De Beers Forges Marketing Agreement with India’s GJEPC

Finance and Trade
05/08/2016 14:39

Speaking at the inauguration of the 2016 India International Jewellery Show, Bruce Cleaver, CEO, De Beers Group, confirmed that De Beers has signed a Memorandum of Understanding (MOU) with the Gem & Jewellery Export Promotion Council (GJEPC) to develop a category-based marketing campaign over the key selling season in India. Cleaver said: “India is of central importance to De Beers’ future and is at the very heart of the diamond pipeline.” He added that India is already one of the world’s major markets for consumer sales of diamond jewelry, and yet it still has “perhaps more growth opportunity than anywhere else in the world”. The MOU represents an effort to tap into that opportunity and stimulate consumer confidence and demand.

Cleaver said, “There can be no bigger symbol of this commitment than our $15 million investment in establishing, and expanding, the world’s most technically advanced diamond grading and testing centre in Surat that plays a crucial role in underpinning consumer confidence in India’s diamond trade.” Business Standard writes that GJEPC also inked pacts with two prominent gems exchanges from China to promote trade. The Guangzhou Diamond Exchange and Guangdong Gems and Jade Exchange (GDGJE) are two of the biggest gems and jade trading gateway in southern China. India's Union Ministry of Commerce Joint Secretary, Manoj Dwivedi said: "Government and GJEPC are working jointly and passionately to take the gems and jewellery industry to the next level and the next cycle of progress. The Government's priority is employment and the country's vast labor force has to be optimally utilised to enhance productivity and skillsets."