(IDEX Online) - India's voluntary suspensions of rough imports have helped stabilize diamond prices, says Colin Shah, newly-appointed chairman of the GJEPC.
"Commodities across the world, including oil, have fallen but diamond prices have been stable," he said.
"This was the result of a conscious decision taken by the Indian diamond companies to cut down rough imports so that businesses can reduce their inventories, lower debt, and manage cash flow."
The GJEPC, together with other trade bodies, requested three voluntary bans on rough purchases in April, May and July in an attempt to unblock a glut of inventory estimated at up to $7bn.
The country's exports of cut and polished diamond fell 39 per cent in July to $918.4m, as the COVID-19 pandemic blighted the industry.
The midstream is expected to restock in 2021, says GJEPC, provided end-consumer demand continues to recover, but some smaller players may not survive.
It predicts a 30-40 per cent downturn in the Christmas wholesale business.
Pic shows Colin Shah...