Mr. Anoop Mehta, Co-Convener, Diamond Panel Committee, GJEPC and in the capacity of being the representative of GJEPC delivered a compelling address at the International Diamond Manufacturers Association\u2019s (IDMA) 23rd Presidents\u2019 Meeting in New York on 16 March. Also present at the event was Mr. Sabyasachi Ray, Executive Director, GJEPC, reaffirming the Council\u2019s commitment to addressing industry concerns and strengthening global partnerships.<\/p>\n
A key concern is the impact of the G7 sanctions on Russian diamonds. Mehta acknowledged India\u2019s commitment to ethical sourcing but warned that the sudden reduction in Russian rough supply\u2014down by 37%\u2014poses significant challenges. The sanctions could destabilise not only India\u2019s diamond industry but also the global pipeline, with small workshops particularly vulnerable to rising traceability costs.<\/p>\n
Mehta\u2019s speech underscored the challenges and opportunities facing India\u2019s diamond industry, highlighting the sector\u2019s resilience amid global disruptions. He revealed that India\u2019s rough diamond imports declined by 18% in volume and 34% in value over the past two years, while polished exports fell to USD 13.79 billion\u2014a 40.18% drop. The average price per carat also declined by 12.28%. These figures, he noted, translate to widespread concerns for workers, SMEs, and the broader supply chain.<\/p>\n
Despite these challenges, Mehta cautioned against rising protectionist sentiments and the threat of reciprocal tariffs, advocating for deeper engagement through platforms like the Indo-US Trade Policy Forum.<\/p>\n
\u201cThis is not a plea for exceptions but a call for collaboration,\u201d Mehta said, urging industry stakeholders, governments, and miners to work together in navigating these disruptions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mr. Anoop Mehta, Co-Convener, Diamond Panel Committee, GJEPC and in the capacity of being the representative of GJEPC delivered a compelling address at the International Diamond Manufacturers Association\u2019s (IDMA) 23rd Presidents\u2019 Meeting in New York on 16 March. Also present at the event was Mr. Sabyasachi Ray, Executive Director, GJEPC, reaffirming the Council\u2019s commitment to…<\/p>\n","protected":false},"author":1,"featured_media":30443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-30442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n