The Gems and Jewellery Export Promotion Council (GJEPC) hosted India's first Town Hall Meeting today at the Trident Hotel. Over 500 diamond manufacturers and retailers from India’s gem and jewellery and financial sector interacted with Mr. Gareth Penny, Managing Director of DeBeers Group of Companies and Ms. Varda Shine, Managing Director, Diamond Trading Company.

Ms. Shine delivered the opening speech of the meeting, calling the industry to refrain from complacency even though markets are improving slightly, since the past few months. She noted that a lax attitude would hamper growth and profitability, both on an individual and industry level. She encouraged adaptability and innovation as the industry’s lifeline and praised the Indian diamond industry as being a fine example of the same.

Mr. Penny touched upon the aspects of the current market downturn and the sluggish economy, and three factors affecting the diamond industry - drop in consumer demand, constricted liquidity and inventory overhang. He provided insights on confident leadership matters, focusing on cash management, core business and competitive advantage, reducing overhead costs, and solidifying deep partnerships with customers.

He also answered queries regarding ethical practices for sightholders worldwide, the International Diamond Board, and issues related to diamond industry’s recovery. The meeting ended on a positive note.