GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

Yesterday

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Financing banks remain cautious...

02 july 2014

The ‘Banking Summit -2014’ was organised by the Gem & Jewellery Export promotion Council of India (GJEPC) on the 28th June 2014 in Mumbai, with the backdrop of diamond financing banks becoming stringent globally. Recently, Antwerp Diamond Bank (ADB) and ABN Amro reduced around 70 per cent of their lending for rough diamond purchase by diamantaires. Similarly, the Indian lending banks too have been extremely cautious in financing companies in the gem & jewellery sector.
The lending banks have been overly cautious towards financing companies, including DTC sightholders, clients of ALROSA and Rio Tinto due to the rising number of loan defaults in Surat, Mumbai and Antwerp. This has adversely affected the sector, especially the SMEs (Small or Medium Enterprises), which have been badly hit due to finance deficit.
The Summit was organised to mitigate the problem faced by the gems and jewellery sector with Indian bankers and the Government of India. All senior officials of the Banking sector, gems and jewellery trade and the Union Ministry of Finance were present at the Banking Summit-2014.
The focus of the discussions was on, financing for the gems and jewellery sector, credit guarantee and other issues faced by the industry. The Industry members put forth the current scenario in the Indian gem & jewellery industry; and banks on the other hand, while sounding supportive, put forth their difficulties. While ‘transparency’ in the companies’ workings is of high priority while selecting clients by the  Banks, they also advocated ‘corporatisation’ of borrowing companies for better assessment by the banks and other institutions.
The GJEPC- Chairman, Vipul Shah, while speaking about the growth of the Indian G&J sector over the years and the challenges it is facing currently, added, "We have urged the finance ministry to either increase the capital base of the ECGC or ask insurance regulator IRDA to allow domestic insurers to open up to the sector, which could allow domestic banks to take international credit guarantee institutions coverage."

Aruna Gaitonde, Rough&Polished correspondent in India