Amid plummeting prices of polished diamonds and a slump in exports of polished diamonds from India, major diamond trade bodies have appealed to their members to halt imports of natural round diamonds for two months from 15 October to 15 December this year .
It was suggested that members may be advised to halt import of rough diamonds beginning 15 October to 15 December 2023," a letter signed by Vipul Shah, chairman of GJEPC, said. “It was assessed that halting imports of rough diamonds will help industry better manage the balance between demand and supply, thereby protecting the value of assets and increase consumer confidence. It was also decided to review the situation in the first week of December 2023 and then decide future course of action."
The other signatories are heads of Bharat Diamond Bourse (BDB) ,Surat Diamond Bourse (SDB), Mumbai Diamond Merchants’ Association (MDMA) and Surat Diamond Association .
India exported cut and polished diamonds worth a provisional $7 billion between April and August (FY24) which was down by 30.27% from the same period of the previous fiscal year (FY23). Exports of polished LGDs stood at $562.5 million in the five months through August , down 27% from a year ago.
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