India to Lift Ban on Rough Diamond Imports
Though diamond demand is expected to recover, leaders are urging the industry to remain cautious amid economic and geopolitical tensions.
The two-month ban, which went into effect Oct. 15, will be lifted on Dec. 15.
The announcement came from India’s Gem and Jewellery Export Promotion Council (GJEPC), which is acting as a representative for the Indian diamond industry alongside the Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association.
The moratorium was put in place in the hopes of addressing the imbalance between supply and demand as natural diamond jewelry demand declined in the world’s two largest markets, the United States and China, and polished prices dropped.
Indian officials are lifting the ban because market conditions have improved.
GJPEC Chairman Vipul Shah said, “We believe 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.”
“The industry is hopeful that the prices will remain stable and sustainable in the coming months, as the demand for natural diamonds gradually recovers in the key markets such as the U.S., China, Middle East, and Europe.”
The GJEPC thanked industry stakeholders and associations for their cooperation and support, as well as the miners and diamond producers that “cooperated and showed confidence in the decision taken by the Indian industry and voluntarily suspended their sales.”
Despite improvements, the Indian associations are urging the industry to remain cautious amid the ongoing economic uncertainty and geopolitical tensions.
“We will continue to work closely with the diamond miners to ensure a balance between demand and supply, and to implement effective marketing campaigns to boost consumer confidence and demand for natural diamonds,” said Shah.
“We are confident that with our cooperation and resilience, we will achieve a prosperous future for the Indian diamond industry.”
The Latest
The company’s Easton location will remain open.
Show your mother some love with a piece of fine jewelry.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”