GJEPC seeks to rebuild reputation

By

Isabelle Crossley

Published
May 14, 2018

The Gem and Jewellery Export Promotion Council (GJEPC) is working to repair the reputation of the diamond jewellery industry in India and held a summit titled Diamond & Jewellery Financing 2018 in Mumbai.

On May 11, the GJEPC held the Diamond & Jewellery Financing 2018 seminar event in Mumbai’s St Regis hotel. The event focused on “Mitigating Risks Effectively” and aimed to address investor risks inherent in the diamond jewellery business. This is an especially pertinent topic now considering the suspicion cast on the industry by jewellers Nirav Modi and Mehul Choksi’s alleged fraud at the Punjab National Bank (PNB), the largest in India’s history.

The day’s main event was a panel discussion about how to make investments in the diamond jewellery industry as safe as possible and how to improve the relationship between bankers and businesses in need of investment. “We are going to apprise the bankers about specific risks which emanate from the industry given the nature of industry,” said the GJEPC’s VC, Colin Shah. ““One of the main objectives is to work closely with banks and to plug loopholes in the system from the inside.”

Speakers at the seminar event included De Beers’ Executive Vice President, Paul Rowley, the Managing Director of SBI, Shri Dinesh Kumar Khara, the Commerce Secretary, Smt. Rita Teaotia, and the Commerce, Industry and Civil Aviation Minister, Shri Suresh Prabhu. The talk was a collaboration between the GJEPC and the government Department of Commerce.