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Indian diamond traders decide on no embargo on rough import and encourage self-discipline
On 7 July 2015 Indian diamond industry associations such as the Gem & Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse (BDB) and Mumbai Diamond Merchant Association (MDMA) organised a meeting with top 250 diamond exporters to discuss the market and issues faced by the diamond industry such as the absence of profitability due to low demand, bankruptcies that affected the availability of finance, increased rough prices and the lack of discipline in rough purchasing.
The traders decided to defer the option of voluntary closure or embargo on rough import, and encouraged self-discipline by traders on import and purchase of rough based on their inventory and polished diamond demands.
The traders collectively took the following decisions:
No stoppage of import of rough at this moment as the workforce in factories will be the first priority for the trade
Formation of a 10-15 member committee comprising of businesspeople from all associations such as GJEPC, BDB, MDMA and Surat Diamond Association(SDA) representing big,medium andsmall manufactories, traders, sight holders, etc
Formation of adelegation of nominated trade representatives to meet with miners to review the situation
Formation of adelegation to meet with bankers for increasing bank finance
Formation of adelegation to meet with the government to address the policy measures
Promotional efforts to increase the demand for diamonds
All stakeholders will be taken into confidence including small manufacturers of diamond Industry from Surat through SDA
Situation will be monitored for a month and a meeting will be organised after one / two months to discuss the decision of the trade as way forward
