India's Rough Ban Stablizing Prices, says GJEPC
November 26, 23
(IDEX Online) - India's two-month voluntary ban on rough imports is stabilizing diamond prices, says the industry body GJEPC.
Its figures for October, published last week and capturing the first two weeks of the moratorium, show a drop of less than 1.4 per cent from $1.033bn to $1.019bn.
But that doesn't tell the full story, says Ajesh Mehta, convener, diamond panel, GJEPC (Gem and Jewellery Export Promotion Council).
Prior purchasing commitments could have influenced early-month import activities, she says, so a comparison between October and September might not offer a "precise assessment".
He said: "We believe that the suspension of rough diamond imports is the reason for the recent stability in diamond prices.
"In fact, we are witnessing a shortage of polished natural diamonds in certain sizes and clarities. As we head into the year-end, we look forward to a revival in demand for diamonds."
He said November figures would provide a clearer understanding of what impact the ban was actually having.
"It would be more prudent to compare the October-November 2023 data with the same period in 2022 rather than juxtaposing it with September 2023," he said.
"This broader comparative approach is crucial for a detailed understating of any significant shifts in import patterns due to the suspension."