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GJEPC withdraws suspension appeal on rough imports

December 30, 2008

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Mumbai, India--India's Gem and Jewellery Export Promotion Council (GJEPC) has declared the official end of its appeal for the country to cease the import of rough diamonds due to overstock and a drop in demand, according to a release from the organization.

The GJEPC made its initial appeal to Indian manufacturers to cease the import of rough diamonds on Nov. 25, a telling move for the country that manufactures nine out of 10 of the world's rough diamonds.

According to the GJEPC, the one-month "breather" period was designed to allow the GJEPC time to bring in overseas experts to brief members of the council and bankers on the worldwide economic crisis and to ask the Indian government for assistance, while at the same time avoiding an "irresponsible" increase in the country's diamond-industry banking debt.

When announcing that he was revoking the call for a ban on rough-diamond imports, GJEPC Chairman Vasant Mehta said, "I am thankful to the industry for supporting the appeal to cease the import of rough diamonds for one month. Though the global situation has not improved--and 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."

Moving forward, the GJEPC said it will do what its takes to lessen the impact of the global crisis on its members.

"Our industry is committed to free and open markets, and the fierce competition among and within manufacturing centers has caused an alarming shrinkage of margins," Mehta said. "The sudden fall in global diamond demand, and the unprecedented volatility in prices, has enhanced the levels of commercial and financial risks facing our members. The GJEPC will take all possible steps to mitigate the risks for our members and to increase our endeavors to promote India's diamond and jewelry sector in the global markets."
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