Europa Star - CIJ Women’s Watches & Jewels
www.CIJintl.com
Jewellery, Watches & Accessories

SearchSpacer
A www.europastar.com publication
Spacer Spacer Spacer Spacer Spacer Spacer Spacer Spacer Spacer Spacer Spacer Spacer Spacer Spacer
  CIJ’S DESIGNERS’ FILES:
 

 

 

 

 

 

 

IN THE PRESS


GJEPC held a meeting at the Council’s office in Mumbai

GJEPC held a meeting at the Council's office in Mumbai

2 October 2013

The Gem and Jewellery Export Promotion Council, (GJEPC) along with leading primary sources and most prominent industry representative including DTC sightholders, Rio Tinto and other important diamantaires held a meeting at the Council’s office in Mumbai on September 23, 2013. The meeting focussed on the issues that are currently being faced by the manufacturers of rough diamonds and the ways & means to address them effectively.

GJEPC held a meeting at the Council's office in Mumbai

Based on concerns raised by its members during informal interactions,GJEPC has recently formed a Trade Advisory Committee with prominent diamond manufacturers and exporters to equip and allow for better understanding and develop appropriate response to the challenges faced in cutting and polishing of rough diamonds, that have been recently affecting theo profitability and overall growth and business prospects of the industry.

Speaking about the meet, Mr. Vipul Shah, Chairman, GJEPC said, “Rising prices of roughs, currency fluctuations and limited finance options with banks having become very stringent on financing have recently had severe impact on the diamond businesses. This phenomenon has assumed critical proportions calling for austerity measures amongst the trade fraternity with the view to balance the equation between manufacturing and exports. We are hoping that by gathering inputs from the various trade and industry partners, we will be able to develop strategic solutions that will enable the diamantaires to deal with the current crisis, set out short term and long term goals and thereby steer the industry to growth and prosperity in the years ahead.”

Feedback from prominent large & medium diamond manufacturers indicated that sustained absence of profitability of cut and polished diamonds below 30 cents of major concern. The industry has been severely affected by high rough diamond prices that are being maintained by primary producers through 2012 and 2013, liquidity pressures from rupee volatility, as well as slowdown in demand.

On an encouraging note, most manufacturers expressed that they have already reacted proactively to such challenges by reducing their production over the last quarter. Furthermore, it was understood from the discussion with them that production over the next 3 months is expected to be 30-50% below normally prevalent levels at this time of the year. This will ensure that the industry manages its inventory levels optimally which does not exacerbate the liquidity concerns. Manufacturers have also indicated that such voluntary production cuts might continue, and even intensify in 2014, if they do not see return of sustained profitability in polishing of rough diamonds.

It may be noted that the industry had jointly & voluntarily decided to stop rough imports for a brief period of time in 2008, owing to the downturn and financial crisis. The GJEPC urges all industry stakeholders to conduct their businesses responsibly in the current scenario and ensure that their actions do not precipitate any long-term damage to the diamond industry in India. GJEPC expressed that responsible action by stakeholders can help the Indian industry to sustain and also grow the employment opportunities in this sector, as rough production is estimated to increase over the next 3-5 years.

GJEPC assured trade members that the Council would continue to monitor the situation closely through the Trade Advisory Committee & its members. It was felt that the current scenario did not warrant taking any further steps as yet, besides those already taken by members.

www.gjepc.org

GJEPC organises e-IGJS - 20 January 2021
IIJS Virtual 2.0 To Put The G&J Industry Back On The Fast Track - 13 January 2021
GJEPC To Debut e-IGJS - 15 December 2020
GJEPC organizes first India-USA jewellery Buyer-Seller meet - 12 September 2019
11th Signature IIJS commences buying season with india’s top-of-the-line jewellery - 13 February 2018
GJEPC organized Diamond Detection Expo & Symposium in Surat - 18 April 2017
GJEPC India will present the India Pavilion at JCK Las Vegas - 3 June 2016
GJEPC announces Financial Year Figures - 2 May 2016
Praveenshankar Pandya Takes Over as Chairperson of GJEPC - 20 October 2015
World Diamond Conference concludes on an optimistic note - 16 December 2014
GJEPC to host the ‘World Diamond Conference’ - 8 December 2014
GJEPC and SDA host 2nd edition of India Gem & Jewellery Machinery Expo 2014 - 1 December 2014
GJEPC meets with Finance Ministry to urge for Diamond Trade Facilitation in India - 14 October 2014
GJEPC and SDA to host the 2nd edition of IGJME 2014 - 19 September 2014
India Diamond Week (Buyer Seller Meet) - 12 September 2014
GJEPC’s single largest donation of INR One Crore to Make A Wish India - 3 September 2014
GJEPC – India Launches New Business Development and Marketing Campaign - 5 June 2014
GJEPC - The Gem & Jewellery Industry ends 2013-14 at 11% decline in Exports - 30 April 2014
Alrosa, Russia and GJEPC, India sign Memorandum of Understanding - 11 April 2014
GJEPC & GII inaugurate The Diamond Detection and Resource Center - 16 December 2013



 

WorldWatchWeb.com

CIJintl.com provides the global jewellery markets with the latest jewellery, haute joaillerie and luxury creations, all the news and decisive trends and colours in fashion. Europa Star - CIJ Women’s Watches & Jewels - the Trends & Colours magazine, is circulated worldwide to reach the top international retailers and end buyers of fine jewellery in more than 100 countries.
Back to Top
© 2021 CIJ International Jewellery TRENDS & COLOURS – Europa Star HBM, Geneva

About us      Advertiser's Corner      Free e-newsletter      Contact Us
Back Home