India, China meet, talk 'global supremacy' in jewelry
December 14, 2007
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.
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