The Bharat Diamond Bourse (BDB) is the world’s largest diamond exchange and consists of 26 towers spread across 20 acres. With more than 2,500 diamond traders, the BDB handles 60 per cent of diamond exports from India.
More than 1,000 people attended the inaugural Bharat Diamond Week and the second event is set for 8–10 October and is expected to be even more successful.
BDB President Anoop Mehta says: "The inaugural show was such a big success and demand so strong from visitors and exhibitors alike that it was clear to us that another show in 2018 was totally justified. We will be holding two shows a year with exhibitors offering a huge variety of polished diamonds in all shapes, sizes and colours.
“Each Indian company that wins the right to display at the Bharat Diamond Week is entitled to one booth. Priority will be given to visitors who are members of bourses affiliated to the World Federation of Diamond Bourses (WFDB), but all members of the diamond trade across the world are, of course, encouraged to participate.”
Benefits for Australians
BDB committee member Jay Parikh says that Bharat Diamond Week offers Australian and New Zealand diamond buyers an ideal opportunity to see the diamond bourse in action.
“India is, of course, the world's diamond manufacturing centre. We have a huge diamond-processing infrastructure and deal in a wide range of diamonds. You simply don't find this anywhere else in the world, and that's what makes India such a clear choice as a polished diamond sourcing centre,” Parikh explained.
India and Australia already possess a steadfast relationship, forged through Rio Tinto’s exports of raw material to Mumbai. This relationship can be spread to the grassroots level for diamond buyers Down Under and BDB is well aware of how valuable these connections can be.
Parikh says the diamond bourse is taking a number of steps to encourage a strengthening of the relationship between India and Australia.
“We are offering buyers from Australia complimentary accommodation for the three days of the event.”
“We regard Australia as an important market. It has a population with a deep appreciation for diamond jewellery. We therefore see this as a networking opportunity for them to strengthen relationships for the future,” Parikh notes.
Endless inventories
Parikh says all exhibitors will have access to their bourse offices across the three-day event, so visitors can request to see extensive inventory which may not be possible to access at other industry trade shows and events.
“Exhibitors won’t have such limited inventory like they may at other trade shows. As such, clients can request to see more goods and our exhibitors can visit their offices and come back with whatever the buyer desires. Buyers also have opportunities to visit our offices and also take tours,” he says.
BDB also houses the offices of major technology firms including Sarine Technologies and OGI Systems while major gemmological associations also have offices and representatives stationed within the Mumbai Complex.
“We will have equipment available at the Fair for the checking of diamonds that have been created using the Chemical Vapour Deposition (CVD) method. We believe that it's vital for the diamond trade that consumer confidence in diamonds remains intact. We see this as absolutely paramount,” Parikh explains.
“We regard it as imperative that we constantly adapt to changing circumstances to ensure that we stay a step ahead.”
India integral to world diamond trade
Until the mid 17th century, India was thought to be the only country to offer a diamond yield, it shouldn’t come as a surprise then that India is still the world’s biggest producer of cut and polished diamonds.
The gems and jewellery sector is one of the country’s most significant industries and contributes an estimated 7 per cent of the country’s GDP 15.71 per cent to India’s total merchandise exports. It also employs over 4.64 million workers. Furthermore, India exports 75 per cent of the world’s polished diamonds, according to the Gems and Jewellery Export Promotion Council (GJEPC).
Mehta encourages Australian retailers and diamond buyers to consider attending Bharat Diamond Week.
“These inter-bourse events have proven their value at other diamond exchanges, and it is only right that India, as the world’s primary cutting and polishing centre, should hold a fair to showcase the diamonds that we have available for sale. The Bharat Diamond Week puts buyers directly in touch with suppliers in a convenient setting, saving time and expenses as the exhibitors and their goods can be easily and quickly found, thus making the fair an efficient visit. We will be announcing further details in the coming weeks," he says.
For more information about Bharat Diamond Week and registration, click here.
WATCH VIDEO
IMAGES FROM EARLIER 2018 EVENT
