India Lifts Rough Import Ban as Polished Prices Pick Up
December 10, 23
(IDEX Online) - India's diamond industry is to lift the voluntary ban on rough imports that was brought in on 15 October to stabilize the price of polished diamonds.
The two-month suspension had shown "a positive impact" on prices, said the GJEPC (Gems and Jewellery Export Promotion Council, as it announced the ban would end on 15 December.
IDEX's Polished Price Index, the best indicator of the state of the market, rose in November for the first time in 18 months as prices began to pick up.
GJEPC urged its 9,500 members to halt all rough imports, in a joint move with Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association.
It has yet to provide updated figures on diamond imports since the ban came into force, although it is expected to do so in the coming week.
October figures, capturing the first two weeks of the moratorium, showed a drop of less than 1.4 per cent from $1.033bn to $1.019bn.
Vipul Shah, GJEPC chairman, (pictured) said: "We believe that the suspension has helped bring stability to the Indian diamond industry, which had been impacted by low demand.
"The suspension has also resulted in a positive impact on the prices of polished diamonds over the past two months.
"We are confident that with our cooperation and resilience, we will achieve a prosperous future for the Indian diamond industry."