"Clear Signs" of Diamond Recovery in India
September 09, 24
(IDEX Online) - There are "clear signs" that the diamond industry is recovering in India, according to a letter from the GJEPC and the Bharat Diamond Bourse (BDB).
Supply and demand are more closely aligned they say, citing reductions in both polished inventory and rough production.
In an open letter to trade members, Anoop Mehta, BDB president, and Vipul Shah, chairman of the GJEPC (Gem and Jewellery Export Promotion Council) say several key indicators suggest a "positive outlook and confidence in natural diamond pricing".
They say that after a challenging 18 months the industry is at a critical turning point.
August sales have been "robust" (GJEPC figures for the month have yet to be released), manufacturers have cut production and borrowing, and prices in some segments have actually started to rise, they say.
"These positive indicators offer a unique opportunity to reinforce confidence in our beautiful and valuable natural diamonds," the letter concludes.
"We call on our colleagues, partners, and fellow trade members to recognize these signs of recovery and move forward with positivity and confidence.
"Let us uphold the value of our rare and precious product and work together toward a more prosperous future for the diamond industry."
Pic shows (left) Vipul Shah and (right) Anoop Mehta.