The organisers of the October 14-16 Bharat Diamond Week are offering first-time visitors reimbursement of flight tickets of up to 50,000 rupees (around $700) for purchases of diamonds of more than $100,000, the Bharat Diamond Bourse (BDB) said. Preparations for the third edition of the Bharat Diamond Week, which takes place in less than one month, are in full swing, said Vice-President Mehul Shah who heads the organizing committee. "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.
"It is very important for us at the BDB to see new faces here for this special polished diamond sales week. Unusual as it may sound, there are 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 our more than 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.
"Furthermore, due to 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, we are confident that many companies that need to source diamonds will be visiting the BDB. The Bharat Diamond Week will act as a perfect venue for companies to source their diamond demands," said Mehta.
The Bharat Diamond Bourse has held talks with leading diamond and jewellery trade bodies to expand the number of visitors to the Diamond Week. It signed a memorandum of understanding with Thailand's leading gems and jewellery associations, and held a highly successful visit to the Shanghai Diamond Exchange (SDE) where more than 20 SDE member companies and the exchange's leadership heard about the benefits of participating in the Diamond Week.
The Bharat Diamond Bourse has also received message of support from leading industry figures. 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. Wishing you all a most successful event."
And 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.
"India is the world’s largest and most important manufacturing centre of diamonds. About 92% of polished diamonds come from India and the BDB which is the largest diamond bourse in the world and the leading power in the global industry with an incomparably wide range of products as well as extensive trading networks. Since visiting the BDB is always a rewarding experience for diamantaires, I’m sure that the SDE delegation will return with fruitful results. China is now the world’s second-largest diamond and jewellery market with huge potential, while the SDE is the only legitimate channel for the import and export of diamonds into mainland China. The 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.
The number of companies and individuals who have registered for the show is already far ahead of those for the two previous shows. And, as with the two shows held last year, the BDB will provide selected buyers with complimentary hotel accommodation, with around 150 complementary hotel rooms for foreign buyers. Priority will be given to visitors who are members of bourses affiliated to the World Federation of Diamond Bourses (WFDB), but all members of the diamond trade across the world are welcome to participate.
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.