Mar 29, 2023

G20 Trade & Investment Working Group Visits the Bharat Diamond Bourse, the Diamond Centre of the World

The Indian diamond industry hosted the Delegates of the G20 Trade & Investment Working Group (TIWG) at the Bharat Diamond Bourse (BDB) today. The Bharat Diamond Bourse, is the largest diamond bourse in the world that houses more than 2500 offices, spread over an area of 20 Acres / 0.87 Million sq. ft. land in the heart of Mumbai.

The Indian diamond industry is the world leader in cut & polished diamonds, exporting USD 23 billion annually. 14 out of 15 diamonds set in jewellery worldwide are processed in India. India exports diamond and diamond studded jewellery to the entire world, including the United States, Europe, the Middle East, Asia and more.

Under the able leadership of Ministry of Commerce & Industry, the industry has grown leaps and bounds over the last many years. Today with continued support, guidance and pragmatic trade friendly policies by the Government, India has attained leadership position in several gem and jewellery verticals globally. The gem & jewellery exports account a staggering 10% to overall merchandise exports from the country. It is worth noting that the industry consists of more than 85% MSME players, further highlighting its importance to the country's economy.

The delegates were given a tour of the world-class facilities within Bharat Diamond Bourse premises, including the offices of the Mumbai Diamond Merchants’ Association (MDMA), India Diamond Trading Centre (IDTC), the Gem & Jewellery Export Promotion Council (GJEPC), the Gemmological Institute of India (GII), the Precious Cargo Customs Clearance Centre (PCCCC), as well as the Security Command and Control Centre. To gain insights into the diamond trade and operations, G20 delegates visited Mohit Diamond, Shree Ramkrishna Exports, Mahendra Brothers, Venus Jewel, Finestar Jewellery & Diamonds, Ankit Gems and Dharmanandan Diamonds.  

During their visit, the delegates were informed about the significant contribution made by the diamond industry towards the country's economy and employment generation. The briefing highlighted the various opportunities that the industry presents, not just within India but also globally. The Indian diamond industry is renowned for its skilled craftsmanship, cutting-edge technology, and a strong ecosystem, making it a key player in the global diamond industry. Through this visit, the G20 TIWG had the chance to witness first-hand the diamond industry's potential and the role it plays in the global economy. 

Speaking on the occasion Shri Anoop Mehta, President, BDB, said, “Bharat Diamond Bourse is proudly called as the diamond centre of the world. The Bourse is a conglomeration of more than 2500 diamond traders including some of the largest. The Bourse is inclusive in nature, and as much as it caters to big business, the needs of the smallest diamond traders are also taken care of. It is major employment generator not only in India, but also when diamonds get exported to various other countries.”

“The Indian diamond industry in general and BDB in particular has a glorious tradition of corporate social responsibility. Our CSR endeavours cover almost all the fields of health, education, wellness, sports, and philanthropy, adds Anoop Mehta

During his welcome address, Shri Vipul Shah, Chairman, GJEPC, said, “India, the “Jeweller to the world”, has a rich legacy of 5000 years of jewellery making. These skills and expertise have been passed down through generations and today, our skilled artisans are renowned for their exceptional craftsmanship, exquisite designs and have garnered global recognition. India's jewellery industry acts as a bridge between cultures, nations, and people, and brings happiness and delight to millions of consumers around the world.”