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Indian rough exports down in Nov 23

Updated: Dec 21, 2023

India's voluntary two-month ban on rough purchases saw a dramatic reduction in imports during November, down 69 per cent from $1.02bn in October to $314m, according to new figures from the GJEPC

The moratorium ended on 15 December and is seen as a major reason for the recent uptick in diamond prices.

IDEX's Polished Price Index, the best indicator of the state of the market, rose in November for the first time in 18 months.

The council had been prepared to extend the ban beyond two months, but decided it was not necessary.Sabyasachi Ray, executive director of the GJEPC, said the moratorium had been a call for prudence.Speaking shortly after it was introduced, he said: "There are enough stocks for manufacture for the next two months, based on the supply demand scenario.

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