The 2nd edition of India Diamond Week organised by The Gem & Jewellery Export Promotion Council (GJEPC) was inaugurated in Mumbai today by Senthil Nathan, Dy Sec., Ministry of Commerce, Government of India in the presence of senior officials of the Council, as well as participating buyers and exhibitors. This edition is being held on a far larger scale than the first edition, with 120 buyers from 29 countries and 50 of India’s top companies exhibiting an array of polished diamonds.

Among the buyers there were delegations representing all major key diamond markets of the world and a few smaller ones too including Australia, Bahrain, Belgium, Brazil, China & Hong Kong, Cyprus, Egypt, France, Germany, Ireland, Italy, Israel, Kazakhstan, Korea, Lebanon, Luxembourg, New Zealand, Russian, Saudi Arabia, South Africa, Sweden, Syria, Thailand, Turkey, UAE, UK, Ukraine, USA and Uzbekistan amongst others.

Congratulating the GJEPC on its initiative, Senthil Nathan said that the need of the hour was for new measures that would help the industry further consolidate its leadership position in the global industry. He said that the development of buyer-seller meets designed to enhance direct contact between manufacturers and companies from retail markets was a welcome step.

He said that there were three questions that the industry should seek to answer – what measures could be taken to strengthen the vast number of medium and small enterprises that form the backbone of the industry; how the industry could popularise its products in new markets and make then attractive for buyers from Gen Y; and what steps could be taken to ensure that the lab-grown diamond business is developed as a distinct product category.

Earlier, in his Welcome Address, Pramod Kumar Agrawal, Chairman GJEPC, said that this show was not only bigger and better than the previous one, but was also taking in place in Mumbai at the same time as the city was hosting both the Annual General Meeting of the World Diamond Council (WDC) and the World Diamond Congress 2018, the biennial meeting of the WFDB and IDMA.

“Today India plays a pioneering role in the development of value-added diamond cutting, with the sector cutting and polishing 14 out of 15 diamonds set in jewellery worldwide. India brings diamonds to life – every size from the smallest to the largest.  After creating a niche for itself in the diamond industry with small diamonds, India has also developed skillset for cutting and polishing larger stones and fancy cuts,” he added.

Agrawal said that last year gem & jewellery exports from India stood at US$ 42 billion with overall gross exports of gem & jewellery standing at US$ 20.23 billion during April-September 2018 (down 2.49%) as compared to US$ 20.74 billion during April-September 2017.

 “The Indian industry not only offers the largest variety of diamonds in every shape, size and colour, but also implements best business practices in diverse facets of the business – from transparency to worker welfare,” Agrawal continued. In addition, the industry also follows the System of Warranties initiated by WFDB & WDC on all their invoices.

Agrawal also spoke about the MyKYC project being implemented by the GJEPC worldwide, which would make it easier for buyers and sellers to confidently carry out transactions, and the Kimberley Process scheme to monitor the trade in rough, adding that GJEPC had been appointed by the government and the nodal agency for its implementation. He also said that the Council had extended financial support to the Diamond Producers Association (DPA) in its global campaign to promote diamonds in key consumer markets.

On behalf of the Gemological Institute of America which was the partner of GJEPC in hosting the event, Nirupa Bhatt, MD, India & Middle East, GIA said that the organisation which was one of the oldest labs in the diamond industry, would always extend its support for events that facilitated buyer-seller interaction and boosted trading.

Later, addressing a press conference at the venue, Colin Shah, Vice Chairman, GJEPC said that the generic diamond promotion campaigns of the DPA, which the GJEPC was also supporting, would boost sales of diamond jewellery manufactured using small diamonds.

He added that though the industry had faced numerous challenges this year, including volatility in the currency markets which had a negative impact in the short run, the fall out of tariff wars, etc., it was hopeful of weathering the storm and maintaining exports at least at last year’s levels if not registering a small improvement.

Thanking all those who had worked to make the India Diamond Week a success, including those who had led delegations from various countries, Dilip Shah, Convener, International Exhibitions, GJEPC in his Vote of Thanks said that he was hopeful that the event would prove to be a win-win one for all the participants.

Pic caption: (L to R) Sanjay Shah (Convener, Diamond Panel, GJEPC), Colin Shah (Vice Chairman, GJEPC), Pramod Kumar Agrawal (Chairman, GJEPC), Senthil Nathan (Dy. Secretary, Ministry of Commerce & Industry, GOI), Dilip Shah (Convener-International Exhibitions, GJEPC) and Sabyasachi Ray (Executive Director, GJEPC) at the inauguration