India’s GJEPC organized first ever Indo-China buyer seller meet

As many as 21 major Indian diamond companies participated last week at the Indo-China buyer seller meet and displayed their merchandise to the buyers from all over china & also had one on one meeting with major Chinese importers.

The first ever Indo-China buyer seller meet was organized from 3rd - 5th December 2007 at Grand Hyatt Hotel in Jin Mao Tower. The meet was organized by the Gem & Jewellery Export Promotion Council (GJEPC) in co-operation with the Shanghai Diamond Exchange (SDE). The Gem & Jewellery Export Promotion Council is an all India apex body representing 6500 Gem & Jewellery traders from India.

The meet was inaugurated by Mr. Chen Kun – Chairman of the Shanghai Diamond Exchange in the presence of Mr. Li Mu- Director General of the Diamond Administration of China (DAC). Senior officials from both SDE and DAC were also present to grace the event.

According to Mr. Chen Kun , this meet would open new doors for business opportunities between the two Industries and I look forward to this exhibition changing the perception of Chinese buyers about Indian diamantaires manufacturing only small and low priced diamonds.

Mr. Vasant Mehta Vice Chairman, GJEPC, said this is first-ever Buyer Seller meet of its kind between the two countries and we are certain that it will lay an effective foundation for facilitating bilateral trade in Gem & Jewellery sector between two countries.

He also mentioned that both the countries must work together to enhance the trade by complementing each others competencies. China is efficient in Jewellery manufacturing and India is leader in diamond manufacturing, hence both countries should come together and achieve global supremacy in this sector.

As per the KPMG-GJEPC report “Vision 2015” India and China together will emerge as equivalent to the U.S. market (in value terms) by 2015 and as the new manufacturing centers of studded jewellery. India and China will retain their position as high volume cut & polished diamond centers, polishing about 87.6 % of the global rough (volume terms)

China is one of the largest growing jewellery markets in the world. China imports US $800 million worth of rough diamonds and US$1.1 billion of polished diamonds. There is huge requirement in China for diamonds and diamond jewellery, India being an undisputed leader in manufacturing diamonds is in an advantageous position to meet the growing demand of cut and polished diamonds in China .

Emerging from the relatively humble beginnings of a small and unorganized sector in 1950’s the Indian industry has today become the world leader in diamond processing with 11 out of 12 diamonds set in jewellery world-wide are cut and polished in India. Of the world polished diamond market, India’s share is 60% in terms of value, 85% in terms of volume and 92% in terms of pieces.

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