Bharat Diamond Bourse, the organisers of the Bharat Diamond Week that is being held within the bourse complex from October 14-16, 2019 have announced a special incentive for first-time visitors to the event, which is now in its third edition.

In a statement released today, the BDB said it would offer first-time visitors reimbursement of flight tickets of up to 50,000 rupees (around $700) for purchases of diamonds of more than $100,000.

BDB Vice-President Mehul Shah who heads the organizing committee said, "We are happy to reimburse first-time visitors for up to $700 of the cost of their economy class tickets because we want to see more first-time visitors as well as all our veteran friends and colleagues.”

He explained that BDB felt it was very important “to see new faces here for this special polished diamond sales week”, particularly diamantaires who have never been to the Indian diamond centre and may not be aware of the vast range of polished goods that can be sourced from both the exhibitors of the BDW and the over 3,000 members companies at the exchange.

BDB President Anoop Mehta commented: "Close to 90% of all the world's polished diamonds are manufactured in India, so the variety of goods on offer is vast. In addition, the show falls just before the Diwali festival and shutdown, so many manufacturers will be offering great deals on their polished goods.”

Keeping in mind the situation in Hong Kong as a result of the civil unrest and “the relatively quiet foot traffic at the September Gem and Jewellery Show”, Mehta said that BDB was confident that many companies that need to source diamonds attend the show. “The Bharat Diamond Week will act as a perfect venue for companies to source their diamond demands," said Mehta.

As reported earlier, the number of companies and individuals who have registered for the show is already far ahead of those for the two previous shows.

BDB has also signed a memorandum of understanding with Thailand's leading gems and jewellery associations regarding the BDW, and held a highly successful visit to the Shanghai Diamond Exchange (SDE) to promote participation in the event.

Extending support to the event, World Diamond Council Chairman Stephane Fischler said, "Congratulations to the Bharat Diamond Bourse on its important initiative to give much needed space and exposure to the small and medium enterprises (SMEs) to showcase their unique vitality, skills and position within the diamond supply chain. Our industry is now challenged by the need to act faster, leaner and to develop new added value initiatives. Technology should be everyone’s ally and ignoring it is at everyone’s peril. The SME members of the industry must retain and strengthen their vital role in our industry."

Shanghai Diamond Exchange President Lin Qiang, guest of honour at the Diamond Week, said: "The 3rd Bharat Diamond Week is one of the major events for the midstream in our industry this year and also the last chance to stock up on inventory before the holiday season. I’m delighted to see that SDE members have been interested in getting the information and actively participating in the diamond week.”

Qiang added that since China is now the world’s second-largest diamond and jewellery market with huge potential, and  the SDE is the only legitimate channel for the import and export of diamonds into mainland China, “Cooperation between the SDE and the BDB will be of great benefit to the industry as a whole, especially in the face of changes and uncertainties. We will tide over the difficulties together and infuse confidence and vitality into the industry.”

As in previous years, the BDB will also provide selected buyers with complimentary hotel accommodation, with around 150 complementary hotel rooms for foreign buyers.

Each Indian company that wins the right to display at the Bharat Diamond Week is entitled to one booth. Since trading in synthetic or lab-grown diamonds is banned in the BDB, there will not be any such diamonds traded at the BDW.