The Gem and Jewellery Export Promotion Council launched inaugural edition of India International Diamond Week (IDW), here, in Mumbai. The IDW is being held from 7^th to 9^th November at JW Sahar Mariott.

The IDW aims to create an annual trading platform increasing communication between diamantaires to promote business globally. It also aims to establish and strengthen new sourcing relationships. The IDW is a part of the Inter bourse activity of similar events wherein exhibitors from other international bourses would be allowed to participate thereby reinforcing the association.

Highlight of this week is its format which will be a mix of Buyer-Seller Meet (BSM) and open exhibition. In order to continue with the one-on-one engagement of that of BSM, there will be pre-fixed one-to-one meeting of approx. 30 minutes scheduled between the buyer and seller on the first 2 days and open exhibition on the 3^rd day of the IDW.

Over 50 known diamond manufacturers from across the globe are exhibiting at the 1^st edition of IDW. International diamond wholesalers and dealers from the U.S., Russia, China, Hong Kong, Israel, Iran, South Korea, Turkey, Middle East, South Africa.

Praveenshankar Pandya, Chairman, GJEPC in his inaugural speech said, “We have done similar diamond weeks in New York and China. This concept focuses on constructive business as you get an opportunity to directly interact with the companies. You would get to see all diamond sizes here. As the time progresses, we are planning to take this show with the same module to other countries. For the focused, diamond purchasers, this is a good format. I wish this gives a great business opportunity for all of us here.”

“In regards to disparity in rough and polished prices, we as an industry need to deal with it at all levels including the diamond producers. As a mid-segment, we are doing everything possible to boost diamond demand. In this regards, the Council has tied up with DPA. We have been quite vocal about diamond promotions all along. This year DPA is spending about US$60 million for promotions in the U.S. and a part of this amount would be spent on promotions in India. Besides, plans are afoot to promote diamonds in China in February 2018. Even De Beers has allocated US$140 million for Forevermark promotions,” he added further.

H said that though the industry has been facing a lot of challenges like sustainability, the council has been taking a lot of initiatives and has been in constant discussions with the DPA and WFDB, to improve the situation. As a Council, they are keen to help upstream as well as downstream segments.