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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...

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

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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

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23 august 2021

World Diamond Conference concludes on an optimistic note

15 december 2014

India successfully united the global diamond industry to address challenges and forecast trends in this first ever global convention, which recently concluded in New Delhi.
The Gem & Jewellery Export Promotion Council (GJEPC), the apex body of gems and jewellery trade in India, in association with the Ministry of Commerce and Industry, GOI and World Diamond Mark Foundation (WDMF) organized the first ever-global congregation of diamond leaders in India at the World Diamond Conference on December 11 and 12, 2014 at the Vigyan Bhawan conference center. The two day conference saw industry leaders participating from all across the world. H.E. Vladimir Putin, Hon. President of the Russian Federation and Shri Narendra Modi, Prime Minister of India attended the inaugural function on December 11, 2014.
Commenting on the end of the two day conference, Mr.Vipul Shah, Chairman, GJEPC said, “It gives me immense pleasure to announce that the first ever global congregation of the diamond industry, World Diamond Conference, has been extremely well received. It is a proud moment for us as India brought the global diamond industry together at one platform, for creating the common objective for generic market. I am hopeful that the impetus provided by the Conference will help the industry aim towards a better and brighter tomorrow.”
The conference saw several crucial industry-friendly announcements.
Shri Narendra Modi, Prime Minister of India, announced the acceptance of the industry’s proposal for a Special Notified Zone that will help miners bring roughs on consignment basis display and book orders from local buyers. GJEPC’s proposes to conduct weekly auctioning of rough diamonds in collaboration with Bharat Diamond Bourse (BDB) at Mumbai. The main objective is to provide producers direct access to the Indian market and vice versa. India cuts and polishes more than 90% of rough diamonds in terms of carats and more than 70% in terms of value.
Russia’s ALROSA finalized three year contracts for direct rough supply to 12 Indian diamond companies beginning 2015. The agreements were signed by Ilya Raschin, Acting President of ALROSA with the respective heads of each of the companies in the presence of Shri Siddharth, Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Government of India. The 12 companies selected as clients of the Russian miner are: Rosy Blue, Diamond India Ltd, Jasani, Kiran Gems, Shree Ramkrishna Exports, Hari Krishna Exports, KGK, Dimexon, Venus Jewel, Karp Impex, Sheetal Manufacturing and Asian Star. During the new contract period, the estimated direct sales from ALROSA to Indian companies will be about US$ 700 million a year, and the total for the three year period will reach US$ 2.1 billion. This represents a massive fivefold hike in the current direct supplies of rough from ALROSA to India and will provide a huge boost to Indian diamond manufacturers.
Banks and the gems and jewelry industry together pledged greater transparency in business practices and explored new vistas of marketing.
On this occasion Alex Popov, Chairman and CEO, World Diamond Mark Foundation said, “I think this inaugural World Diamond Conference is a tremendous achievement and I congratulate the Gem and Jewellery Export Promotion Council for picking up the seemingly impossible idea and making it to the conclusion that it has come to today."
"I am grateful to the Indian Government and to ALROSA for their effort and I think this conference has put the cornerstone of the real generic diamond market in the world,” he concluded.
Aruna Gaitonde, Editor in Chief of the Indian Bureau, Rough&Polished