The Gem & Jewellery Export Promotion Council on Dec. 26 ended its appeal to stop the import of rough diamonds into India.
GJEPC, which represents 5,500 jewelry and gemstone industry representatives in India, in November, requested that the industry impose a moratorium on diamonds imports for one month, beginning Nov. 25.
In its most recent statement on Dec. 26, GJEPC said the one month “breather” was used to bring in overseas experts to brief council members and bankers on the economic situation and how it effects the industry, and to enter into dialogue with the government on specific assistance measures. In addition, the moratorium was used to avoid an “irresponsible increase in the industry’s banking debts.”
GJEPC said it used the opportunity to discuss the fall in global demand for rough and polished diamonds with their workers “who will bear much of the burden that will be caused by the inevitable contraction of the diamond business for the foreseeable future,” the statement reads.
“Though the global situation has not improved and the U.S. holiday season retail sales were greatly disappointing we feel confident that our members now possess all the tools and the information required to exercise the needed self-discipline in their future rough diamond acquisition decisions,” said Vasant Mehta, GJEPC chairman.
Photo of diamonds provided by De Beers