G20 Trade & Investment Working Group tours the Bharat Diamond Bourse in Mumbai

Vipul Shah, Chairman, GJEPC, invites G20 delegates to explore opportunities of doing business with the Indian gem and jewellery industry

The Indian diamond industry hosted delegates of the G20 Trade & Investment Working Group (TIWG) at the Bharat Diamond Bourse (BDB) in Mumbai. 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. 

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 Gemological Institute of India (GII), the Precious Cargo Customs Clearance Centre (PCCCC), as well as the Security, Command and Control Centre (SC3). 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.

Speaking on the occasion Anoop Mehta, President, BDB, said, “The Bharat Diamond Bourse is proudly called the diamond centre of the world. It is a conglomeration of more than 2,500 diamond traders including big players. The bourse is inclusive in nature, and as much as it caters to big businesses, the needs of the smallest diamond traders are also taken care of. It is a major employment generator not only in India, but also when diamonds get exported to various other countries.”

In his welcome address, Vipul Shah, Chairman, GJEPC, said, “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 a million gem and jewellery manufacturing units.  India has a thriving export sector, accounting for $40 billion annually. India exports jewellery to countries all over the world, including the United States, Europe, the Middle East, Asia and many more.”

Shah invited G20 delegates to explore 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 Shah.  

The Bharat Diamond Bourse is the largest diamond bourse in the world that houses more than 2,500 offices, spread over an area of 20 acres/0.87 million sq. ft. in the heart of Mumbai. The Indian diamond industry is the world leader in cut and polished diamonds, with exports to the tune of $ 23 billion annually.

Courtesy: Retail Jeweller India News