India's Ban on Rough Imports: No Impact So Far

(IDEX Online) - India's voluntary ban on rough imports has yet to have an impact, with month-on-month purchases for October dropping by less than 1.4 per cent.

The two-month moratorium, aimed at stabilizing prices, was brought in by the Gems and Jewellery Export Promotion Council (GJEPC) and other industry bodies.

Imports for October were $1.019bn, GJEPC said in response to an IDEX Online inquiry, compared to $1.033bn for September. Imports in August were $1.317bn.

The ban was introduced on 15 October, affecting half the month, yet there is, as yet, no discernible effect.

GJEPC, which urged its 9,500 members to halt imports to "better manage the balance between demand and supply", said it had yet to assess the impact of the ban.

Meanwhile, exports of India's polished diamond for October were down 25 per cent on September, and down 33 per cent on the same month last year.