Devising A Difference

The days of December 11 and 12, 2014 will be marked in gold in the history of India’s diamond industry as two world leaders came together in New Delhi to extend support to the world diamond industry. Indian PM NarendraModi and Russian President Vladimir Putin were the chief guests of the inaugural function of the first ever world diamond conference that was held in India. Priyanka Desai brings you an in-dept report…

The Gem &Jewellery Export Promotion Council (GJEPC), the head body of gems and jewellery trade in India, in association with the Ministry of Commerce and Industry, GOI and World Diamond Mark Foundation (WDMF) organised the first ever global gathering of diamond frontrunners in India at the World Diamond Conference on December 11 and 12, 2014 at VigyanBhawan, New Delhi, India. The two-day conference saw industry leaders participating from all across the world. H.E. Vladimir Putin, Hon. President of Russian Federation and Shri Narendra Modi, Prime Minister India attended the inaugural function on December 11, 2014.

The conference saw numerousvital industry friendly announcements:
• Shri Narendra Modi, Prime Minister of India, announced the acceptance of the industry’s proposal for a Special Notified Zone that will help miners bring rough on consignment basis, display and book orders from local buyers. GJEPC’s proposes to conduct weekly auctioning of rough diamonds in collaboration with Bharat Diamond Bourse (BDB) at Mumbai. The main objective is to provide producers direct access to Indian market and vice versa. India cuts and polishes more than 90 per cent of rough diamonds in terms of carats and more than 70 per cent in terms of value

• Russia’s Alrosa finalised three-year contracts for direct rough supply to 12 Indian diamond companies beginning 2015. The agreements were signed by IllyaRaschin, Acting President of Alrosa with the respective heads of each of the companies in the presence of ShriSiddharth, Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Government of India. The 12 companies selected as cliental of the Russian miner are: Rosy Blue, Diamond India Ltd, Jasani, KiranGems, Shree Ramkrishna Exports, Hari Krishna Exports, KGK, Dimexon, Venus Jewel, Karp Impex, Sheetal Manufacturing and Asian Star. During the new contract period, the estimated direct sales from Alrosa to Indian companies will be about US$ 700 million, and the total for the three-year period will reach US$ 2.1 billion. This represents a massive fivefold hike in the current direct supplies of rough from Alrosa to India and will provide a huge boost to the Indian manufacturers

• Banks and the gems and jewellery industry together pledged greater transparency in the business practices and new vistas of marketing were explored

• ShriNarendraModi, Prime Minister of India announced a first-ever in the history of global diamond industry - Introduction of outsourcing of polishing services by India to cater to the needs of the worldwide diamond industry needs

The World Diamond Conference was partnered by ALROSA Russia , Shree Ramakrishna Exports, Shree Harikrishna Exports, Jasani Group. KGK Diamonds, Mahendra Brothers, Karp Impex, J.B.Brothers, Dimexon, Sheetal Manufacturing, Asian Star, Dianco, Jewelex, Rosy Blue, HRD.

Also present on this occasion were Denis Manturov, Honourable Minister of Industry & Trade, Russian Federation, ShrimatiNirmalaSitharaman, Honourable Minister of State for Commerce & Industry, IllyaRyashchin, Acting President ALROSA Russia, SonamKapoor, Brand Ambassador, GJEPC along with Vipul Shah, Chairman, GJEPC and Vice Chairman of GJEPC, Pankaj Parekh.

Commenting on GJEPC’s landmark initiative for global diamond trade, Vipul Shah, Chairman of Gem & Jewelry Export Promotion Council said, “India, which is the major diamond polishing hub, and Russia, which is poised to spend significantly in diamond exploration in the future, are Natural Diamond Partners and expected to gain enormously with the direct partnership proposal accepted by our Prime Minister today. The visit of H.E. Vladimir Putin, Hon. President of Russian Federation to India during the World Diamond Conference is of great significance and we are grateful that the GOI has accepted our proposals for Direct Sourcing and a Special Notified Zone in India.”

On this occasion Alex Popov, Chairman and CEO, World Diamond Mark Foundation said, “I think this inaugural World Diamond Conference is a tremendous achievement and I congratulate the Gem and Jewellery Export Promotion Council for picking up the seemingly impossible idea and making it to the conclusion that it has come to today. I am grateful to the Indian Government and to Alrosa for their effort and I think this conference has put the cornerstone of the real generic diamond market in the world.”