ALROSA expects that its decision to suspend diamond allocations for two months by request of the Gem & Jewellery Export Promotion Council's (GJEPC) of India will stabilize diamond market balance and reinforce the stability of the supply chain by the beginning of 2024, the company said in a statement received by Rough&Polished.
"ALROSA has always adhered to the practice of maintaining stability in the market and reducing its volatility. The company's strong and high-quality asset base and stable financial position make it possible to implement such measures," - the press service of ALROSA said in a statement to Rough&Polished. "We expect that this will have a stabilizing effect to maintain balance in the market and reinforce the stability of the supply chain of rough and polished diamonds by the beginning of next year."
Earlier today GJEPC cited a letter it received from ALROSA, in which the company has called upon all industry partners, including diamond mining companies, cutting facilities, and jewellery retailers, to adopt a similar responsible stance towards rough diamond purchases and sales. This collective effort aims to enhance confidence within the industry and strengthen relationships among all stakeholders.
In the letter, ALROSA said it was convinced that this strategic step will be instrumental in revitalising the diamond market by improving the stability of every link in the diamond supply chain. The recent supply-demand mismatch has raised concerns within the industry, and ALROSA is confident that only through the combined efforts of global diamond industry organisations can the necessary impact be created to benefit the market and all its participants, both on the demand and supply sides.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
