India, China meet, talk 'global supremacy' in jewelry

Diamonds

Save

E-mail

India, China meet, talk 'global supremacy' in jewelry

December 14, 2007

Similar Stories | Topics

STORIES

Rapaport launches Chinese diamond-trading network

Market center opens in China's 'jewelry city'

2009 ICA Congress set for China

China Pearls and Jewellery City to open in April

Shanghai, China—India and China moved closer toward bilateral trade in the gem and jewelry sectors recently with the first-ever selling meet between Indian and Chinese buyers and sellers.

The Mumbai, India-based Gem and Jewellery Export Promotion Council (GJEPC) teamed up with the Shanghai Diamond Exchange (SDE) for the Dec. 3-5 event at the Grand Hyatt Hotel in Jin Mao Tower in Shanghai. All told, 21 major Indian diamond companies participated in the show to display merchandise, including high-end premium solitaires in sizes ranging from 0.5 to 5 carats, to more than 100 buyers from all over China. The companies also met with major Chinese importers.

Inaugurating the meet was Chen Kun, chairman of the Shanghai Diamond Exchange, who said the two countries should work together by complementing each other's strengths.

"China is efficient in jewelry manufacturing and India is a leader in diamond manufacturing; hence both countries should come together and achieve global supremacy in this sector," Kun said in a press release issued on Friday by GJEPC. Kun was joined by Li Mu, director general of the Diamond Administration of China (DAC), as well as senior officials from the SDE and DAC.

Citing the KPMG-GJEPC report "Vision 2015," the release said together India and China will retain their position as high-volume cutting and polishing diamond centers, polishing about 87.6 percent of the world's rough diamonds in terms of volume. China, now one of the fastest-growing jewelry markets in the world, imports $800 million in rough diamonds and $1.1 billion worth of polished diamonds, the report said.

Of the world polished-diamond market, India's share is 60 percent in terms of value, 85 percent in terms of volume and 92 percent in terms of pieces, GJEPC says.

"This meet [will] open new doors for business opportunities between the two industries, and I look forward to this exhibition changing the perception of Chinese buyers about Indian diamantaires manufacturing only small and low-priced diamonds," Kun said. "I appreciate the manufacturing and business capabilities of the Indian industry in cutting all shapes and sizes of diamonds."

GJEPC said the meet was only the first step in an ongoing process.

"This is first-ever buyer/seller meet of its kind between the two countries, and we are certain that it will lay an effective foundation for facilitating bilateral trade in the gem and jewelry sector between the two countries," Vasant Mehta, vice chairman of GJEPC, said in the release.

Save

E-mail

Diamonds

Israel Diamond Exchange to mark 70 years

Ramat Gan, Israel--The Israel Diamond Exchange (IDE) will mark its 70th anniversary with a special event scheduled for Nov. 23 in Tel Aviv, Israel. Read More

Diamond industry continues call for rough reduction

Diamond leaders push 'value' message

More Diamonds

More Like This

Rapaport launches Chinese diamond-trading network

August 06, 2008 | National Jeweler Network

Rapaport launches Chinese diamond-trading network

August 06, 2008 | National Jeweler Network

Market center opens in China's 'jewelry city'

April 23, 2008 | National Jeweler Network

2009 ICA Congress set for China

March 21, 2008 | National Jeweler Network

China Pearls and Jewellery City to open in April

March 04, 2008 | National Jeweler Network

Video

Retailer Toolbar

LoupeIt!
A search engine designed specifically for the jewelry industry where every return is relevant to the retail jeweler.

Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.

ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.

Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.

Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.

CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.