GJEPC India deny reported effects of Antwerp Diamond Bank closure
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The Gem and Jewellery Export Promotion Council (GJEPC) India has asserted that news stories claiming diamantaires are offering discounts of 5% to 20% in the wake of the Antwerp Diamond Bank Closure are “false and baseless”.
In a strongly-worded statement, GJEPC said that articles published were “without substantial understanding of the functionary guidelines of bank’s trade with the diamond industry and without adequate and right feedback from the industry.”
It claimed that the closure has no immediate direct impact on the trade, and also refuted claims that the situation had created an overnight liquidity crunch.
Vipul Shah, chairman of GJEPC said: “The long term fundamentals of the diamond industry remain strong and robust as there are no new major finds and the sales of diamond [are] growing in [the] emerging markets of China and India.
“The raw material and rough diamond prices by DTC [have] gone up by 3%-5% while the Russian goods have witnessed an increase of 2% – 5% in the recent past. This only adds up to the Diamond and Diamond Jewellery prices due to which they witness an upward trend in the coming festive season and in the future.”
India is the largest consumer of gold and it is thought it will soon emerge as the largest consumer of diamonds globally.
