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Polished diamond dealers report large price variations

A subdued and uncertain Mumbai diamond market is waiting to see what happens when the IIJS Signature trade show kicks off on Friday, January 6, in Mumbai. The show normally acts as a rough indicator of what the Indian gem and jewelry industry can expect for the first quarter of the year.

 

Sanjay Kothari, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), which runs the show, acknowledged to IDEX Online that business sentiment was subdued. “People are going to the show without very high expectations,” he said, “in a strange way, this might be a good thing in that it will generate a lot of positive sentiment if it performs better than they expect.”

 

Noting that the story wasn’t all bad, Kothari added, “The saving grace is that the US market seems to be holding steady. For the export production industry, this is one ray of hope.”

 

In the Mumbai polished diamond market, dealers reported that there are currently large price variations and this has led to uncertainty and a slowing down of transactions. The coming weekend would see the first buying trips to Antwerp by Indian rough diamond buyers and, together with the performance of the IIJS Signature, would indicate the direction the market would take in the near term.

 

Featuring 459 exhibitors spread over a 20,000 square meter area, the IIJS Signature show is a niche variant of the giant IIJS show that runs in August and offers exhibitors and visitors a more focused and dedicated networking platform.

 

To ensure a focused business environment, the show features a unique online initiative called the Online Business Matching Program, that allows visitors to view exhibitor companies and the products they have on offer, well before the actual event.

 

The GJEPC said 6,200 domestic and 580 overseas visitors had already pre-registered. Additionally, invited industry delegations from Bangladesh, Vietnam, Nepal, Uzbekistan, Dubai, Kuwait, Qatar, Pakistan, Russia and Turkey are also expected at the show.

 

The show will run over four days through to January 9.