The suspension was a collective decision taken by the Indian diamond industry, represented by the GJEPC, Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse and Surat Diamond Association, to address the challenges associated with the demand-supply imbalance.
Vipul Shah, Chairman of the GJEPC, said, “We believe that the suspension has helped bring stability to the Indian diamond industry, which had been affected by low demand. The suspension has also had a positive impact on polished diamond prices over the last two months. The industry is hopeful that prices will remain stable and sustainable in the coming months as demand for natural diamonds gradually recovers in key markets such as the US, China, the Middle East and Europe”.
The GJEPC, along with other associations, has written to its trade members informing them of the resumption of rough diamond imports. Thanking all industry stakeholders for their cooperation and support during the suspension, the associations recognised and appreciated the unity and resilience demonstrated by the industry.
The Associations also expressed their gratitude to the miners and diamond manufacturing companies who cooperated and showed confidence in the Indian industry’s decision to voluntarily suspend their sales.
The Associations have urged the industry to remain cautious and well prepared for the uncertainties that lie ahead as the global economic landscape continues to be affected by geopolitical tensions.
Vipul Shah added: “We will continue to work closely with diamond miners to ensure a balance between supply and demand, and implement effective marketing campaigns to build 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”.
The GJEPC and other associations reiterated their commitment to work with all industry stakeholders to strategise and implement effective measures to safeguard the interests of the industry and work towards a sustainable and balanced industry ecosystem.
