The gem and jewellery industry has lifted the voluntary suspension of rough diamond imports from December 15 due to the imbalance between demand and supply.
The suspension of ban on rough diamond imports was a collective decision of GJEPC, Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association.
Earlier, the Gem and Jewellery Export Promotion Council had expressed serious concern on group of seven countries decision to ban rough diamonds import from Russia and processed in any part of the world from January 1.
India is the largest exporter of cut and polished diamond.
Vipul Shah, Chairman, GJEPC, said the suspension of rough imports has helped bring stability to the Indian diamond industry, which had been impacted by low demand.
The suspension also had a positive impact on the prices of polished diamonds over the past two months. The industry is hopeful that the prices will remain stable and sustainable in the coming months, as the demand for natural diamonds gradually recovers in the key markets such as the US, China, Middle East and Europe, he said.
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.