India has expressed concerns about the oversupply of diamonds in its market and has requested that the Russian diamond mining company ALROSA temporarily halt its diamond raw material shipments. This decision was announced by the Gem & Jewellery Export Promotion Council of India (GJEPC), India's regulatory body for the export of precious stones and jewelry.
The move comes in light of apprehensions regarding a decrease in global diamond demand, resulting in disruptions in diamond-cutting factories. Vipul Shah, the chairman of GJEPC, voiced his concerns over the Indian diamond industry. He mentioned declining demand, the impact of lab-grown diamonds on the market, issues related to inventory and production, the economic slowdown in the United States and China, as well as geopolitical instability.
