While a portion of the diamond manufacturing sector from Surat are expressing a rather depressing note, the trading sector on the whole seems to be glad that ALROSA has suspended supply of rough diamonds for September and October.
According to Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), he had approached a number of diamond miners to see if they would reduce supplies amid declining demand.
He reportedly said: "We believe that exploring mechanisms to manage the supply and prices of natural diamonds through collaboration among miners can be instrumental in bringing balance to the market."
Now, ALROSA's suspension of rough diamond has been welcomed by India's GJEPC as a positive move to combat overstocking. However, the G7 nations representing 70 per cent of diamond consumption, are widely expected to announce restrictions to be implemented in the New Year.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
