‘Competitive rates’ attracting buyers

Several international diamond traders, who used to head to Antwerp in Belgium to buy diamonds to meet their global requirement, have started sourcing the stones from India, a member of a leading jewellery exports body said.

“Earlier we used to go to Antwerp,” said Nahmet Can Ozdemir, board member, Turkish Jewellery Exports Assembly. “Now, we are finding it convenient to directly buy from India.”

Similarly, a few buyers, who used to source from suppliers in Dubai, have also started looking at sourcing directly from India. “I am happy to be here as I am directly dealing with the suppliers,” said Reuven Kaufman, president, Diamond Dealers Club (U.S.). “In this business, trust is the key. All the 40 delegates who have come from the U.S. are very happy with this one-on-one format and have decided to buy more from Indian sellers directly rather than intermediaries.”

“Now focus would shift from local regional buying to global buying from India at the most cost-effective competitive rates. Sourcing from India also helps in maintaining continuity as we get the widest possible range of finished diamonds suitable for all kinds of jewellery,” he added.

These major diamond buyers are in Mumbai to attend the first ever India International Diamond Week which is organised by the Gem & Jewellery Export Promotion Council (GJEPC) to promote Indian diamond industry worldwide and improve its trade relations with potential countries.

This was the first time that GJEPC organised one-to-one meetings between the world’s top 110 diamond buyers and Indian sellers to ensure global buyers directly deal with Indian suppliers and to reduce cost of transactions and Indian exports.

Prominent buyers who attended this show for the first time came from the U.S., China, Russia,/ CIS, Lebanon, Saudi Arabia, South Africa, South Korea and Turkey and over 45 diamantaires of India showcased their capabilities.

Praveenshankar Pandya, chairman, GJEPC, said, “We are supported by the Ministry of Commerce to come out with innovative ideas to sustain our growth in exports. The focussed Buyer-Seller Meets will further promote business ties between Indian trade and international buyers.”

“Each and every buyer is taking advantage of this unique platform offered because they can concentrate on existing & new customers across spectrum.”

China, which ishas emerged as a major diamond jewellery exporter, sent 14 buyers to source directly from India.

Wang Yi, General Manager, GuoHua Jewelry (China) said Chinese gem & jewellery trade was seeking the best buys from across the world. “We want to procure directly from the source and encourage direct procurement,” she said.