India Diamond Week Draws 120 International Buyers
The Gem & Jewellery Export Promotion Council (GJEPC) organised the second edition of India Diamond Week from October 23rd to 25th on the sidelines of World Diamond Council (WDC) Annual General Meeting and the World Diamond Congress, the biennial meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) in Mumbai.
The event was inaugurated by GJEPC chairman Pramod Agrawal, GJEPC vice chairman Colin Shah, GJEPC convener – international exhibitions Dilip Shah, GJEPC convener – diamond panel Sanjay Shah, and GJEPC executive director Sabyasachi Ray, in the presence of Senthil Nathan, deputy secretary, ministry of commerce & industry, Government of India.
India Diamond Week is part of the GJEPC’s endeavour to promote the Indian diamond industry globally and improve its trade relations with high potential markets. Around 50 companies exhibited and networked with 120 international buyers from nearly 30 countries including Australia, Bahrain, Belgium, Brazil, China, Hong Kong, Cyprus, Egypt, France, Germany, Ireland, Italy, Israeli, Kazakhstan, Korea, Lebanon, Luxembourg, New Zealand, Russia, Saudi Arabia, South Africa, Sweden, Syria, Thailand, Turkey, UAE, UK, Ukraine, USA and Uzbekistan amongst others.
Indian diamantaires showcased their capabilities through various offerings in terms of polished diamond shapes, sizes and cuts. GJEPC invited leading international buyers to India to deal directly with Indian suppliers and to reduce the cost of transactions and boost bilateral trade between global importers and Indian exporters of diamonds.
India’s gem and jewellery exports were $42 billion in 2017 and the overall gross exports of gem and jewellery were at $20.23 billion during April-September 2018, down 2.49% as compared to $20.74 billion during April-September 2017.
Agrawal said, “The second edition of India Diamond Week witnessed increased participation of diamond manufacturers and buyers from across the world. Proving that India is the preferred sourcing destination in the world, focussed buyer-seller meets will further promote business and strengthen ties between the Indian trade and international buyers.
“It will also help them discover new facets of Indian expertise— India not only played a pioneering role in the development of valueadded diamond cutting, but now our diamantaires have developed skill sets for cutting and polishing larger stones and fancy cuts. India
Diamond Week is a great occasion to reiterate that the Indian diamond trade is committed to the principles of fair trade.”
GJEPC leads in self-regulation encouraged through MyKYC Bank among GJEPC members. My KYC Bank is a centralised KYC platform for the gems and jewellery industry, and encourages total transparency in operations. All industry participants can update their own KYC information and documents on a single window and subsequently share the same with their trading partners.
The Indian industry has been successfully following the Best Business Practices and complying with the world business standards. Indian diamond companies follow the Best Practice Principles, a set of ethical standards developed by De Beers to promote the highest business conduct in the diamond pipeline. In addition, companies also follow the System of Warranties on all their invoices as initiated by WFDB and WDC.
Moreover, the GJEPC in the capacity of being a Kimberley Process (KP) Import/Export Authority in India is working closely with the KP chair, ministry of commerce & industry, Government of India and the trade to implement and oversee the Kimberley Process Certification Scheme in India. India is the Vice Chair of KPCS for the calendar year 2018 and will handle the responsibilities of chairmanship during 2019.
The GJEPC plays a dominant role in global diamond advertising. For the generic promotion of diamonds, GJEPC has joined hands with Diamond Producers Association (DPA) to fund the promotion of diamonds and diamond jewellery to increase consumer demand for the product. The overall media promotion funds allocated by DPA for three markets, namely, the US, China and India are to the tune of $40 million. GJEPC has contributed $2 million to the global promotion fund by the DPA.
The Council is also building stateof-the-art gemmological laboratories that ensure diamonds are natural, well-crafted and ethically sourced.
(From left) Sanjay Shah, Colin Shah, Pramod Agrawal, Senthil Nathan, Dilip Shah, and Sabyasachi Ray at the inauguration of India Diamond Week 2018.
(From left) Dilip Shah, Sanjay Shah, Nirupa Bhatt, Pramod Agrawal, Colin Shah, Senthil Nathan and Sabyasachi Ray lighting the ceremonial lamp.
Senthil Nathan (third from left) receiving a memento from Colin Shah, Pramod Agrawal and Dilip Shah.