The Antwerp World Diamond Centre (AWDC) hosted the latest edition of its popular workshop and networking event “Antwerp Diamond Day” at the Leela Kempinski hotel in Mumbai on March 25th 2010. The event was a part of the economic trade mission led by Prince Philippe of Belgium to India and aimed to introduce the most important players in the Indian diamond trade to their counterparts from Belgium.

During his welcome speech, AWDC CEO Freddy J Hanard said, “There is no better way to do business than face-to-face and that is why we organise these diamond days. It is a unique chance for you to meet with the key players of the Indian and Antwerp diamond industry. We had already done Antwerp diamond days in Singapore, shanghai, Jakarta, South Africa and Botswana. We are proud that Mumbai with the Antwerp representatives and more than 100 companies is added to that list.” He further cited the long bi-lateral relationship between India and Belgium diamond industries and emphasised on understanding the importance of the Indian market. Around 80 percent in terms of carat and 65 percent in value terms of rough traded in Antwerp find their way to India. He also stressed on the need to change in current economic scenario “We have to reinvent ourselves and look at what our challenges in the future are. It is only then we can acquire businesses, market share or protect what we have,” he said.

The Gem and Jewellery Export Promotion Council (GJEPC) Chairman Vasant Mehta said, “Merchandise exports from India to Belgium rose from 3.47 billion dollars in 2006-07 to 4.48 billion in 2008-09. Of this diamond industry contributed USD 1.59 billion in 2006-07 and USD 1.56 billion in 2008-09. While gems and jewellery accounts to 35 percent of India’s overall exports to Belgium, diamond imports from Belgium have a 66 percent share from the overall exports of Belgium. It would not be an exaggeration to say that diamond industry is one of the crucial cobblestones of Indo-Belgium trade ties.”

He also spoke about the importance of India and China as important centres for consumption and economic power. The two markets are together poised to equal that of the US in the next five to 10 years. While the US market will come out of the slump and remain a significant market for diamonds, India and China are expected to compensate for the decline in the American consumers capacity to purchase the precious stones we manufacture. India has already become the third largest diamond consumer market and China too is developing rapidly. Talking about the relationship between India and Belgium in the new economic environment, Vasant Mehta said, “The economic environment that clouded business sentiments is showing signs of easing and while it is too early to predict how long a complete recovery will take there is every indication that the worst is behind us. I am sure the new innovative partnership that has boosted both our economies in earlier decades will discover new levels of equilibrium and help us take advantages of the emerging opportunities and create a win-win situation for both the sides. During the last decade, we were opened to the fact that our industry faces many external challenges, be it from other luxury goods grabbing a share of the consumer wallet or the negative publicity of blood banks. Each time we have come together to weather the storm, collectively emerging stronger as a result. I am sure that this spirit of collaboration and cooperation will continue to be decisive as we emerge from the global economic crisis.”

Rohit Mehta, President of the Surat Diamonds Association invited the AWDC CEO to Surat to get first hand information of the Surat diamond industry. The inauguration was followed by presentations of “Science supporting confidence in diamonds” by Dr. Jef Van Royen, Senior Research Scientist at HRD Antwerp, Research and custom formalities by Werner Van Der Cruyssen, Customs Attaché at the Belgium Embassy in India. During the latter half of the afternoon a two-and-a-half hour of networking session enabling the Belgian and Indian diamantaires to meet and discover business opportunities was held. While interactions took place, it was less than expected. Mohd Nadeem of AMC Diamonds India Pvt. Ltd. said that while his company met with some of those present, he had hoped that there would be retailers from other cities from India as well. The event ended with a reception in the presence of Prince Philippe who met some of the Indian diamantaires.

Antwerp is the primary supplier of rough diamond to India’s massive manufacturing centre, and the Belgian diamond sector is looking to create even wider ties with the country in light of forecasts showing its diamond industry is set to expand in the next five years.