De Beers Joins Forces with GJEPC
August 12, 24
(IDEX Online) - De Beers is joining forces with India's Gem and Jewellery Export Promotion Council (GJEPC) to promote natural diamonds to domestic consumers and to increase sales.
Both sides met last week in Mumbai to discuss how they could educate and support retailers, especially in India's smaller towns and cities.
De Beers and the GJEPC's 10,000 members (mostly manufacturers) are suffering at the moment. Loss-making De Beers canceled its Sight, due to take place later this month as the slump in global diamond demand persists and parent company Anglo American seeks a new owner.
Indian exports of polished diamonds have slipped every month this year (down 26 per cent year-on-year in June to $1.02bn) and manufacturer Kiran Gems has told its 50,000 polishers that its closing operations next week for a 10-day break.
"The De Beers team emphasised the importance of leveraging expertise across the industry, to address market-specific challenges and provide education and support for retailers, particularly in smaller towns and cities," the GJEPC said on its website.
"The De Beers-GJEPC joint initiative will focus on communicating the value of natural diamonds and encouraging retailers to expand their offerings."