Second Edition of Bharat Diamond Week Takes Place at Bharat Diamond Bourse

(IDEX Online) – The second edition of the Bharat Diamond Week was officially opened at the Bharat Diamond Bourse (BDB) on Monday.

The October 8-10 polished diamond fair was officially opened by Mr Andrei Zhiltsov, Consul General of the Russian Federation in Mumbai, and Mr Evgeny Agureev, Director of ALROSA's United Selling Organisation.

Zhiltsov said: "Up to 90% of polished diamonds in the world originate in India. This country was the first to cut and polish diamonds, and India is by far the world's largest cutting and polishing centre. In addition, Russia is the largest producer of rough diamonds, and I would say that our countries are therefore made for each other."

Meanwhile, Agureev congratulated the BDB on holding its second polished diamond fair: "We have an excellent relationship with the Indian diamond market which accounts for 52% of our sales of rough diamonds," he commented.

BDB President Anoop Mehta described the scale of the Indian polished diamond market and the variety of goods available. The exchange has 5,000 members, with 2,700 offices and 80% of the world's diamonds pass through the bourse, he said.

He also announced that the Bharat Diamond Week would take place twice a year in April in October. The next show will take place from April 1-3, 2019, while the second fair next year will be held from October 14 to 16. "India and Russia have close ties, and the BDB hopes for ever stronger ties in order to expand rough sales, and also for the Russian consumer market to open up to the sale of India's polished diamonds and jewelry. We are also looking for ALROSA to increase the number of viewing days of rough diamonds at the India Diamond Trading Centre (IDTC), where diamonds can be shown for viewing and then taken back for the tender process."

BDB Vice President Mehul Shah, who is responsible for the Bharat Diamond Week project, welcomed visitors to the polished diamond fair, adding that 120 Indian polished diamonds companies were exhibiting a wide range of goods in all shapes, colors and sizes and that the fair was especially aimed at assisting small and medium-sized firms. There were 1,000 domestic and international visitors to the show and business sentiment was positive, he added.

"The small and medium-sized enterprises (SME) in the diamond industry are facing many challenges," Shah said. "They do not receive bank finance or full value for their diamonds. Sourcing diamonds is also difficult for them. The Bharat Diamond Week was created to uplift the lower and middle segment of the diamond business, and we are committed to strengthening the SME sector," he added.

The Bharat Diamond Week is also providing on site facilities for checking diamonds created using the Chemical Vapor Deposition (CVD) method. "It is critical for our business that consumer confidence in our products remains intact. This is absolutely paramount. Consequently, we have a display of equipment for the detection of such stones so that diamantaires can see the equipment available, how straightforward it is to operate, and the financial outlay involved," Mr Shah said.

October is a busy month for the Bharat Diamond Bourse and the Indian diamond trade, with many members of the global diamond industry visiting Mumbai. Following the Bharat Diamond Week, there is a meeting of the World Diamond Council on October 22 which is being organised by the Gem and Jewellery Export Promotion Council (GJEPC), and the World Diamond Congress from October 23 to 25.

Above: the IDEX Online booth at the Bharat Diamond Week