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Diamond industry may extend voluntary ban on imports beyond June

The discontinuance of imports was aimed at stabilising prices, a motive that the industry seems to be achieving now

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Rough diamonds worth over Rs 6700 crore were imported in June 2019 while that in May 2020 stood at roughly Rs 610 crore.

Vinay Umarji Ahmedabad

4 min read Last Updated : Jun 24 2020 | 2:31 AM IST

With the industry still servicing old orders out of the existing inventory of rough diamonds amid sub-optimal demand, the voluntary ban on imports of the precious stones that is on for the month of June may just get extended.

The diamond industry had voluntarily discontinued rough diamond imports for the whole of June in order to stabilise prices that had begun seeing lot of volatility. While industry sources are certain that the month-long voluntary ban may get extended, regional chairman of Gems & Jewellery Export Promotion Council (GJEPC) Dinesh Navadia told Business Standard that the matter is being reviewed.

The

Topics : Diamond industry GJEPC

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