SURAT (Commodity Online): India’s diamond market is poised to make big strides in the coming days and according to experts it will post a 20 per cent growth.
Analysts said demand for diamond jewellery is improving world-wide and people in India are buying more diamonds these days as it is a good mode of investment. The Indian diamond market is likely to grow at 20 per cent to touch Rs 1-lakh-crore in the next five years whereas gold will grow at 8-10 per cent year- on-year.
At present, the domestic diamond market is pegged at Rs 12,000 crore and the total jewellery market in the country is worth Rs 70,000 crore.
Meanwhile, the Antwerp World Diamond Centre (AWDC) hosted the latest edition of its popular workshop and networking event “Antwerp Diamond Day” at the Leela Kempinski hotel in Mumbai on March 25th 2010. The event was a part of the economic trade mission led by Prince Philippe of Belgium to India and aimed to introduce the most important players in the Indian diamond trade to their counterparts from Belgium.
During his welcome speech, AWDC CEO Freddy J Hanard said, “There is no better way to do business than face-to-face and that is why we organise these diamond days. It is a unique chance for you to meet with the key players of the Indian and Antwerp diamond industry. We had already done Antwerp diamond days in Singapore, shanghai, Jakarta, South Africa and Botswana. We are proud that Mumbai with the Antwerp representatives and more than 100 companies is added to that list.” He further cited the long bi-lateral relationship between India and Belgium diamond industries and emphasised on understanding the importance of the Indian market. Around 80 percent in terms of carat and 65 percent in value terms of rough traded in Antwerp find their way to India. He also stressed on the need to change in current economic scenario “We have to reinvent ourselves and look at what our challenges in the future are. It is only then we can acquire businesses, market share or protect what we have,” he said.
The Gem and Jewellery Export Promotion Council (GJEPC) Chairman Vasant Mehta said, “Merchandise exports from India to Belgium rose from 3.47 billion dollars in 2006-07 to 4.48 billion in 2008-09. Of this diamond industry contributed USD 1.59 billion in 2006-07 and USD 1.56 billion in 2008-09. While gems and jewellery accounts to 35 percent of India’s overall exports to Belgium, diamond imports from Belgium have a 66 percent share from the overall exports of Belgium. It would not be an exaggeration to say that diamond industry is one of the crucial cobblestones of Indo-Belgium trade ties.”
(commodityonline.com)
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