The suspension was in effect from October 15-December 15.
The suspension was collectively taken by the Gems and Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association, to address the challenges related to the imbalance between demand and supply.
“The suspension has also resulted in a positive impact on the prices of polished diamonds over the past two months,” said Vipul Shah, Chairman, GJEPC.
However, the associations have urged the industry to remain cautious and well-prepared for the uncertainties that lie ahead, as the global economic landscape continues to be influenced by geopolitical tensions.
The statement comes two days after the G7 group of countries decided to ban all imports of rough diamonds directly from Russia from January 1. The ban would extend to include Russian diamonds that have been processed in third countries from March 1, with a full traceability system implemented by the start of September.India is home to almost 90% of the world’s cutting and polishing of diamonds.Exports of gems and jewellery were $18.2 billion in April-October FY24, down 23.37% on year while imports were $12.5 billion, down 20.67% on-year. Rough diamond imports at $8.5 billion, declined 18%.
