India Sticks by Rough Diamond Ban, December Imports Fall 91%
January 15, 09
The ban declared by Indian traders on importing rough diamonds into the country starting November 25 held well, according to trading figures published on Thursday. According to the provisional data, India’ rough diamond imports were only 8.67 percent of imports in December, no more than $85.8 million.
The 30 day ban declared under the hospice of the Gem & Jewellery Exports Promotion Council (GJEPC), followed a tough rough diamond trading environment, where traders made many speculative purchases that drove prices to unreasonably high levels. The rough diamond market crashed in November.
India imported 2.17 million carats of rough diamonds in December 2008, a fraction of the 128.59 million carats imported in December 2007.