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World Diamond Conference concludes on an optimistic note

World Diamond Conference concludes on an optimistic note

16 December 2014

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” in New Delhi on December 11 and 12, 2014 at Vigyan Bhawan, New Delhi, India. The two day conference saw industry leaders participating from all across the world. H.E. Vladimir Putin, Hon. President of Russian Federation and Shri Narendra Modi, Prime Minister India attended the inaugural function on December 11, 2014.

Mr.Vipul Shah - Chairman of The Gem & Jewellry Export Promotion Council (left), Mr Rajeev Khera - Commerce Secretary (center), Mr.Alex Popov - Chairman and CEO, World Diamond Mark Foundation (right)
Mr.Vipul Shah - Chairman of The Gem & Jewellry Export Promotion Council (left), Mr Rajeev Khera - Commerce Secretary (center), Mr.Alex Popov - Chairman and CEO, World Diamond Mark Foundation (right)

Commenting on the end of the two day conference, Mr.Vipul Shah, Chairman of The Gem & Jewellry Export Promotion Council 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 better and a 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 Indian market and vice versa. India cuts & 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 Illya 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 cliental of the Russian miner are: Rosy Blue, Diamond India Ltd, Jasani, KiranGems, 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, 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 the Indian manufacturers
  • Banks and the gems and jewelry industry together pledged greater transparency in the business practices and new vistas of marketing were explored
  • Shri Narendra Modi, Prime Minister of India announced a first-ever in the history of global diamond industry - Introduction of outsourcing of polishing services by India to cater to the needs of the worldwide diamond industry needs

On this occasion Mr.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.”

The World Diamond Conference is partnered by ALROSA Russia , Shree Ramakrishna Exports, Shree Harikrishna Exports, Jasani Group. KGK Diamonds, Mahendra Brothers, Karp Impex, J.B.Brothers, Dimexon, Sheetal Manufacturing, Asian Star, Dianco, Jewelex, Rosy Blue, HRD.

Kiran Gems signs long term supply contract with ALROSA at WDC

Kiran Gems has renewed its contract with Russian miner ALROSA, signing the long term supply agreement at the recently concluded World Diamond Conference held in Delhi.

WDMF's Chairman Mr. Alex Popov (left) with Mr. Mavji Patel Managing Director of Kiran Gems and Mr. Dinesh Lakhani Director of Kiran Gems
WDMF’s Chairman Mr. Alex Popov (left) with Mr. Mavji Patel Managing Director of Kiran Gems and Mr. Dinesh Lakhani Director of Kiran Gems

Pegged as a highly momentous and magnanimous conclave in the diamond industry worldwide, H.E. Vladimir Putin, Hon. President of Russian Federation and Shri Narendra Modi, Prime Minister India, attended the inaugural function on December 11, 2014. Mr Mavji Patel- MD Kiran Gems and Mr Dinesh Lakhani- Director Kiran Gems were present for the event. Mr. Dinesh Lakhani said- “ We are happy to renew the contract with ALROSA. Being a manufacturer of the largest volume, Consistent and Ethical sourcing is core to us and ALROSA is a great sourcing partner.”

Kiran Gems manufactured 5.3 million carats of rough in the past year which was sourced from various major miners of the world including ALROSA. The company has increased its manufacturing levels in the current FY based on demands from its customers.

Kiran Gems is also the single largest user of advanced manufacturing equipment across its all manufacturing units, spread over 1 million sqft in Surat and Ahmedabad. The renewed contract with increased supply levels from ALROSA would further streamline its sourcing.

www.gjepc.org

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