SURAT (Commodity Online): The Gems and Jewellery Export Promotion Council (GJEPC) has organized a meeting of Indo–China buyer-sellers in Beijing from November 9 to 11.

The GJEPC had organized similar meets in 2007 and 08 in Shanghai and Shenzhen respectively.

The GJEPC notes that in light of the success of the two earlier meets, it believes that there is a need for more such encounters to cater to increasing demand from the Chinese diamond industry.
 
Following the GJEPC delegation’s visit to Shanghai in May 2009, it became evident that there is a huge demand for loose diamonds and colored gemstones in China.

This was regarded as an excellent opportunity for Indian diamond industry members to expand their database of Chinese diamond buyers and ramp up the country's diamond exports to China.
 
Just as it did during the two previous meets, the Shanghai Diamond Exchange (SDE) is likely to extend duty-free imports to Beijing.

This served as additional encouragement for the Council to organize the upcoming third edition in Beijing. Additionally, the China International Jewelry Fair is scheduled in Beijing from November 5-8, 2009, which will serve as an opportunity to attract buyers from other parts of China to stay and attend the BSM.
 
Meanwhile China has set Surat diamond industry on fire. Demand for polished gemstone has picked up in China, offsetting the dip from traditional export markets like the US in the run up to Christmas.

Diamonds were high on the wish-list during China’s golden week, an annual 7-day national holiday in the first week of October. Retail sales of consumer goods, including diamond-studded jewellery, totalled about $83.5 billion during the holidays. Exports of polished diamond from India to the US, the world’s biggest diamond market, decreased by 30 per cent in the first six months of the current financial year starting from April-September at $1791 million, compared to $2527 million in the corresponding period in 2008.

On the other hand, exports to Hong Kong and China grew nearly 9 per cent. Polished diamond exports to Hong Kong in the first half of the FY stands at $3126 million as compared to $2853 million in the same period last year. In September alone, exports have increased by almost 11 per cent.

 About 70 per cent of the cut and polished diamonds have been exported to destinations other than US, which include UAE, Hong Kong, Australia and Israel.

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