First-Ever India International Diamond Week Held by GJEPC

The first-ever India International Diamond Week took place earlier this month in Mumbai under the auspices of the Gem & Jewellery Export Promotion Council (GJEPC).

The aim is to promote the Indian diamond industry worldwide and improve its trade relations with potential countries.

The GJEPC said in a statement that important buyers were invited from the US, China, Russia / CIS, Lebanon, Saudi Arabia, South Africa, South Korea and Turkey. Around 40-45 diamantaires from India showcased their goods, including various polished diamond shapes, sizes and cuts. The GJEPC invited over 100 leading global buyers to India to deal directly with Indian suppliers and to reduce cost of transactions and boost bilateral trade between global importers and Indian exporters.

GJEPC Chairman Praveenshankar Pandya said, “Focused buyer seller meetings of the stature of India International Diamond Week will further promote business ties between the Indian trade and international buyers. Each and every buyer is taking advantage of this unique platform offered because they can concentrate on existing and new customers across the spectrum. November is the best time for conducting such a meet as it marks the beginning of the new season for 2018 across key markets targeting Christmas, Chinese New Year and other festive occasions across the world. The diamond trade is a community in itself and we all have our strengths – therefore it is important to collaborate so as to create and nurture sustainable growth.”

Reuven Kaufman, President of the Diamond Dealers Club of New York, said, “The GJEPC has done a magnificent job and the good matchmaking has now become a marriage. Diamond business is a human business based on trust. Buyers from across the world need to meet face to face and create good relationships leading to better quality conversations. India International Diamond Week is a very good forum as it shifts the focus from local regional buying to global buying at the most cost-effective competitive rates. Sourcing from India also helps in maintaining continuity as we get the widest possible range of finished diamonds suitable for all kinds of jewelry.”

Mehmet Can Ozdemir, CEO, YonetimKurulu Oyesi from Turkey, said, “Turkey and India have a long history of successful business relationships in the gem and jewelry trade. In a big show, we buyers can easily get lost, but the India International Diamond Week is a focused B2B platform. I have been coming to India often and meet several companies but I discover new offerings during every visit including unique Indian craftsmanship. Initiatives such as this will help in fostering long years of collaboration between India and Turkey.”

Ms. Wang Yi, General Manager, GuoHua Jewelry (China), said, “The Chinese delegation at India International Diamond Week in Mumbai was large with 14 buyers from 35 companies. The Chinese gem and jewelry trade is seeking the best purchases from across the world after the country opened up its markets and lowered duties leading to its premier positioning as one of the largest exporters of jewelry. We want to procure directly from the source and encourage direct procurement.”