Diamond processors told to curtail import of rough stones for one month

GJEPC says the move will help the industry clear inventory and ease the working capital situation

In a move aimed at protecting the interests of diamond processing industry, the apex body of the gem and jewellery industry has put forth a proposal to curtail the import of rough diamonds till June 15. This will help proessors manage the current lockdown-induced crisis banking sector’s reluctance to finance the sector.

Rough diamonds worth over $1 billion are imported every month on average, and a month's restraint will allow processing units to their pare inventories and tide over the current situation at least partially. These units are also under severe financial stress and aren't in a position to restart