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Global Diamond Body Begins Ops in India

DPA has an annual budget of $70 million for 2018, and about $50 million will be spent in the US to boost demand for diamonds in the country. India, which has a 7% market share in the global diamond consumption, is the third-largest for the trade, behind..

From: timesofindia.indiatimes.comDate: 2017-11-20 02:07:17Views: 422

Diamond Producers Association (DPA), a trade body of the world's seven largest diamond miners, has launched its operations in India. DPA, whose members account for about 75% of the global diamonds mined every year, said it will spend $7 million (about Rs 45 crore) in 2018 for promoting and educating people about diamonds, including about countering synthetic diamonds.

India is DPA's second country office, after the US — the world's largest market for diamonds with a 47% market share. The emergence of India as a preferred market for diamond majors — with rising income level and affluence — could be gauged from DPA's move into the country that comes within a week after the Belgian royal couple's — King Philippe and Queen Mathilde's — visit. The couple had met with leading players in India's diamond trade. Antwerp in Belgium is one of the largest diamond trading places in the world where DPA is headquartered.

DPA has an annual budget of $70 million for 2018, and about $50 million will be spent in the US to boost demand for diamonds in the country. India, which has a 7% market share in the global diamond consumption, is the third-largest for the trade, behind China. that has a 16% market share, said DPA CEO Jean-Marc Lieberherr.In India, DPA has joined hands with Gem Jewellery Exports Promotion Council (GJEPC), a government-sponsored trade body. DPA will work towards promoting the diamond trade in India, while GJEPC will liaison with the government for favourable policies for the diamond and diamond jewellery sector.

DPA's seven members are ALROSA, De Beers, Dominion Diamond, Gem Diamonds, Lucara Diamond, Petra Diamonds and Rio Tinto. In 2016, the global sales of cut and polished diamonds was worth $80 billion, while the market size for rough diamonds was between $12-14 billion. Industry players said although India has about 85-90% market share in cutting and polishing diamonds, its consumption level is still in single digits. DPA is aiming to increase India's consumption level but Lieberherr did not specify any targets for the same.

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