BDB ensures that the smallest unit player of this industry can also participate in this Bharat Diamond week. - Mehul Shah, VP, BDB
Previously India has organised a Diamond week (Say at Diamond Dealers Club, in NEW YORK under the banner of GJEPC, why now the diamond week,
A: under the banner of BDB?
B: Why in India? What would be an advantage to BDB & Indian diamond players?
C: how many players from India would exhibit in the Week?
A) That is India diamond week, this is Bharat diamond week. So the difference is between India & Bharat, is the difference between both the weeks.
B) Well, BDB is the world’s biggest diamond complex and have all sizes of diamondtaires in BDB complex, most of them are from SME sector who is presently facing a tuff time. We at BDB want to elevate our SME sector, small & medium scale traders & manufacturers. They cannot even participate in the shows in India where their total expense at least goes upto 4 lacs counting logistic, insurance and booth costs,
And to participate outside India, they have to spend 10-15 lacs. We are trying to bring the buyers from all over the world by offering them free hotels. Total overseas buyers registered so far is 200 out of which 150 enjoys free hotel stay.
BDB has allotted booth to its members for one lakh only, which includes invite to gala networking dinner and daily free food and snacks to all.
BDB ensures that the smallest unit player of this industry can also participate in this Bharat Diamond week. All are given similar booth of standard size & standard furniture so all booths speaks on uniformity and equal opportunity to all.
In addition the buyer’s footfall in the week will go up. They will also move around to trading hall, small cabins and all offices. In short all will gain in BDW.
C) A huge participation of 125 companies.
2: In the digital era, virtually every global player know each-other then,
A: Why this week? Why insisting personal presence?
B: How many players can manage to visit personally?
A) The diamond business is a much personalised business. Online, you can gather some information & these small players are neither into the digital business nor do they have a website. The cost of our booth is much less the cost of advertisement in any international media or web portal.
If you go online on any of the big portals or big running websites, the cost of advertising is higher than the cost of selling this booth.
diamond business is an immensely personalised business where it requires a personal touch. It cannot be done online mainly non certified or small diamonds. You can buy anything on websites at the click of a button but diamonds need to be checked.
B) Right now, we have registered around 500 visitors that includes 200 foreign visitors & others are Domestic
3: Do you think through strong-n-confident networking could halt Laboratory made diamonds?
A: Can undisclosed mixing stopped?
Yes certainly now lot of awareness is there. Organisations like DPA & Gem & Jewellery Institute have made a very reasonably priced machine which even I have one in my office & I think it is the cheapest & accurate machine. Buyers check their purchases in that machine before buying. So lot of consumer awareness is there.
Simultaneously, we are having an exhibition of BDRC in D Hall which is displaying machines of natural diamond deductions. So at the same time, in another pavilion, everyone can go & see the verity of diamond detection machines & see what the latest development in this sector for deductions is. When the deductions become common & people understands the valuation of diamonds & the resale value of diamond is only when the diamonds are natural not the laboratory ones.
A) In BDB, it is next to nil because in the past, we have taken severe action against the culprits. In BDB, synthetic/ labgrown/CVD/HPHT etc diamonds are banned so forget about mixing, people don’t even dare to speak about it in Diamond bourse complex or bring it.
The complex has created its own image as a natural diamond hub. When it comes to diamonds, it is a diamond complex so there is no room for the synthetic diamonds.
4: Could you boost up buyer confidence for mined diamonds through the B2B diamond week?
This is a B2B diamond week so it’s not connected to consumers directly. The buyers are mainly traders or jewellery manufacturers. India is a biggest manufacturing centre exporting and selling to retailers & jewellery companies too.
For Indian buyers GST registration is must. One do have GST is not allowed as buyer. Overseas buyers also have to submit their local business registration copies. BDW is strict with KYC compliance.
To establish its image or get new buyers or the direct connection between manufacturers or the small traders and to all the buyers will reduce the middlemen & increase the profitability of this SME sector & their profits will boost.
5: What would be showcased in varieties & types of diamonds?
Enormous amount of variety. We are controlling 80-90% of the world’ diamond manufacturing and all types of varieties will be showcased.
6: Can buyer would be able to bag fair-n-competitive price, while he is directly buying from the country of largest global diamond manufacturing center- India?
I believe so as when 100+ people are displaying there would be competitive pricing. Buyers will have more choice & sellers will also have healthy competition. So this would lead to fair play. However buyers are smart enough to judge prices.
7: Can the Week help India to be a Global Diamond Trading Hub?
We are more a manufacturing hub partly into trading. But when everything is manufactured in India so the trading is within our traders also & eventually it’s coming out from some of our factories and we are suppliers to the world.
I am thankful to all media to promote the show which is happening for first time.