In­dia Di­a­mond Week Draws 120 In­ter­na­tional Buy­ers

Solitaire - - CONTENTS -

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.