GJEPC, BDB Discuss Diamond Trade Challenges With Senior Botswana Delegation

Finance and Trade
28/10/2015 09:05

India's Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB) of Mumbai gave a delegation from Botswana, led by the country's vice president, Mokgweetsi Eric Keabetswe Masisi, a presentation on India's diamond business, while the sides also discussed the challenges facing the global diamond trade. GJEPC Chairman Praveenshankar Pandya said: “You are the largest producers of rough diamonds and we are the largest manufacturing center. We both have a common interest in ensuring that the diamond industry’s future is protected and to ensure that it prospers.”

Pandya told his guests that due to high rough prices and weak demand for polished and lower prices of polished, profitability was one of the biggest problems. He added that the Indian diamond industry holds a huge inventory of goods – of around $10 billion in India and another $5 billion in its various offices abroad. Meanwhile, Masisi said: “We as Botswana continue to view India as a very, very important partner. And when you value somebody, you keep them engaged perpetually. We would not like to see anyone in the value chain getting hurt or losing money. Your pain is our pain. Your survival is our survival.”