India’s two-month voluntary suspension of rough diamond imports will be lifted on Dec. 15, according to a release from the Gem & Jewellery Export Promotion Council (GJEPC).
The ban was enacted on Oct. 15 in response to oversupply and falling prices in the natural diamond market.
“We believe that the suspension has helped bring stability to the Indian diamond industry, which had been impacted by low demand,” GJEPC chairman Vipul Shah said in a statement. “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.”
In its announcement, GJEPC and other groups urged the trade to “remain cautious and well-prepared for the uncertainties that lie ahead, as the global economic landscape continues to be influenced by 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,” Shah added.
GJEPC also thanked all the industry stakeholders for their “cooperation and support” and said they “recognized and appreciated [the industry’s] unity and resilience.”
The organization also expressed “gratitude to the miners and diamond-producing companies who cooperated and showed confidence in the decision taken by the Indian industry and voluntarily suspended their sales.”
This was the fifth time the Indian industry had enacted an import moratorium in response to depressed conditions. The market’s woes led Russian miner Alrosa to suspend its September and October sales, while De Beers’ sales have sunk so low, parent company Anglo American last week said that its second half would not be profitable.
(Photo: Getty Images)
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