Clear Signs of Diamond Industry Recovery in India, Say Industry Leaders

The diamond industry in India is experiencing notable signs of recovery, according to a recent joint statement from the Gem and Jewellery Export Promotion Council (GJEPC) and Bharat Diamond Bourse (BDB). This positive shift comes after a prolonged period of market challenges.

In an open letter addressed to trade members, Anoop Mehta, president of BDB, and Vipul Shah, chairman of GJEPC, expressed their optimism about the industry’s current trajectory. They highlighted a key improvement: a better alignment between supply and demand, which is crucial for industry stability.

The statement noted that reduced inventories of polished diamonds and a decrease in rough diamond production are significant contributors to the recovery. The leaders emphasized that after a challenging 18-month period, the industry is now at a critical turning point. They observed that manufacturers have reduced both production and borrowing, while prices for certain diamond segments have started to rise, indicating a rebound.

August’s sales figures have been described as “robust,” further enhancing industry confidence. Although official figures from the GJEPC are pending, the initial signs are promising. The letter encouraged industry members to leverage these positive indicators and collaborate to enhance the value of natural diamonds.

“Now is the time to reinforce confidence in our beautiful and valuable natural diamonds,” the letter urged. “Let us move forward with positivity and work together towards a prosperous future for the diamond industry.”

This call to action reflects a unified effort to revitalize the diamond sector and ensure its continued growth and success in the coming years.