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India’s diamond industry will not pursue a pause on rough imports despite prevailing concerns in the market surrounding weak demand. | Source: Al Balsan/DW André
India’s diamond industry will not pursue a pause on rough imports despite prevailing concerns in the market surrounding weak demand. | Source: Al Balsan/DW André

Diamond industry seeking long-term solution to demand woes

India’s diamond industry will not pursue a pause on rough imports despite prevailing concerns in the market surrounding weak demand.

In recent years, weakened consumer demand for diamond jewellery has pressured India’s cutting and polishing industry.

In the past year, the Gem & Jewellery Export Promotion Council (GJEPC) led the charge on a two-month voluntary moratorium on the import of rough between October and December.

This led to an easing of the supply-demand imbalance. This was the third import ban of the past 15 years, with a similar strategy used during the Global Financial Crisis (2008-09) and the COVID-19 pandemic.

This strategy removes excessive build-up of rough in manufacturing centres and decreases the pressure to purchase rough. It also creates liquidity in the middle market due to the lack of purchasing, which leads to a renewed demand for goods once the ban is concluded.

It’s viewed as a short-term, immediate fix; however, GJEPC chairman Vipul Shah said that wider concerns in the market need to be addressed.

“An import freeze is not a solution. We have to plan for the long term,” Shah told Rapaport News.

Shah added that China’s slow recovery from the pandemic was a critical concern that must be addressed.

The De Beers Group recently published the results from its fifth sales cycle, documenting a notable decline from the fourth cycle (18 per cent) and the third cycle (29 per cent).

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