Russian diamond producer Alrosa has suspended rough diamond allocations for September and October after a request from India's leading trade body, the Gems and Jewellery Export Promotion Council (GJEPC), GJEPC said in a statement on Wednesday. Sanctions-hit Alrosa declined to comment. The move aims to avert a supply glut in the global market and aid diamond prices amid weak demand, GJEPC Chair Vipul Shah told Reuters. The trade body had reached out to several global mining companies earlier this month to raise concerns on issues impacting diamond trade, he added.
NEW DELHI - Russian diamond producer Alrosa has suspended rough diamond supply for September and October after a request from India's leading trade body, the Gems and Jewellery Export Promotion Council said on Wednesday.
Shah also said the GJEPC had communicated with top diamond producer De Beers, a unit of Anglo American, which had pledged to "provide complete flexibility to all their clients." The plan could transform the global diamond supply chain, but implementation will depend heavily on India, whose diamond industry employs millions of people who cut and polish 90% of the world's diamonds.
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