beers) deal with $300, $400, $500 million (in goods) that are not taken,” the email reads. “I want to see how they survive.”
In reaction, De Beers’s David Johnson said that the diamond miner does recognize the challenges facing many manufacturers and will be giving sightholders the option to defer--put off for a later date--an additional 25 percent of their allocation at next week’s sight, something the diamond miner did earlier this year as well.
In addition, he said De Beers has undertaken a number of activities intended to stimulate demand for diamond jewelry, including Forevermark, bringing back “A Diamond is Forever,” and joining and helping to form the Diamond Producers Association.
While the DPA’s starting budget of $6 million a year pales in comparison to what De Beers used to spend on generic diamond marketing in the original A Diamond is Forever days, Johnson said the DPA does intend to conduct consumer research to understand how to reach millennial consumers and, in turn, how to focus marketing programs, whether they are led by the DPA or individual businesses.
“It’s the sort of thing that could grow,” Johnson said of the DPA.
More on Sourcing
The Latest
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
