GJEPC links diamond and finance industry at bankers’ meet

The Gem and Jewellery Export Promotion Council brought together the diamond and finance industries at its interactive session in Mumbai. The event opened up a dialogue to address current financial challenges in the Indian diamond industry. 

“It is my hope that this meeting will serve as a platform for productive conversations, fruitful collaborations, and the building of enduring partnerships between the diamond and banking sectors,” said GJEPC chairman Vipul Shah during his address at the event, the GJEPC reported on its website. “By working together, we can unlock the true potential of these industries and chart a course toward a more prosperous and sustainable future.”
 
The event took place at BKC Mumbai and looked at issues the diamond industry is facing and understand the implications of this with regards to bank credit. Guests at the event included GJEPC vice chairman Kirit Bhansali, GJEPC executive director Sabyasachi Ray, Bharat Diamond Bourse president Anoop Mehta, and IndusInd Bank’s executive vice president and head of the global diamond and jewellery group Biju Pattanayak.

Speakers at the event highlighted a need to ‘de-inventorise’ the diamond chain to boost profitability and restore confidence in the market. Speakers also mentioned that an uptick in the Japanese economy should have a positive effect on the Indian diamond industry but that China’s low diamond jewellery consumption remains a concern.