WDC India Day 1: The opening note

#Post 1: The opening note of World Diamond Conference (WDC) in India is seeing a good turnout.

#Post 2: The representatives from most of the umbrella organisations of the global diamond industry are in attendance.

#Post 3: Welcome Session

Vipul Shah, Chairman, GJEPC says, "This is the first ever World Diamond Conference and it is a matter of pride for it to be held in India. Throughout these two days, we will be discussing all the important strategies of increasing sales from mines to consumer market so the entire pipeline remains healthy. India is the largest manufacturing hub. We purchase roughs, annually 80 per cent by volume. Indian diamond companies are constantly upgrading their product. The human element is also important in India. We have the largest number of employees involved in the industry in comparison to the world. Special Notified Zones and SEZs are in the wish list of GJEPC and have been submitted to the government. The list has been accepted by the government in principle. I invite all, not just Indians but our diamond industry peers abroad to set up shop here."

Ilya Ryaschin, Acting President, Alrosa says, "China and India continued to drive the market due to the growing purchasing power of the middle class. We will produce 163 million carats by 2019 of rough. This will be outrun by the diamond consumer demand. There is a huge need of exploration. We produce 36 million carats per year. 1 billion carats stock is preserved with us. For the next 25 years, we will be able to continue our production. Three underground mines were launched in 2014. So far, 25 per cent of production of ALROSA is done from underground mines, which will be up by 10 per cent in our opinion. We face 2 facts: depletion of the diamond deposits and the need of exploration of new mines and diamond deposits.”

Ilya Ryaschin further added, “In all, 70 per cent of diamonds are polished and cut here in India. ALROSA seeks to build stable marketing and sales systems. Currently, we sell 70 per cent to our ALROSA Alliance Clients. Other percentage is sold through spot market. We, as a diamond industry, who employs millions of people of the world should be able to find ways to function very smoothly."

#Post 4

Anoop Mehta, President, Bharat Diamond Bourse, "Each segment of this industry has it’s own significance. But when we come together, the significance of the industry as a whole grows by manifolds. We will soon have a Special Notified Zone in BDB to facilitate easy trade. A special thanks to everyone. The conference will be an important landmark in the global growth of the industry."

#Post 5

Edward Asscher, President, WDC shares, "The industry today has changed. It is taking active participation in changing the face of the trade. The leadership in the diamond industry has grown from strength to strength. Together, we are leading the industry in a new area. The integrity of the diamond pipeline and the confidence of the consumer are the things, we have to protect. All organisations are aligned in the best interest of the global diamond industry. We have to think of the best interest of the next generation."

Post 6

Ernest Blom, President, WFDB states, "My heartiest congratulations on holding a conference of such nature in India. The elevation of standing of the diamond jewellery in the consumers view is needed. This country has become the manufacturing hub of the world. It is also a huge market for diamond jewellery consuming. As markets have changed, now we are vying for attention from other luxury sectors. The story of diamonds started thousands of years ago and continues for many more years unlike other luxury segments. We are here to plan strategies to ensure growth of our industry through future years. We need to maintain integrity to strengthen consumer confidence. The correct rating of diamonds has been becoming an issue. Tackling this issue is of paramount importance to retain the consumers' confidence. We are here to talk about all the problems and find solutions to sustain our industry's growth."

#Post 7:

Haribhai Chaudhary, Minister of State for Home Affairs, India, opines, "As a representative of the government, we are here to extend support to the industry. I have been closely associated with these industries. Before I became a politician, I was also employed by the diamond industry. Therefore, I understand it's strength. I would like to acknowledge the social impacts of the industry. The trade benefits the whole society with progress and betterment. We will continue our dialogue with the industry to ensure the sustained growth. It gives me great pleasure to welcome you all to our country. The government is making every effort to make it easy for overseas companies to set up their business in India. I am confident that this conference will bring good success.”

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