1st In­dia Di­a­mond Week in Mumbai A Suc­cess

Solitaire - - GJEPC NEWS -

he Gem & Jew­ellery Ex­port Pro­mo­tion Coun­cil suc­cess­fully held the first In­dia Di­a­mond Week (IDW) at J. W. Mar­riott Mumbai Sa­har, from Novem­ber 6-8. Over 110 buy­ers from 11 coun­tries in­clud­ing USA, Turkey, China, Russia/CIS, Le­banon, Saudi Ara­bia, South Africa, South Korea, got a half-hour, one-on-one slot dur­ing the event with each of the 48 In­dian di­a­mond man­u­fac­tur­ers.

The three-day event was a hit and both the buy­ers and sell­ers were happy with the out­come that would help them build busi­ness ties be­tween na­tional and in­ter­na­tional dia­man­taires in the time to come.

In his in­au­gu­ral speech, GJEPC chair­man Praveen­shankar Pandya noted, “We find this con­cept very fo­cussed as has been the ex­pe­ri­ence in the past seven edi­tions held abroad. The for­mat is con­ducive to do­ing some se­ri­ous busi­ness and the re­sults have been pos­i­tive, but it would be dif­fi­cult to guess the busi­ness that was trans­acted at IDW as the deals were done di­rectly be­tween buy­ers and sell­ers.”

Pandya added that since the in­ven­tory of sup­pli­ers was matched in ad­vance with the re­quire­ments of the buy­ers, it had pos­i­tive bear­ing on the sales. “There’s a press­ing need for fo­cussed buy­ing ac­tiv­i­ties with our cus­tomers world­wide, to en­sure that sup­ply and de­mand should match on a reg­u­lar ba­sis.” Pandya also noted that this for­mat com­ple­ments larger B2B ex­hi­bi­tions and will pro­pel In­dia’s growth in the di­a­mond sec­tor.

Speak­ing to the me­dia on the side­lines of the show, Reu­ven Kaufman, pres­i­dent, Di­a­mond Deal­ers Club of New York, com­pared the con­cept to speed dat­ing, stat­ing that their or­gan­i­sa­tion was the first to ini­ti­ate the buyer-seller con­cept as it is the best way to sup­port and in­crease busi­ness. Cit­ing close ties with the In­dian di­a­mond com­mu­nity, Kaufman said that a con­tin­gent of 40 mem­bers had vis­ited the first edi­tion of IDW. He said that the speed dat­ing had got con­verted to quite a few ‘mar­riages’ at the event as deals were fi­nalised, “and the buy­ers can’t wait to come back”. “The GJEPC has done a mag­nif­i­cent job with its first Mumbai edi­tion,” com­mented Kaufman. “The key­word here is un­in­ter­rupted net­work­ing. Many of our mem­bers vis­ited In­dia for the first time. Tremen­dous amount of busi­ness was done dur­ing the three-day event.”

Mehmet Can Özdemir, a board member of the Turk­ish Jew­ellery Ex­porters Assem­bly, in­formed that Turkey was rep­re­sented by 27 buy­ers for the show. He felt that hav­ing an in­ti­mate, oneon-one meet­ings helped them trans­act busi­ness. “In a large show, we tend to get lost, but smaller for­mats tend to be ef­fec­tive. Many of us were able to strike col­lab­o­ra­tive deals.”

In gen­eral, it made sense to most buy­ers to come and meet sup­pli­ers of In­dia, which is the world’s largest man­u­fac­tur­ing hub of cut and pol­ished di­a­monds.

One such vis­i­tor tes­ti­fied the worth of vis­it­ing In­dia. Gurhan Temeltas of Atasay Jew­ellery, one of the largest jew­ellery com­pa­nies in Turkey, stated that he vis­its In­dia ev­ery 45 days to source di­a­monds and find new sup­pli­ers. “This sin­gle trip to the IDW event helped me iden­tify more sup­pli­ers than I ever have in so many trips. I found dia­man­taires who could de­liver the stock of ex­act size and colour spec­i­fi­ca­tions reg­u­larly. This helps plan our jew­ellery pro­duc­tion time lines, thus lead­ing to sus­tain­able growth.”

Kaufman agreed that be­ing as­sured of steady sup­plies of di­a­monds from di­a­mond man­u­fac­tur­ers in the world’s big­gest man­u­fac­tur­ing hub also makes the busi­ness cost-ef­fec­tive.

An­other buyer com­mented that ear­lier their com­pany would source di­a­monds from An­twerp but in the re­cent past they have shifted their fo­cus to In­dia.

Pandya con­cluded that since the event had a pos­i­tive out­come, many buy­ers showed in­ter­est in vis­it­ing fu­ture edi­tions of the show in In­dia. “Novem­ber is a good time for big mar­kets, es­pe­cially the US that needs to cater to the de­mand for the hol­i­day sea­son. “With the Mid­dle East hav­ing com­pleted a ma­jor fes­tive sea­son, and the Chi­nese New Year not too far away, even the buy­ers from these coun­tries felt that it was a good time to host the show,” he stated.

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