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New Delhi: Diamond is one of India’s most promising sectors in terms of merchandise exports. Although the trade has been hit because of the pandemic, green shoots of revival are visible in markets like the USA, China, and Europe. Indian diamond industry hopes to make recovery of exports as markets such as America and China are “coming back strongly”.
In spite of the pandemic taking its toll, supply of rough was constrained so the polished prices had remained stable, Colin Shah, Chairman, the Gem and Jewellery Export Promotion Council of India (GJEPC), the apex body for promotion of Gems and Jewellery Exports, informed at the first Virtual Buyer and Seller Meet (VBSM) for loose diamonds, on Friday. Speaking on the future plans of GJEPC, he said, “India is the preferred destination for sourcing superior quality diamonds and the VBSM format is user-friendly with inbuilt security measures. We are planning to hold such VBSMs in the near future for diamond and gold-studded jewellery, platinum jewellery, and costume jewellery.”
Suresh Kumar, Joint Secretary, Ministry of Commerce and Industry, who inaugurated the two-day Virtual Buyer and Seller Meet for loose diamonds, said, virtual buying-selling formats will be the new normal going forward. “As we do not know how fast this scenario is going to change, and we cannot wait for the pandemic to go away, so it’s prudent to shift to a virtual platform through which buyers and sellers can continue doing business in confidentiality with secured measures.”
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Some of the salient features of the Virtual Buyer Seller Meet were:
- Cloud storage for secure online trading; buyer-seller matching
- Optimal choice for buyers and sellers to choose gamut of options exhibited by the exhibitors
- Life-like experience simulation
- Since the format is virtual, no physical contact and conduct business from home or office
- Watertight parameters for trustworthiness
- Enhance networking opportunity
- GJEPC will assist in creating product catalogues or directories of high-resolution images for exhibitors on the Council’s VBSM website
- Buyers will be able to search specific product types to find the exact merchandise they need
- The GJEPC website will make it easy for the buyer to view online product directory, even during live video meetings
- For the live one-on-one meetings between the buyer and seller, GJEPC will provide high-end cameras for product viewing during the interaction from the exhibitor’s office
While the meet gave an opportunity for buyers and exhibitors to connect and talk business over the virtual platform, GJEPC, which organised the meet, will manage, schedule and run video meetings directly through the GJEPC VBSM website platform, as per the scheduled dates and time.
“After the online matching of buyer and seller products, each meeting schedule between buyer and seller will be arranged for approximately 45 minutes; and in a day only 3 to 4 meetings will be planned between the buyer and seller. Meeting IDs will be created for each exhibitor, which will be shared with the buyer, to meet online at a scheduled time and discuss their business,” the GJEPC stated.
– globalbihari bureau
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