Indian diamond traders decide on no embargo on rough imports
MUMBAI, July 8, 2015 - Prominent diamond industry associations of India, including GJEPC, BDB and MDMA, organised a meeting with the top 250 diamond exporters in Mumbai on July 7, 2015, to discuss the current market scenario and issues faced by the diamond industry and derive a way forward.
The industry leaders of all associations and members present unanimously agreed that the market has been going through tough times and there is a need to take short term as well as long term measures to address the issues faced by the industry.
The current market situation of diminished polished diamond demand, coupled with issues related to the absence of profitability in diamond manufacturing due to bank finance becoming increasingly costly, is causing a severe strain on the players mainly in the middle segment of the diamond value chain.
The traders reviewed the market situation and have unanimously decided to defer the option of a voluntary closure or embargo on rough imports for the time being and urged self discipline by the traders in the import and purchase of rough diamonds based on their inventory and the demand for polished diamonds.