Mar 29: The Indian diamond industry hosted the Delegates of the G20 Trade & Investment Working Group (TIWG) at the Bharat Diamond Bourse (BDB) today. The Bharat Diamond Bourse is the largest diamond bourse in the world that houses more than 2500 offices, spread over an area of 20 Acres / 0.87 Million sq. ft. land in the heart of Mumbai.
The Indian diamond industry is the world leader in cut & polished diamonds, exporting USD 23 billion annually. 14 out of 15 diamonds set in jewellery worldwide are processed in India. India exports diamond and diamond studded jewellery to the entire world, including the United States, Europe, the Middle East, Asia and more.
Under the able leadership of the Ministry of Commerce & Industry, the industry has grown by leaps and bounds over the last many years. Today with continued support, guidance and pragmatic trade-friendly policies by the Government, India has attained a leadership position in several gem and jewellery verticals globally. The gem & jewellery exports account for a staggering 10% of overall merchandise exports from the country. It is worth noting that the industry consists of more than 85% MSME players, further highlighting its importance to the country’s economy.
The delegates were given a tour of the world-class facilities within Bharat Diamond Bourse premises, including the offices of the Mumbai Diamond Merchants’ Association (MDMA), India Diamond Trading Centre (IDTC), the Gem & Jewellery Export Promotion Council (GJEPC), the Gemological Institute of India (GII), the Precious Cargo Customs Clearance Centre (PCCCC), as well as the Security Command and Control Centre. To gain insights into the diamond trade and operations, G20 delegates visited Mohit Diamond, Shree Ramkrishna Exports, Mahendra Brothers, Venus Jewel, Finestar Jewellery & Diamonds, Ankit Gems and Dharmanandan Diamonds.
During their visit, the delegates were informed about the significant contribution made by the diamond industry towards the country’s economy and employment generation. The briefing highlighted the various opportunities that the industry presents, not just within India but also globally. The Indian diamond industry is renowned for its skilled craftsmanship, cutting-edge technology, and strong ecosystem, making it a key player in the global diamond industry. Through this visit, the G20 TIWG had the chance to witness first-hand the diamond industry’s potential and the role it plays in the global economy.
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