(MENAFN- KNN India) New Delhi, Dec 9 (KNN)
Indian gems and jewellery industry declares that the voluntary suspension of rough diamond imports will cease after December 15, 2023, as key diamond markets, including the US and the European Union, anticipate price stability and demand recovery.
The decision for the suspension of rough imports was taken due to the ongoing geo-political and economic disturbances that led to lower demand in global markets.
The suspension was a collective decision taken by the Indian diamond industry, represented by the GJEPC (Gems and Jewellery Export Promotion Council), Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association, to address the challenges related to the imbalance between demand and supply. It was in effect from 15th October to 15th December 2023.
Vipul Shah, Chairman, GJEPC said,“We believe that 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, the Middle East, and Europe.”
“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. We are confident that with our cooperation and resilience, we will achieve a prosperous future for the Indian diamond industry,” he added.
GJEPC expressed appreciation to stakeholders, miners, and diamond-producing companies for their cooperation, support, and confidence in the decision made by the Indian industry.
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