Diamond Import

The gems and jewellery industry has asked its members to stop import of rough diamonds for two months starting from October 15 amid slowing global demand and rising inventories of domestic players. "...demand for loose polished diamonds and jewellery from large consuming economies such as the USA and China have been materially affected over the last many quarters, on the back of all-time highs of 2021 and 2022, with a visible slowdown in orders. "As a result, our country's exports have declined by 25 per cent during January-August, with a similar trend in September. Due to such factors, our inventories in polished diamonds have increased over the past few months and prices are softer as an effect of this mismatch in demand vs. supply," according to a circular. The circular was issued jointly on Tuesday by the Gem Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Surat Diamond Bourse, Mumbai Diamond Merchants Association and Surat Diamond Association. Mining compani

With some mines in Botswana being put to work, rough diamond trade could ease by 10% amid US sanctions on Russia's Alrosa which commands 27% global supply

Polished diamonds and coloured gemstones were big underperformers in this basket. But gold and silver jewellery as well as synthetic gemstones have shown positive trends

Imports from Hong Kong, the biggest source of polished diamonds, was down 25% to Rs 38.48 billion