Delegation from Korea interacts with GJEPC, BDB

A delegation from the Korean Diamond Exchange (KDE) was hosted by the GJEPC and BDB in Mumbai, reports say. The delegation included Nam Chang Soo – President, KDE and Yu Seong Woo, a member of the exchange and was accompanied by included the Consulate General of Republic of Korea in Mumbai Seungho Baek. The meeting outlined ways to increase and encourage bilateral ties between the two countries.

Representatives of the Indian industry included Anoop Mehta – President BDB, Mehul Shah – Vice President BDB, Sanjay Shah – GJEPC Diamond Panel Convener, Manish Jiwani a member of the Diamond Panel and Sabyasachi Ray – Executive Director, GJEPC, as per reports.

The Korean delegation witnessed a brief introduction to the GJEPC and BDB, and Soo Nam communicated the Korean government expressing willingness to provide luxury tax exemption to Indian exporters since Korea will soon open Korea Diamond Bourse in SEZ i.e. tax free zone.

Anoop Mehta noted that diamonds and jewellery if were to be exported directly to Korea instead of being re-routed as currently, would address concerns over the trade deficit. The Indian representatives also noted that a value addition of 10-12 percent could be achieved for diamonds, which the government has been appraised about. The meeting further included GJEPC informing the Korean delegation the name of concerned authority from Korea negotiating India-Korea CEPA and Nam reiterating the Korean market having been opened, welcomed Indian companies to start offices in the tax free zone, as per reports.