India to stop rough imports for a month

The Gems & Jewellery Export Promotion Council has asked its members to stop import of rough diamonds beginning 25 November 2008, for a month. This move follows a decision taken by the Indian Diamond Industry to curb import of rough diamonds during the ongoing financial crisis, suggesting also to the banking system that the diamond industry is working at not increasing its indebtedness.

The Council is sure that the country has enough roughs in the market as of now to sustain and minimize the impact of the curb on the labourers. Also, the reduction will help producing companies to indirectly participate in the financial strain and consolidate efforts to help build a healthy business for the future.