24 Oct 2020
DiamondWorld Directory
Home |
News
Home
Diamond trade bodies appeal to Ministry of Commerce to ban imports of rough diamonds for a month post lockdown
In a letter, GJEPC, BDB, SDB, MDMA & SDA appeal to the government to voluntarily cease imports of rough starting May 15, 2020 for one month
By: Diamond World News Service
|
Apr 23 2020 9:39PM
|
Reference: 24885  

DecreaseIncrease

In the wake of COVID-19 and the unprecedented impact on the global economy, the diamond trade bodies have appealed to the goverment to ban import of rough diamonds for 30 days after May 15. In a letter signed by chair persons of all committies including BDB, GJEPC, SDB, SDA and MDMA, it was stated that the members have had several meetings with the top member exporters and local members of Committee of Administration of the GJEPC to discuss the current market scenario and possible steps that can be taken by the members in consequence of the unprecedented issues arising from the pandemic, to protect the diamond industry.

Subsequent to all these meetings, the GJEPC has written to the Ministry of Commerce, Commerce Secretary, Economic Advisor and other Government officials and apprised them of the precarious state of the Indian gems and Jewellery industry and has called for urgent measures so that the industry can survive this crisis. As part of this, the trade bodies have suggested that the individual members may consider the option of curtailing their import of rough diamonds from 15th May2020 at least for the next 30 days.

The letter stated that such import stoppage will help the industry face the challenge that has arisen out of turmoil in the global gems and jewellery market, in addition to sending a signal to the banking system that the diamond industry will not increase its indebtedness at the time when its downstream colleagues continue to meet consumer demand so that the bankers feel reassured & do not reduce the credit exposure to the industry. 

The letter suggested that this move will also cause fewer roughs to enter the diamond pipeline and manufacturers won't be in a pressure to produce and face financial burden, but contribute to a faster restoration of normalcy. 



 



 

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2020
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 27582
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 2320
GJEPC Chairman Interview
Views: 24421
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 31955
Promo for IJ Awards 2012 at NDTV Profit
Views: 46186
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 58434
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18810
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 44926
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 43126
Advertisement
GIA_2020
Advertisement
Kosher 250300
Member of:
Supporter of: