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G20 Trade & Investment Working Group Visits the Bharat Diamond Bourse, the Diamond Centre of the World

March 28, 2023
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G20 Delegation briefed about contribution of Indian diamond industry to the global economy and opportunities the industry presents

Build a brighter future together as part of the G20’s One Earth, One Family, One Future mandate: GJEPC Chairperson to G20 Delegates

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.

Details of Offices Visited by the G20 Delegation

The Gem and Jewellery Export Promotion Council (GJEPC):

The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government. The GJEPC is the apex body of the gems & jewellery industry and today represents 9000 members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.

Mumbai Diamond Merchant Association:

Established in 1906, the Mumbai Diamond Merchant Association (MDMA) Shines like a Precious Gem in the world of Diamond Trade Organizations. This venerable institution is dedicated to fostering Entrepreneurship and supporting its Members, who are truly the Diamonds in the rough of the industry.

India Diamond Trading Centre (IDTC):

The India Diamond Trading Centre (IDTC) – Special Notified Zone (SNZ) was inaugurated on 20th December 2015. IDTC’s constant endeavor is to give the global mining companies an appropriate platform to display their goods and help them get a wider customer base. This, in turn, benefits the economy by increasing exports and boosting GDP.

Gemmological Institute of India:

The Gemological Institute of India (GII) was established under the aegis of the Gem &Jewellery Exporters’ Association, Mumbai. The institute is registered as a non-profit Public Charitable Trust. It is the first Research & Development Laboratory in the field of Gemstones in India recognized by the Department of Science & Technology, Government of India as SIRO. It is a National Research Center for Gemstones and Diamonds and has one of the world class Laboratory which is fully equipped with the most modern and sophisticated instruments.

Precious Cargo Customs Clearance Centre (Indian Customs):

Diamond Plaza Customs Clearance (DPCC started to function from 1§85 at Opera House. The same facility was transferred to premises of Bharat Diamond Bourse, Bandra Kurla Complex in 2010 and named as Precious Cargo Customs Clearance Centre (PCCCC). 35 Customs Staff are deployed at PCCCC PCCCC deals with import and export of diamonds, precious & semiprecious stones, pearls, jewellery made of gold or other precious metals. Daily 600-700 Exports Parcels and 100-150 Import Parcels are processed by Customs. Overall, around 98% of Cut and Polished Diamonds are Exported through PCCCC and were made to 52 Countries. Major destinations are United States of America, Hong Kong, United Arab Emirates, Israel and Belgium.

Security Command & Control Centre (SC3)

A Security Command and Control Centre (SCS) is a facility that is designed to provide real-time monitoring and control of security-related activities. The main goal of an SC3 is to provide a centralized location where security personnel can monitor and respond to security incidents quickly and efficiently. It includes various security systems such as Video Surveillance System, Access control systems, Alarm systems, and Fire detection systems.

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