Diamond Producers Association starts India operations to promote diamond trade
Diamond Producers Association (DPA) in collaboration with Gem Jewellery Exports Promotion Council (GJEPC) has started its operation in India with an aim to promote the diamond trade in the country.
DPA & GJEPC together will adopt a dual strategy in India wherein the former will invest to promote and sensitize people in the diamond trade while the latter will lobby with the government for policy related issues in the sector.
The diamond association will invest around Rs 45 crore (approx $7 million) next year to further promote India’s diamond market which currently is the third largest diamond market in the world after USA and China
“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. We will spend $7 million (about Rs 45 crore) in 2018 for promoting and educating people about diamonds, including about countering synthetic diamonds in India, which has a 7% market share in the global diamond consumption”, DPA CEO Jean-Marc Lieberherr was quoted as saying in the Times of India.
DPA which is headquartered in Antwerp in Belgium before Indian had a country office in the USA. DPA is a trade body of the world’s seven largest diamond miners that include Alrosa, De Beers, Dominion Diamond, Gem Diamonds, Lucara Diamond, Petra Diamonds and Rio Tinto.
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