News Bureau

 
October 11, 2018

BDW concludes with a high note

Schedule for 2019 announced! BDW next

From April 1-3, 2019, and during October 14 to 16

The second edition of the Bharat Diamond Week concluded with a high note. Virtually every exhibitor expressed a success note. Many said they played well and beg a business as well as good inquiry. Though some of the exhibitors referred a strong US dollar & weakness of Indian Rupee & said, they could not deal domestic players. While many players recorded business in the scenario by announcing some discount or an offer!

On the concluding day, Mehul Shah, Vice President- BDB was in the dome. By casting his concluding statement he said, well every player knows their business & also knows to carry a deal with in the best practice. Yet, at the dome, we- BDB is here to support MSMEs & SMEs.

Expressing on dollar- Rupee scenario he said, nobody in the dome is retailer who counts on daily sales. We are here for relationship & networking. Our diamond business is all about to offer a proper product mix on the back of healthy relationship.  

The second edition of the Bharat Diamond Week was officially opened at the Bharat Diamond Bourse (BDB). The October 8-10 polished diamond fair was officially opened by Mr Andrei Zhiltsov, Consul General of the Russian Federation in Mumbai, and Mr Evgeny Agureev, Director of ALROSA's United Selling Organisation.

Mr Zhiltsov said: "It is a great honour to be here at the centre of the global diamond industry. Up to 90% of polished diamonds in the world originate in India. This country was the first to cut and polish diamonds, and India is by far the world's largest cutting and polishing centre. In addition, Russia is the largest producer of rough diamonds, and I would say that our countries are therefore made for each other."

Meanwhile, Mr Agureev congratulated the BDB on holding its second polished diamond fair: "We have an excellent relationship with the Indian diamond market which accounts for 52% of our sales of rough diamonds," he commented.

BDB President Mr Anoop Mehta described the breadth of the Indian polished diamond market and the scale of goods available. The exchange has 5,000 members, with 2,700 offices and 80% of the world's diamonds pass through the bourse. As a result, it is makes perfect sense for diamond companies to visit Mumbai for their buying needs.

He also announced that the Bharat Diamond Week would take place twice a year in April in October. The next show will take place from April 1-3, 2019, while the second fair next year will be held from October 14 to 16.

"India and Russia have close ties, and the BDB hopes for ever stronger ties in order to expand rough sales, and also for the Russian consumer market to open up to the sale of India's polished diamonds and jewellery. We are also looking for ALROSA to increase the number of viewing days of rough diamonds at the India Diamond Trading Centre (IDTC), where diamonds can be shown for viewing and then taken back for the tender process." 

BDB Vice President Mr Mehul Shah, who is responsible for the Bharat Diamond Week project, welcomed visitors to the polished diamond fair, saying that once a stranger enters the BDB, he is no longer a stranger but a member of the BDB family. He thanked the large team at the BDB for their efforts in making the polished diamond show a reality, adding that 120 Indian polished diamonds companies were exhibiting a wide range of goods in all shapes, colours and sizes and that the fair was especially aimed at assisting small and medium-sized firms.

"The small and medium-sized enterprises (SME) in the diamond industry are facing many challenges," Mr Shah said. "They do not receive bank finance or full value for their diamonds. Sourcing diamonds is also difficult for them. The Bharat Diamond Week was created to uplift the lower and middle segment of the diamond business, and we are committed to strengthening the SME sector," he added.

The BDB provided 100 free flight tickets for selected buyers to create more sales opportunities for the exhibitors. The buyers who have been selected are from Turkey, Thailand and India. The bourse is also providing 150 rooms for international buyers at a hotel close to the BDB. More than 750 visitors from India and overseas registered for the show.

The Bharat Diamond Week is also providing on site facilities for checking diamonds created using the Chemical Vapor Deposition (CVD) method. "It is critical for our business that consumer confidence in our products remains intact. This is absolutely paramount. Consequently, we have a display of equipment for the detection of such stones so that diamantaires can see the equipment available, how straightforward it is to operate, and the financial outlay involved," Mr Shah said.

October is a busy month for the Bharat Diamond Bourse and the Indian diamond trade, with many members of the global diamond industry visiting Mumbai. Following the Bharat Diamond Week, there is a meeting of the World Diamond Council on October 22 which is being organised by the Gem and Jewellery Export Promotion Council (GJEPC), and the World Diamond Congress from October 23 to 25.