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India to halt rough-diamond imports

November 14, 2008

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Mumbai, India--In response to the economic turmoil impacting businesses worldwide, the Gem and Jewellery Export Promotion Council (GJEPC) announced on Friday that India is curtailing the import of rough diamonds for a month, beginning Nov. 25.

The GJEPC stated that the stoppage is designed to help the diamond industry cope with challenges stemming from the global financial crisis that are "causing a strain on the players throughout the diamond value chain."

"Our members have sufficient rough diamonds to stock to minimize the impact on our labor force," GJEPC Chairman Vasant Mehta said in a statement posted on the GJEPC's Web site. "Our move will basically cause fewer rough (diamonds) to enter the diamond pipeline, and the producer companies will thus indirectly share in the financing burden and contribute to faster restoration of normalcy in an otherwise healthy business."

In addition to helping the industry, the GJEPC message stated that the move also would send a message to the banking system that the diamond industry will not increase its debt in a time when downstream players have sufficient supply to meet consumer demand.
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