Until now I have forwarded all incoming Gmail to a daytime address. I would say about 50 people regularly correspond using this Gmail address.

Now I want to use it for a new private correspondence, and for that single sending address, do not want these emails forwarded. I don't want to have to setup 50 forwarding rules just to exclude one.

Is there a way to setup an exclusion rule to forwarding?

For example, if there is a filtering rule on the new address just to label those mail messages, will this de facto avoid them being processed by the blanket forwarding rule?