Surat: To give a boost to the struggling lab-grown diamond (LGD) industry, the Gem and Jewellery Export Promotion Council (GJEPC) has organised ‘Factory Visit Buyer Seller Meet’. The event is focused on LGD manufacturing units.
A total of 12 companies from the United States will participate as buyers in the event to be held soon. Eight factories have enthusiastically participated in this meet.
During this event, buyers will have the opportunity to visit LGD units and see the entire process — from growth to cutting and polishing, thereby gaining a first-hand insight and confidence in the sustainable models and best practices followed by Indian manufacturers.
“The western world often harbours misconceptions about the working conditions and practices followed by Indian manufacturers. To clear those misconceptions, we planned to extend a direct invitation to our US-based counterparts to visit our factories in Surat,” said Vijay Mangukiya, regional chairman of GJEPC.
“It is the second buyer-seller meet (BSM) by GJEPC in a gap of six months. The BSM held in April 2023 had received an overwhelming response from buyers, resulting in orders worth 4-5 million US$. The success of this event generated high expectations for the upcoming BSM, with the industry hopeful for an increase in orders and a revival of gem and jewellery exports,” GJEPC said in a release.
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A total of 12 companies from the United States will participate as buyers in the event to be held soon. Eight factories have enthusiastically participated in this meet.
During this event, buyers will have the opportunity to visit LGD units and see the entire process — from growth to cutting and polishing, thereby gaining a first-hand insight and confidence in the sustainable models and best practices followed by Indian manufacturers.
“The western world often harbours misconceptions about the working conditions and practices followed by Indian manufacturers. To clear those misconceptions, we planned to extend a direct invitation to our US-based counterparts to visit our factories in Surat,” said Vijay Mangukiya, regional chairman of GJEPC.
“It is the second buyer-seller meet (BSM) by GJEPC in a gap of six months. The BSM held in April 2023 had received an overwhelming response from buyers, resulting in orders worth 4-5 million US$. The success of this event generated high expectations for the upcoming BSM, with the industry hopeful for an increase in orders and a revival of gem and jewellery exports,” GJEPC said in a release.
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G7 delegation visits Surat diamond industry
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A G7 delegation is visiting India’s diamond trade and manufacturing hubs to discuss the potential consequences of tighter sanctions on Russian diamonds. Led by Brad Brooks-Rubin, the delegation includes representatives from G7 nations such as Sweden, Belgium, and the United States. They are engaging in discussions with government officials and visiting various locations in Surat, including diamond manufacturing units and trading markets. The visit highlights the importance of the diamond industry in Surat and its role in the global trade.
EU seeks to protect sensitive tech from Chinese buyers
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The European Union (EU) is set to unveil a list of sensitive technologies that must be kept out of China’s hands, as part of its efforts to counter China’s aggressive trade policies. The EU is building a trade arsenal to protect itself from actions by rival countries and is considering tools to punish nations that pressure its member states. The EU will also have the ability to impose tariffs, restrict investment, and limit access to public contracts for countries engaged in economic blackmail. This comes amid a dispute with China over trade restrictions imposed on EU member Lithuania after it strengthened ties with Taiwan.
Builders to roll out promotions for buyers of affordable homes
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Real estate developers in Ahmedabad, India, are offering attractive promotions and discounts to boost sales in the affordable housing segment. The affordable housing market has been slow due to high interest rates, but developers are now offering schemes such as interest subvention, delayed payments, and free furniture to attract buyers. Despite increasing land and construction costs, developers have not raised prices for finished units. Industry insiders believe there will be good demand in all segments and a positive festival season for the real estate sector.
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