- The Indian Gem & Jewellery Industry, represented by organizations such as the Gem & Jewellery Export Promotion Council (GJEPC), the Bharat Diamond Bourse (BDB), the Mumbai Diamond Merchants Association (MDMA), the Surat Diamond Bourse (SDB), and the Surat Diamond Association (SDA), has issued a joint appeal for a voluntary suspension of rough diamond imports.
- Trade organizations have advised individual businesses to take steps to support craftspeople during this time, ensuring that their livelihoods are not jeopardized.
The Indian gem and jewellery industry has unanimously decided to voluntarily suspend the import of natural rough diamonds from October 15th to December 15th, 2023. This strategic action is intended to remedy a demand-supply imbalance. This voluntary stoppage of natural raw diamond imports will have no effect on the industry’s processing and manufacturing activities. Furthermore, during the Diwali festival in the second week of November, industries in India generally close for about two weeks.
Vipul Shah, Chairman of GJEPC, reached out to global mining corporations in early September, outlining the Indian diamond industry’s worries. Recognizing the predicament, GJEPC arranged a summit of the top 100 diamantaires on September 26th, 2023, to examine the current state of the world diamond business. In response to the changing dynamics of the diamond market, the industry has adopted aggressive measures to ensure its long-term viability and growth.
“The GJEPC, along with industry leaders, remains committed to the long-term sustainability and growth of the global natural diamond industry,” says Vipul Shah. This collaborative effort illustrates the industry’s resilience and drive to manage these turbulent times and emerge stronger than ever. We believe that investigating ways to manage the supply and prices of natural diamonds through such temporary steps can help to bring the market back into balance. This will help to safeguard the asset’s value and boost consumer trust.”
“The sole purpose of this appeal is to voluntarily halt the import of natural rough diamonds while allowing diamond manufacturing factories to continue operations as usual.” Furthermore, we recommend that measures be done to assist craftspeople at this time, ensuring that their livelihoods are not jeopardized.”
Independently, the GJEPC is committed to revitalizing demand in key markets with the assistance of all other trade associations, the Government of India, the Natural Diamond Council, rough diamond mining firms, and like-minded organizations in the United States.
- During the Hong Kong show in mid-September, a gala function was organized to raise good awareness about diamonds.
- At the same time, the Council is looking into alternative markets such as Vietnam, Cambodia, Myanmar, Thailand, and others.
- This year’s India International Jewellery Show (IIJS) had a dedicated diamond section, which led in a noteworthy increase in demand for diamonds across the Middle East and Indian subcontinent.
Diamond miners rely on the midstream to monitor demand for rough diamonds and respond with proportional levels of supply, according to the supply side. This places the onus on the midstream to relay true levels of demand to all mining businesses by translating their need for raw diamond supplies.