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Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

Yesterday

The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

Our first priority is to better understand artisanal and small-scale mining - Elodie Daguzan

The Diamond Development Initiative (DDI), the organization dealing with the traditional diamond mining, recently announced the appointment of Élodie Daguzan as its first Goodwill Ambassador. Ms. Daguzan, who currently works as head of communication...

04 june 2018

Zimnisky on De Beers’ Lightbox: It’s a strategic, bold move that will benefit the entire natural diamond industry

De Beers shocked all and sundry end of May when it announced the launch of a new company called Lightbox Jewelry, which will market a new brand of laboratory-grown diamond jewellery in September. This effectively meant that the group had departed from...

01 june 2018

Tracking the provenance and lifecycle of a product is a natural and necessary evolution in our industry

A senior executive with a demonstrated history of working globally at management and board levels, Marcus ter Haar has been the Managing Director at Okavango Diamond Company (ODC), Botswana for about 10 months now, prior to which he held the...

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GJEPC’s ‘White Paper’ to self-regulate trade

14 may 2018
The Banking Summit - ‘Diamond and Jewellery Financing: Mitigating risks effectively’ - organized by India’s Gems and Jewellery Export Promotion Council (GJEPC) was held in Mumbai on May 11, 2018. The event, which was primarily envisaged to find ways to reduce risks and infuse confidence into financiers, was attended by leading banks and financial institutions including the SBI, Central Bank of India, IndusInd Bank, ECGC etc.

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Image credit: India’s Gems and Jewellery Export Promotion Council


Hon’ble Minister for Commerce and Industry and Civil Aviation, Shri Suresh Prabhu, who also unveiled a ‘White Paper’ drafted by GJEPC said, “I am happy that such a ‘White Paper’ on Diamond and Jewellery financing has been brought out by the Council. I hope the active participation of Banks, ECGC and other stakeholders will help in strategizing for the development of the Gems and Jewellery industry that has a proven track record of being labour intensive, continuous job creation and economic development.”
The minister also added, “We will never encourage wrongdoers in the industry but will ask our financial system to support all genuine players in the gems and Jewellery sector. This is essential to help the industry realise the full potential.”
Pramod Agarwal, Chairman GJEPC said, “The point is, it has taken decades of hard work and commitment to developing this industry in India. And we wish to take this industry to new heights in the future and contribute to the country’s economic growth and generate employment. We, as an industry, promise to address the issues to the satisfaction of the banks. In fact, this is the only industry in India that has created arbitration mediums with the banks and parties in case of NPA to achieve recoveries.”
Commerce Secretary Ms Rita Teaotia welcomed the initiatives of the council such as MyKYC saying, “This initiative will improve confidence and boost lending to the sector and as well ensure better sharing of information and transparency and growth of this SME sector. It is important for the banking sector to support gems and jewellery industry as it forms an integral part of the country’s GDP.”
Vice Chairman of GJEPC Colin Shah, who has been at the helm of drafting the white paper said, “The joint efforts of key financiers and industry have been able to address many risk factors and MYKYC will be a single largest contributor in increasing transparency and address relevant risks.” An MoU was also signed between the GJEPC and the AWDC for co-operation on the MyKYCBank platform.
The summit was also attended by Paul Rowley, Executive Vice President, De Beers, Dinesh Kumar Khara, Managing Director, SBI, Manoj Dwivedi, Joint Secretary Ministry of Commerce and Industry, Biju Patnaik, Executive VP and Head, Diamond and Jewellery division IndusInd Bank, M. Senthilnathan, ED, ECGC, and others.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished

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