Diamond industry puts import of roughs on hold
15 Nov 2008
The global financial downturn has come knocking at the door of the gems and jewellery industry. The Surat Diamond polishing industry has decided to stop import of rough diamonds effective 25 November till 31 December; this could be extended even further.
The move comes in the wake of falling demand for polished diamond and finished products, triggered by the global economic downturn.
The Gems and Jewellery Export Promotion Council (GJEPC) took the decision at a meeting held in Mumbai. Cording to Pravin Nanavaty, a member of the council and former president of the Surat Diamond Association (SDA), the decision will be reviewed at a later date. The SDA, on its part, has called a meeting to discuss a range of issues, since the industry is in serious crisis, SDA president, CV Vanani said.
The Surat diamond polishing industry takes a 15-day vacation every year. However, with the recession in the market, most of the units are expected to extend the "vacation" for a period of 45 days this year, Vanani said.