The GJEPC has appealed to the diamond industry members through a notification explaining the present problems in the gem and jewellery market, as per a source in the diamond industry.
According to the notification, during the process of monitoring the situation and on responding to the plea from the GJEPC members, the Council held several meetings of the top member exporters and local members of Committee of Administration of the Council to discuss the current market scenario.
Colin Shah, Vice Chairman, GJEPC has done consultation meetings with prominent members of trade including local members of Committee of Administration of the Council.
Based on the opinion Council got from such consultation and the decision taken after that by the Diamond Panel Committee of the Council, a note has been sent to the Hon’ble Commerce Minister, Commerce Secretary, Economic Advisor and other Government officials and apprised them of the precarious state of the Indian gems and jewellery industry.
In order to protect the interest of the industry at large, it was suggested that the individual members may consider the option of curtailing their import of rough Diamonds from 15th May 2020 at least for the next 30 days.
Pramod Agrawal, Chairman, GJEPC also urges its members as well as non-members to consider their commercial and contractual position individually and consider ceasing their imports of rough diamonds voluntarily for a period of 1 month from May 15, 2020.
Also, the trade and GJEPC have decided to take review of the situation in the 2nd week of June to suggest further course of action in this regard.
Victoria Quiri, Correspondent of the European Bureau, Rough & Polished, Strasbourg
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