Diamond India (DIL), a consortium of leading jewellers set up to import precious metals and stones directly from abroad, plans to soon bring in its first consignment of colour stones. So far, Indian jewellers have beene buying in bits and pieces from semi-processors and processors in Belgium, Russia and Canada.
“We are negotiating with miners in Canada and Australia to directly procure colour stones. If executed, it would be the first such initiative in India,” said Sanjay Kothari, vice-chairman of the apex trade body, the Gems & Jewellery Export Promotion Council (GJEPC), here on Wednesday. “For this, jewellers in Jaipur (the leading centre for use of colour stones) will have to come together, which is in the process. We expect a positive result in a fortnight.”
With the required government okay as a nominated import agency, DIL recently brought in 100 kg of gold. Another 100 kg is on its way. “The imports would be sold among jewellers in Tier-II and Tier-III cities, who were suffering from deficient gold availability for several years,” Kothari said. MMTC, the public sector gold importer, and banks could not adequately supply to these jewellers, which was affecting the industry’s overall performance. The initiative by DIL would ease gold supplies in the country, he added.
Kothari clarified that DIL was not part of GJEPC. The Council only encourages such organisations, as overseas exporters want to see the strength of the organisation. A unified effort through a consortium of jewellers would allow Indian importers to negotiate better prices, Jain added.
A similar body is being set up in Surat, the diamond hub in India, under the name of Surat Diamond India Ltd, which is set to start functioning this month.
Meanwhile, GJEPC is looking at acquiring diamond mining assets in an African country. “The talks are in advanced stage and will be finalised soon,” Kothari added. The Council announced its thirdrd international diamond conference, Mines to Market, to be organised on October 12 and 13 in this city. Since its inception, the conference has become an international platform for a significant exchange between all stakeholders of the industry, receiving an enthusiastic worldwide response.