India Responds to Call for Ban on Rough Purchases
November 09, 23
(IDEX Online) - India's rough imports fell drastically after a voluntary ban came into force in mid-October, according to data provided by Gem and Jewellery Export Promotion Council (GJEPC).
The moratorium is aimed at stabilizing prices that have been in decline for the last 18 months.
Imports after the ban came into force on 15 October were down 62 per cent on the first two weeks, according to figures cited by Times of India.
From October 1 to 15 India imported 38,37,413 carats. The total for October 16 to 31 was 14,45,927 carats.
Sabyasachi Ray, executive director of the GJEPC, said last week that the appeal, affecting an estimated million diamond workers, was an advisory, aimed at ensuring the economic health of the diamond sector.
A letter to the GJEPC's 9,500 members, issued jointly with the Surat and Bharat bourses, the Mumbai Diamond Merchants Association and the Surat Diamond Association, said: "This appeal solely aims to voluntarily halt the import of rough diamonds, while allowing diamond manufacturing factories to continue their operations without interruption.
"Additionally, we urge for measures to be taken to support the artisans during this period, thereby ensuring that there is no adverse impact on their livelihoods."