Thursday, December 11, 2014

Prez #Putin and PM #Modi attend World Diamond Conference at Vigyan Bhawan, New Delhi

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”on December 11 and 12, 2014 at Vigyan Bhawan, New Delhi, India. Russian President Vladimir Putin and Indian PM Narendra Modi attended the inaugural function yesterday.

PM Modi has 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.

"Almost 50 percent of Russian-extracted diamonds goes to India or to companies controlled by Indian capital. Considering the serious volume of these diamond deals, it is worthwhile developing some more advanced cooperation arrangements and establishing closer cooperation between countries. Thus, we are inviting our colleagues to cut diamonds on the territory of the Russian Federation.
Together with Mr Modi we discussed all of this in great detail and gave instructions to corresponding agencies to enhance the efficiency of the diamond business for our countries as much as possible. We are sending the same message to business representatives. To make cooperation more effective, we need to create favourable conditions, establish special administrative and customs procedures, improve these procedures, create better opportunities and enhance the level of security. We are ready for joint productive work in this area," said Mr Putin in his address.

Russia’s Alrosa has finalized three-year contracts for direct rough supply to 12 Indian diamond companies beginning 2015. The agreements were signed by Mr. 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 clients of the Russian miner include 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 five fold hike in the current direct supplies of rough from Alrosa to India and will provide a huge boost to the Indian manufacturers.

Also present on this occasion were Mr.Denis Manturov Minister of Industry & Trade, Russian Federation, Nirmala Sitharaman Minister of State for Commerce & Industry, Illya Ryashchin, Acting President ALROSA Russia, Sonam Kapoor, Brand Ambassador, GJEPC along with Vipul Shah Chairman GJEPC and Vice Chairman GJEPC, Pankaj Parekh.