In response to the 2023 downturn, the Gem & Jewellery Export Promotion Council (GJEPC) and four other Indian industry bodies recommended a voluntary two-month moratorium on rough diamond imports from October 15 to December 15, 2023. This year, despite the current market slump, GJEPC confirmed it will not implement a similar measure. Instead, the organization plans to focus on promoting demand.
The previous moratorium provided temporary relief to supply-demand imbalances and improved midstream trading in early 2024. However, manufacturers soon resumed rough diamond purchases even when consumer demand was static.
GJEPC chairman Vipul Shah told Rapaport News that an “import freeze is not a solution. We have to plan for the long term.” He highlighted plans to collaborate with the Natural Diamond Council (NDC) and the Indian government to boost marketing efforts, encouraging the industry to “work towards marketing spending and promotion.”