50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
43
INDIA DIAMOND TRADING CENTRE
(IDTC): THE GAME CHANGER FOR THE
INDUSTRY!
At IDTC – SNZ, the mining companies can bring in and sell
rough under special laws. The IDTC-SNZ is of immense benefit
to the majority of diamond companies, as it will enable them
to source rough directly from miners. This is a significant step
towards making India a global trading hub. Today, India is the
largest diamond manufacturing centre in the world with large
state-of-the-art factories and employs about a million people.
The creation of SNZs and regular availability of direct supply
of rough in the country itself and within easy access, will not
only save time and effort of travel by diamond manufacturers,
who move to different centres to procure rough diamonds, it
also minimizes middlemen commissions and eventually costs.
As IDTC - SNZ conducts a weekly viewing and auctioning
of rough diamonds, it will provide producers direct access
to Indian market and vice versa. India cuts & polishes more
than 94% of rough diamonds in terms of carats and more
than 70% in terms of value.
The wide array of rough diamonds on offer to Indian buyers
is unprecedented; companies, including medium and small
enterprises, now have the never-before opportunity to
procure rough directly from mining companies. This project,
has endeavored to make India a major trading hub similar to
Israel, Dubai and Belgium.
Once the operations of the SNZ are fine-tuned, similar
SNZs can also be set up in any place convenient for the
purpose. Whether it is Surat, which is the largest diamond
manufacturing centre in India. The Gujarat Government has
already proposed to set up a gem bourse with such SNZ set
up inside it. The concept can also be extended to coloured
gemstones segment Jaipur where Council has proposed to
set up a Gem Bourse. In times to come SNZ may come up
in other premises in Mumbai and Surat or similar centres in
India.
NEW INITIATIVES TO TAKE THE INDUSTRY TO
THE NEXT LEVEL
Improved transparency, better working facilities & environment, and
direct access to rough diamonds!
New Projects
The industry has managed to do a phenomenal work in terms of increasing the exports of gems and jewellery
over the last two decades. But as competitions are increasing from other markets, it’s good to foresee the
requirements and take proactive steps to maintain the Indian Gem & Jewellery industry as the preferred
destination for sourcing gems and jewellery for the global market. The Council along with the Government has
taken few steps that would transform the old work culture to provide a better work environment and facilities
by setting up ‘Common Facility Centers’. This would further improve the production and quality of products.
By setting up India Diamond Trading Centre (IDTC), the Council is enabling direct access to rough diamonds
in India, and this is expected to be a game changer for the industry as India is the largest cut & polished
manufacturer in the world. And by setting up MyKYC, Know your Customer platform, the Council’s endeavor
to bring in more transparency in our industry business. Getting finance from banks has been a key challenge
for our industry as they now seek for improved transparency in the industry. ‘Know Your Customer’ initiative is
the answer to banks’ concerns. The KYC bank initiative will bring value to all members of the diamond pipeline.
Smt. Nirmala Sitharaman, Hon’ble Minister of State (Independent Charge) for Commerce & Industry, Govt. of India inaugurating the IDTC - SNZ
