Rapaport Magazine


By Zainab Morbiwala
Coming to New York

The first-ever India Diamond Week, a collaborative effort between India’s Gem and Jewellery Export Promotion Council (GJEPC) and the Diamond Dealers Club (DDC) of New York, was judged a huge success and attendees enthusiastically endorsed scheduling similar meetings in the future. Held from August 11 to 14, 2014, the event attracted close to 100 diamantaires from India and the U.S. Pankaj Parekh, vice president of GJEPC, termed the response “overwhelming” and added that “when DDC President Reuven Kaufman asked the delegates and participants when they would like to schedule another India Diamond Week in New York, there was a spontaneous response from the crowd yelling, ‘next month.’”
   The meeting was organized as a networking platform between diamond wholesalers and manufacturers from New York and India, as well as diamond dealers who are members of DDC and trade in New York, along with buyers from other states. Speaking to Rapaport Magazine, Parekh explained that “We decided upon holding this event after the JCK show at the end of May. With just two months for the planning and organizing of the event, we truly did not get a chance to market it well. But next year, we plan to market it across the U.S. and have participation in New York from San Francisco and Chicago traders as well.”
   Building on the success of the event, GJEPC is planning to organize similar diamond weeks in the future with other diamond exchanges around the world. As for the business conducted, Parekh said, “Big-size goods sold very fast — 1 carat and above. Small goods were not so much in demand.”

Room for Improvement
   Overall market sentiment in India appears positive for the upcoming Diwali season that starts October 23. The India International Jewellery Show (IIJS) 2014, held in July, traditionally sets the ball rolling for Diwali business in India. Commenting on the feedback received at the show, Ankur Shah, owner of Ansh Jewels, said, “The response we received at the show was encouraging. Since we specialize in Colombian emeralds, we had many inquiries but there is a dearth of supply so all the demand cannot be met. Zambian emeralds were in demand as well.”
   On how the council can improve the show in the future, Ankur Shah suggested, “The only thing the council needs to work upon is logistics in terms of clearing the traffic outside the venue after the close of each day at the show. The jam created due to the cars all wanting to hit the road is enormous. I am sure if they can put their minds to controlling this, something can be worked out.”

More Promotion Needed
   Adding to Ankur Shah’s suggestion for improvements, Rajesh R. Shah, partner in Venus Jewel, said, “IIJS, for all these years, has always proved to be a good platform for buyers and sellers to meet. But looking at the moderate footfall in the diamond section this year, the council should promote the show more to create greater awareness. Also very few foreign delegates were seen this year, indicating a need for expanding international awareness. The show dates this year also were less favorable because they were too far in advance of the domestic festive season. Preferably, the show should be right before Diwali — as it was in 2013 — so that there is greater demand at the show. However, despite all these criticisms, IIJS still is and will positively continue to be the biggest Indian gem and jewelry show.”

Showcasing Design
   As part of promoting established as well as upcoming talent in the category of jewelry design, GJEPC has announced the launch of The Artisan Jewellery Design Awards 2014. Scheduled to be held in December 2014, designers are being invited to submit their designs along the theme of celebrating 100 years of Indian cinema.
   As indicated in a press release, the competition has four categories: Monochromatic Era, Golden Era, Colourama Era and Avant Garde Era. Where the Monochromatic Era highlights diamonds and pearls coated in precious metals in black or white, the Golden Era, which highlights Indian women’s fascination with yellow metal, testifies to India’s glory years. The Colourama period infuses color in jewelry through multicolored precious metal and gemstones and the Avant Garde sector is all about employing global techniques and groundbreaking design to create innovative jewelry.
   Contest winners will get to display their collections in front of a crowd during the award ceremony in December and also be given an opportunity to intern with a renowned global retail brand. The award-winning designs will be displayed in the Indian Pavilion at various global events and international roadshows in addition to attracting publicity through media exposure.

Article from the Rapaport Magazine - September 2014. To subscribe click here.

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