Surat: Considering the consisting decline in orders and piling inventories, five major organizations representing diamond trade in the country appeale.
Temporarily stop import of rough diamonds: Industry body ask members business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
The gems and jewellery industry in India has urged its members to stop importing rough diamonds for two months starting from October 15. This move comes as a result of slowing global demand and rising inventories of domestic players. The circular, issued jointly by various industry associations, highlighted the decline in exports and the increase in inventories of polished diamonds.
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.