GJEPC Rebuts IDMA President’s Statement Against India

GJEPC chair Shah astounded by "uncalled for" IDMA president statement

(IDEX Online News) – The Gem & Jewellery Export Promotion Council (GJEPC) has issued a strong rebuttal at what it calls the “maligning of the Indian financial system” through a press statement by the president of the International Diamond Manufacturers Association (IDMA), Maxim Shkadov.

In his recent message to the industry, which focused on financing, Shkadov said that in India in particular, bankers had allowed diamond industry clients to use funds that were provided and earmarked to finance purchases of rough diamonds and for manufacturing to “serve the narrow and destructive interest of speculating on rough prices.”

GJEPC chairman Vipul Shah said it was astonishing to note an uncalled for statement made by the IDMA president against its largest stakeholder in diamond manufacturing globally. He called on all other members of the organization to condemn such unilateral statements, which he said cause more harm than help to the cause of the diamond manufacturing community.

“The remark made is reckless and not supported with true evidence or factual information,” said Shah. “Such uncared for opinion by the highest authority at IDMA not only damages a member country but also affects the diamond trade at large and tarnishes its image globally. GJEPC has always been supportive of the current chair at all forums, and it is really disheartening to note his appalling remarks against India, time and again.”

Shah added that with such an international business, it is unfair to pinpoint any country for any issue. “The banks and financial institutions operating in the diamond industry are also global operators and it is felt that like novices, if anybody makes statements singling out any individual country, not only that is in bad taste, but it is also devoid any thought process or wisdom.”

GJEPC said speculation in diamond buying is an “alarming phenomenon,” and one that is has condemned many times.

The organization concluded by saying that India is one of the most compliant and responsible nations of the world in terms of conducting diamond business ethically.