Diamond World (DW) May - June 2020

SPECIAL REPORT
Ban on rough diamonds
To impoRt or
To NoT impoRt…
The dilemma whether to import rough diamonds or not had
baffled analysts initially when the ban was suggested and
today, nearly two months later and after further extension of
the ban on imports of roughs the diamond industry in India
unanimously supports it, says R Sugandha
The pandemic has indeed shaken
up the world by its very roots. The
economy has toppled and this
industry is taking a beating world over.
It’s not just a health disaster, the economy
is crumbling, rupee is crashing, stocks
are toppling and demand for diamond
jewellery is yet to gain momentum.
Voluntary moratorium on import
of rough diamonds extended
After nearly two months of the Covid-
19-induced lockdown, Indian diamond
processors have been facing voluntary
moratorium on the import of rough
diamonds which is extending far into July
2020. Many diamond units are expecting
the moratorium to mount pressure on
mining companies to reduce the price.
Move to safeguard interests of all
diamond merchants
“This move is a voluntary one, meant
to safeguard the business interest of the
diamond manufacturers and retailers
in turn. It will help them cut down on
import cost. Owing to the lockdown, most
diamond traders have a good inventory.
They don’t need more roughs at the
moment,” explains Vipul Shah, vicechairman
GJEPC.
82 | may-june 2020 | DiamonD WorlD