Mr. Anoop Mehta, Co Convener, Diamond Panel Committee and in the capacity of being the representative of GJEPC at IDMA delivered a compelling address at the International Diamond Manufacturers Association's (IDMA) 23rd Presidents' Meeting in New York. Also present at the event was Mr. Sabyasachi Ray, Executive Director, GJEPC, reaffirming the Council's commitment to addressing industry concerns and strengthening global partnerships.

A key concern is the impact of the G7 sanctions on Russian diamonds. Mehta acknowledged India's commitment to ethical sourcing but warned that the sudden reduction in Russian rough supply-down by 37%-poses significant challenges. The sanctions could destabilise not only India's diamond industry but also the global pipeline, with small workshops particularly vulnerable to rising traceability costs.

Mehta's speech underscored the challenges and opportunities facing India's diamond industry, highlighting the sector's resilience amid global disruptions. He revealed that India's 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-a 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.

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.

"This is not a plea for exceptions but a call for collaboration," Mehta said, urging industry stakeholders, governments, and miners to work together in navigating these disruptions.