National News Analysis

24 July 2024, 9:35 AM

G20 TRADE & INVESTMENT WORKING GROUP VISITS BHARAT DIAMOND BOURSE&WORLD

MUMBAI : The Indian diamond industry hosted the Delegates of the G20 Trade & Investment Working Group (TIWG) at the Bharat Diamond Bourse (BDB) today. The Bharat Diamond Bourse, is the largest diamond bourse in the world that houses more than 2500 offices, spread over an area of 20 Acres / 0.87 Million sq. ft. land in the heart of Mumbai.

The Indian diamond industry is the world leader in cut & polished diamonds, exporting USD 23 billion annually. 14 out of 15 diamonds set in jewellery worldwide are processed in India. India exports diamond and diamond studded jewellery to the entire world, including the United States, Europe, the Middle East, Asia and more.

Under the able leadership of Ministry of Commerce & Industry, the industry has grown leaps and bounds over the last many years. Today with continued support, guidance and pragmatic trade friendly policies by the Government, India has attained leadership position in several gem and jewellery verticals globally. The gem & jewellery exports account a staggering 10% to overall merchandise exports from the country. It is worth noting that the industry consists of more than 85% MSME players, further highlighting its importance to the country’s economy.

The delegates were given a tour of the world-class facilities within Bharat Diamond Bourse premises, including the offices of the Mumbai Diamond Merchants’ Association (MDMA), India Diamond Trading Centre (IDTC), the Gem & Jewellery Export Promotion Council (GJEPC), the Gemmological Institute of India (GII), the Precious Cargo Customs Clearance Centre (PCCCC), as well as the Security Command and Control Centre. To gain insights into the diamond trade and operations, G20 delegates visited Mohit Diamond, Shree Ramkrishna Exports, Mahendra Brothers, Venus Jewel, Finestar Jewellery & Diamonds, Ankit Gems and Dharmanandan Diamonds.  

During their visit, the delegates were informed about the significant contribution made by the diamond industry towards the country’s economy and employment generation. The briefing highlighted the various opportunities that the industry presents, not just within India but also globally. The Indian diamond industry is renowned for its skilled craftsmanship, cutting-edge technology, and a strong ecosystem, making it a key player in the global diamond industry. Through this visit, the G20 TIWG had the chance to witness first-hand the diamond industry’s potential and the role it plays in the global economy. 

Speaking on the occasion Shri Anoop Mehta, President, BDB, said, “Bharat Diamond Bourse is proudly called as the diamond centre of the world. The Bourse is a conglomeration of more than 2500 diamond traders including some of the largest. The Bourse is inclusive in nature, and as much as it caters to big business, the needs of the smallest diamond traders are also taken care of. It is major employment generator not only in India, but also when diamonds get exported to various other countries.”

“The Indian diamond industry in general and BDB in particular has a glorious tradition of corporate social responsibility. Our CSR endeavours cover almost all the fields of health, education, wellness, sports, and philanthropy, adds Anoop Mehta

During his welcome address, Shri Vipul Shah, Chairman, GJEPC, said, “India, the “Jeweller to the world”, has a rich legacy of 5000 years of jewellery making. These skills and expertise have been passed down through generations and today, our skilled artisans are renowned for their exceptional craftsmanship, exquisite designs and have garnered global recognition. India’s jewellery industry acts as a bridge between cultures, nations, and people, and brings happiness and delight to millions of consumers around the world.” 

“The Indian gem and jewellery industry is a significant contributor to the country’s economy, employing 5 million people and accounting for 10% of India’s total Merchandise Exports. There are 390 districts identified as G&J Clusters with over 1 million gem and jewellery manufacturing units.  India has a thriving export sector, accounting for USD 40 billion annually. The country exports jewellery to countries all over the world, including the United States, Europe, the Middle East, Asia and many more”, Mr. Vipul Shah added   

Mr. Shah invited G20 delegates to explore the opportunities of doing business with the Indian gem and jewellery industry and build a brighter future together as part of the G20’s One Earth, One Family, One Future mandate. “As a country, we are ready to work with our partners around the world to further develop this vibrant industry.” said Mr. Shah.  

The industry recognises that sustainability is a global imperative and hence have been investing in new technologies and processes to reduce our carbon footprint and conserve resources. The industry focuses on promoting ethical practices and responsible sourcing, to ensure that it contributes to the well-being of their workers, communities, and the planet. 

The gems and jewellery industry has a long-standing tradition of engaging in philanthropic activities on a large scale. It has consistently demonstrated a commitment to social responsibility, supporting education and healthcare initiatives, and providing aid during natural disasters. Many leading jewellery companies have set up charitable foundations that focus on a wide range of causes, including women’s empowerment, child welfare, and environmental conservation.  

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