Enthused by the overwhelming response from global and domestic exhibitors, the Gems & Jewellery Exports Promotion Council (GJEPC), the country’s apex body for promotion of jewellery sales, has proposed to form a body, consisting of global associations and other trade units, to promote gold and diamond jewellery in India.

At the inaugural session of the 25th India International Jewellery Show (IIJS 2008), GJEPC Chairman, Sanjay Kothari, put forth the proposal to other industry leaders including Philip Olden, MD and chief marketing officer of the World Gold Council (WGC), James Courage, chief executive of Platinum Guild International-UK, Bill Champion, MD of Rio Tinto and Rajeev Bhandari, MD of Diamond Trading Corporation (DTC), a marketing arm of De Beers.

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JOHANNESBURG - 

Brian Gilbertson’s Pallinghurst Resources (JSE:PGL, BSX:PALLRES) is planning to exploit the neglected non-diamond coloured gemstone sector by lavishing production and marketing with attention to create steady, ethical supply of coloured gemstones. The coloured gemstone sector is already delivering higher margins than the loved diamond sector.  

The leading mining personality said at the company’s inward listing on the JSE today the company planned to do for coloured gemstones what De Beers did for diamonds. Pallinghurst completed a primary listing on the JSE to honour a commitment to its first shareholders of which many had South African links, and to potentially raise funds for its investment projects within two years.

Gilbertson said De Beers has made huge efforts to market the diamond industry, yet coloured gemstones already delivered higher profit margins than diamonds. Pallinghurst owns a majority stake in an emerald mine in Zambia, Kagem, the largest emerald mine in Africa and has made significant investment to improve mine efficiency here since last year.   

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The industry presently is undergoing a change in outlook.

The Federation of Indian Chamber of Commerce and Industry (FICCI), India’s trade body has projected the country’s gems and jewellery export to grow double in the next seven years and rise to $37bn worth industry by 2015.

These predictions are made above the fact that India is still the leading cutting and polishing centre for the world’s diamonds. The industry is expecting to see an overhaul in many aspects – infrastructure with a diamond bourse soon to be set up, supportive government policies, investments in new markets, an overall management change from the traditional family-owned business to a more professionally-managed unit, design innovation, use of more advanced technologies. The banking sector has also shown its support to the industry, and around 50 banks are assuring a funding worth $3bn as credit to the Indian diamond industry. Infrastructure support like a diamond bourse is anticipated to be set up soon.

Reports add, the industry may see a 14 percent rise in net sales and 50 percent in operating profit during April-June 2008, from the corresponding quarter of 2007. At present, India employs around 1mn processors treating over 57 percent of the world’s rough diamonds by value. A strong base as this and some changes if implemented, could improve India’s potential as an emerging market, in the near future.

Source: DiamondWorld

Diamond sellers are setting their sights on Latin America’s increasingly prosperous middle class, which is benefiting from economic growth and stability, as U.S. and European sales of the rare stones slow.

Latin America is rich in minerals, providing the gold, silver and emeralds that bankrolled Spanish and Portuguese empires, but it has long been a backwater in the diamond trade despite modest production in Brazil, Venezuela and Guyana.

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According to industry body, the Federation of Indian Chamber of Commerce and Industry (FICCI) the gems and jewellery export industry is set to double in the next seven years, said a business consulting and research firm Cygnus in a report.

It also mentioned that by 2015, the industry is expected to rise to $37bn. The increase will be caused by a multi-pronged approach like transformation of the sector from family-owned to a professionally-managed business, innovation in design, focus on new markets and use of advanced technologies.

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MUMBAI: India’s gems and jewellery exports are expected to grow by 15-20% in the current financial year, according to the Gem and Jewellery Export Promotion Council’s (GJEPC) estimates.

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