Indian industry officials have decided not to ban rough diamonds from entering the country, even in the face of the trade’s current crisis.
According to a statement issued by the Gem and Jewellery Export Promotion Council (GJEPC), 250 diamond exporters agreed in a July 7 meeting that an import ban would hurt factory workers and instead recommended traders practice “self-discipline.”
Still, it called any stoppage “deferred,” indicating it will revisit the issue in a month.
It also called for a meeting with bankers, governments, and diamond miners to address issues of diminished profitability and lessened liquidity in the supply chain.
Local officials did not answer requests for comment from JCK.
The meeting included representatives of the GJEPC, Bharat Diamond Bourse, Mumbai Diamond Merchants Association, and the Surat Diamond Association.
The meeting came after reports of diamond bankruptcies in the country.