Sunday, January 8, 2012

Business as usual for Indo-China diamantaires

Even while a bunch of Indian diamantaires have been convicted in smuggling of diamonds into Chinese territory while another bunch has been released - business is as usual for the Indian diamond industry, based almost entirely out of Surat and Mumbai.

Which is why a business delegation from China is set to visit Surat to meet up with representatives of the diamond industry.

“Yes, a delegation comprising members of diamond industry is visiting China and similarly Chinese delegation is visiting India. However, the dates have not yet been finalised,” said Chandrakant Sanghvi, chairman of Gujarat region, Gems and Jewellery Export Promotion Council.

He further added, “The visits are purely for business purpose and it has nothing to do with the slew of diamond traders released and others languishing in Chinese jails."

But has the recent controversy involving 22 Indian diamantaires had an impact on the Indo-China relationship as far as the diamond industry is concerned?

"The only impact the recent issue has had is the increased determination among diamond traders and polishers here to do ethical business with their Chinese counterparts. Otherwise, neither the amount of business increased nor decreased in the immediate past so far," says Dinesh Navadia, president of Surat Diamond Association (SDA), who also confirmed the delegation visit.

China is an important market for Indian diamond industry. It also imports polished diamonds from India for jewellery manufacturing and exports the jewellery to various countries.

Although China has large number diamond cutting and polishing units, it does not polish all types of diamonds. “This incident in unlikely to affect the business sentiment,” added CP Vanani, former president, Surat Diamond Industry.

The industry sources also maintain that issue is too trivial to impact the diamond industry's business relations with China.

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