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GJEPC-DPA Pact to Boost Demand for Gems Cheers Diamantaires

Industry sources said the DPA is set to launch generic promotion of diamonds in India, the United States and China to boost consumer demand. The GJEPC has offered financial support to the DPA in the generic campaign targeting the millennials.

From: platts.comDate: 2016-06-13 06:26:38Views: 592

Diamantaires in the world's biggest diamond cutting and polishing centre in Surat are upbeat following Diamond Producers Association (DPA), a consortium of world's leading diamond mining companies, and Gems and Jewellery Export Promotion Council (GJEPC) signing a memorandum of understanding (MoU) to boost diamond demand and to discuss challenges faced by them in India.

Industry sources said the DPA is set to launch generic promotion of diamonds in India, the United States and China to boost consumer demand. The GJEPC has offered financial support to the DPA in the generic campaign targeting the millennials.

"The diamond jewellery demand across the country has reduced by almost 35 per cent since March 2016 following the 42-day-long strike by the jewellers. Again, the increase in the gold prices has distanced the diamond jewellery consumers. However, the marketing campaign by the DPA will resurrect the industry in the coming months," GJEPC regional chairman Dinesh Navadia said. 

India's diamond jewellery consumer market is pegged at $8.5 billion and it is the third largest market in the world after the USA and China. The DPA was formed for generic promotion of diamonds and to boost the demand by taking up various public advertising campaigns in the USA, China, India and UAE.

Sources said the MoU was signed at the JCK Las Vegas gems and jewellery event in the USA where they pledged to collaborate to strengthen and enhance the image of the diamond industry. India is the world's largest diamond cutting and polishing centre and it is facing threat from synthetic diamonds.

As a part of the agreement, the DPA and the GJEPC will hold quarterly meetings where they will discuss industry challenges and opportunities; review and discuss marketing progress and share industry insights on matters of mutual interest. "A close collaboration between leading diamond mining companies and the Indian diamond sector is essential to capture and achieve the full potential of the industry," DPA chairman Stephen Lussier said.

"The resurrection of diamond category marketing programmes is vital to the future of our industry and I commend the DPA and its chairman Stephen Lussier for taking this important initiative," said GJEPC chairman Praven Shanker Pandya.

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