GJEPC stands firm: No further moratoriums amid market challenges
by Tamanna Bhasin | July 15, 2024 2:06 pm
In response to the 2023 downturn, the Indian trade organization Gem & Jewellery Export Promotion Council (GJEPC) and four other Indian industry bodies have recommended a voluntary two-month moratorium on rough diamond imports from Oct. 15 to Dec. 15, 2023. This year, despite the current market slump, GJEPC has confirmed it will not be implementing a similar measure. Instead, the organization wishes to focus on promoting demand.
While the moratorium provided temporary relief to the supply-demand imbalances, improving midstream trading in early 2024, manufacturers soon resumed rough diamond purchases at a period when consumer demand was static.
GJEPC chairman Vipul Shah, in conversation with Rapaport News[1], said, 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 bolster marketing efforts, encouraging the industry to “work towards marketing spend[ing] and promotion.”
- Rapaport News: https://rapaport.com/news/indias-gjepc-rules-out-diamond-import-freeze/
Source URL: https://www.jewellerybusiness.com/news/gjepc-stands-firm-no-further-moratoriums-amid-market-challenges/