Representatives of the Responsible Jewelry Practices Board (Responsible Jewellery Council, RJC) Kindzhal Shah (Kinjal Shah) and Bethan Herbert (Bethan Herbert) in December, met with key stakeholders in the jewelry industry in Dubai and Antwerp.
Head of the RJC in India Kindzhal Shah visited Dubai to meet with DMCC and discuss the UAE market and the current challenges for the supply chain of gold and diamonds. The meeting explored the potential for cooperation in the field of standards and educational activities. In addition to this, Kindzhal also visited some of the refining factories based in Dubai to open a discussion on the need for standardization in the RJC for the industry and the benefits of membership in the organization.
In Antwerp to Kindzhalu joined Bethan Herbert, director of RJC Certification and environmental impact, to get feedback on this key market. In the city of RJC members, auditors and industry associations met them with a positive attitude. A number of jewelry companies in Antwerp are already at one stage or another entry into the RJC, and therefore representatives of the Council discussed issues such as the circuit "know your customer", the discovery of undisclosed lab-grown diamonds, the need for additional training. They also held a meeting with the RJC members of the team on new opportunities and raise the profile of the organization.
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Suratskaya Diamond Association (Surat Diamond Association, SDA) asked the owners of diamond cutting enterprises of India, especially to small and medium-sized companies, to refrain from storing high volumes of rough diamonds, as well as to stop its production capacity at the time of the summer holidays. According to the SDA, these measures will help reduce overproduction and ensure recovery of the market, reports Times of India.
In 2015-2016, India's polished exports fell 15% due to lower demand in key markets - the US and China.
In the last year before the festival of Diwali owners cutting and polishing factories cut diamond production by almost 50% to reduce the high inventory levels. In addition, they have significantly reduced the working day to six hours or less. Such measures cutters had to go because of the high price of diamonds, because of the low demand for diamonds.
Recently, a delegation of the Council on the promotion of exports of gems and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) , headed by its chairman Pravinshankarom Pandya (Praveenshankar Pandya) met with the Minister of Commerce of India to search for solutions to the problems of the diamond industry. Among the most pressing of these is called the extremely high volume of stocks of finished products. In GJEPC we proposed to the government to take a number of initiatives to facilitate the state of affairs in the industry. It has been proposed to interact with China in this regard, to make the gems in the export of goods from India circuit (Merchandise Exports from India Scheme, MEIS ), and also provide raw materials for the cutting and polishing consignment segment.
Regional GJEPC Chairman Dinesh Nawada (Dinesh Navadiya) said: "The call (to reduce diamond production) is a recommendation we voiced it to the owners of diamond cutting enterprises of India to refrain from excessive consumption of diamonds and reduced diamond production for the enterprise, should stop their.. production capacity by 15-20 days during the summer holidays. The increase in inventories of finished goods may in the long term to destabilize the diamond industry. "
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