GJEPC asks rough producers to cut supply

Written by Commodities Bureau | Mumbai, Oct 23 | Updated: Oct 24 2008, 07:16am hrs
The Gem and Jewellery Export Promotion Council of India (GJEPC) has appealed to all rough-diamond producers to curtail the supply of rough diamonds for a few weeks in order to maintain stability and confidence in the diamond market during the current economic turmoil. It is very vital that we maintain an equilibrium between demand and supply and keep global stock and debt manageable during these challenging times, said Vasant Mehta, chairman GJEPC and vice-president, International Diamond Manufacturers Association (IDMA) in a statement. He further appealed to members of the council to adopt a very cautious approch and understand market realities.

Mehta felt that with reduced supply, diamond markets would remain more stable and this reduction would be in the interest of all the stakeholders in the long run.

The quantity of rough diamonds marketed worldwide greatly affects the stability of the industry and in particular, the industrys global bank debt.