G20 at the diamond centre of the world!
Mumbai: The G20 Trade and Investment Working Group (TIWG) visited the Bharat Diamond Bourse (BDB), which is the largest diamond bourse in the world, here today.
Anoop Mehta, president of BDB, informed the delegation that the bourse is called the diamond centre of the world and is a conglomeration of more than 2500 diamond traders including some of the largest, who have their offices here spread over an area of 20 acres / 0.87 million square feet of land at the Bandra-Kurla Complex in the heart of Mumbai.
The Indian diamond industry is the world leader in cut and polished diamonds, exporting USD 23 billion annually. 14 out of 15 diamonds set in jewellery worldwide are processed in India. The delegates were given a tour of the world-class facilities within Bharat Diamond Bourse premises, including the offices of the Mumbai Diamond Merchants’ Association (MDMA), India Diamond Trading Centre (IDTC), the Gem & Jewellery Export Promotion Council (GJEPC), the Gemological Institute of India (GII), the Precious Cargo Customs Clearance Centre (PCCCC), as well as the Security Command and Control Centre.
It is interesting to note that the Diamond Plaza Customs Clearance (DPCC), which started to function in 1885 from Mumbai’s historical Opera House, was transferred to the premises of BDB at the Bandra Kurla Complex in 2010 and named Precious Cargo Customs Clearance Centre (PCCCC). Daily 600-700 export parcels and 100-150 import parcels are processed by the PCCCC. Overall, around 98% of cut and polished diamonds are exported through PCCCC to 52 countries. The major destinations are the United States of America, Hong Kong, the United Arab Emirates, Israel and Belgium.
During their visit, the delegates were informed about the significant contribution made by the diamond industry towards the country’s economy and employment generation. The briefing highlighted the various opportunities that the industry presents, not just within India but also globally. The Indian diamond industry is renowned for its skilled craftsmanship, cutting-edge technology, and strong ecosystem, making it a key player in the global diamond industry. Through this visit, the G20 TIWG had the chance to witness first-hand the diamond industry’s potential and the role it plays in the global economy.
The Indian gem and jewellery industry is a significant contributor to the country’s economy, employing 5 million people and accounting for 10% of India’s total merchandise exports. There are 390 districts identified as G&J Clusters with over 1 million gem and jewellery manufacturing units. India has a thriving export sector, accounting for USD 40 billion annually which makes the gem and jewellery exports account for 10% of overall merchandise exports from the country. The G&J industry consists of more than 85% MSME players.
“The country exports jewellery to countries all over the world, including the United States, Europe, the Middle East, Asia and many more,” Vipul Shah, chairman, GJEPC, told the delegates.
– global bihari bureau