Alrosa will suspend diamond sales for two months at the request of the Indian GJEPC
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Russian diamond mining companyAlrosa» will suspend the sale of raw materials in September-October 2023 at the request of India’s Gems and Jewelery Export Promotion Council (GJEPC). The regulator’s press service reported this.
“The decision comes amid concerns about declining demand for diamonds in international markets, which is leading to disruptions [гранильных] factories and reducing resource allocation,” GJEPC explained.
Alrosa called on other industry representatives to take a similar position. The company asked diamond miners, cutting plants and jewelry retailers to suspend the purchase and sale of rough diamonds, the regulator added. GJEPC expects that this will improve the stability of each link in the diamond supply chain and revitalize the overall market.
GJEPC earlier reported that India’s diamond import bill fell by 43% in mid-August due to lower prices in the global market. The average figure was just over $1.1 billion. In June, the country spent $1.3 billion on diamond purchases.
According to Reuters, the G7 countries will soon will announce on an indirect ban on the import of Russian diamonds. The new restriction may come into force in early 2023.
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