50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
44
Official Inauguration
The IDTC - SNZ was officially inaugurated by Smt. Nirmala
Sitharaman, Hon’ble Minister of State (Independent Charge)
for Commerce & Industry, Govt. of India at the BDB premises
on December 20, 2015. Special Guests present on the
occasion included Jean-Marc Lieberherr, MD, Rio Tinto
Diamonds, Andrey Polyakov, VP, Alrosa and Marcus Lung,
Senior Sales Manager (Asia Pacific), De Beers.
De Beers, Alrosa and Rio Tinto, who have all carried out
trial viewing programmes in the SNZ and expressed their
appreciation of the facility.
The IDTC - SNZ is now fully functional and has a dedicated
staff who take care of day-to-day operations and
administrative work. They also assist the mining staff during
viewing sessions.
Since the start of IDTC – SNZ, De Beers has conducted 4
viewings, Rio Tinto has conducted 2 viewings, Dominion
Diamond Corporation has conducted 2 viewings and Alrosa
through its subsidiary Arcos East DMCC has conducted 2
viewings as well. The viewings have been received a very
good response from the Indian diamond industry and traders
are lining up, seeking appointments with mining companies
to participate in the viewings. Average consignment weights
of parcels brought in by the miners during viewing is 100,000
carats and average value of consignment is USD 16 MM.
Average number of visitors per viewing is 250 and average
number of companies visiting the viewings is close to 100.
Till 31st March 2016, close to 1 million carats, valuing around
USD 160 MM have passed through the doors of IDTC – SNZ.
Total number of visitors participating in IDTC- SNZ viewings
is around 2500 from more than 1000 companies. The IDTC-
SNZ has already been booked for more than 175 days for
the 2016 calendar year and it has further received tentative
bookings for 2017 calendar year as well.
Going Ahead:
Viewing operations has already started in full
swing at the IDTC SNZ at BDB, Mumbai and companies like
De Beers, Al Rosa, Rio Tinto and Dominion have completed
multiple viewing cum auction sessions at the centre where
bids were taken but no sale was completed. Based on such
sessions it was found out that the auctions and bidding only
sessions participated by Indian SMEs have allowed the
rough diamonds to be quoted at prices over 10% of what the
same had been sold at Antwerp through allocations to sight
holders or long term allottees by these companies. Hence
GJEPC has written to the Govt. to also open up the policy with
tax provisions for sale of such rough diamonds at SNZ as it is
prevalent in other centres like Belgium and Israel. The same
was given to Govt. as part of the pre-budget proposal by
GJEPC and the same was also recommended by the MoC&I.
looking at the factors GJEPC has requested the Govt. To
implement its proposals so that the mining companies and
their subsidiaries can set up their sales offices in India and
start allocating rough diamonds to their sight holders and
long term customers in India. Also the Council has already
proposed to these companies for providing fixed allocations
to Indian SME manufacturers of diamonds.
MyKYCBank.Com
Getting finance from banks has been a key challenge for this
industry as banks now seek for improved transparency
in the industry. Moreover, banks have become more prudent
in using their financial resources.
Know your customer (KYC) initiative by GJEPC is the answer
to banks’ concerns. The “KYC bank’’ initiative will bring
value to all members of the diamond pipeline. There is no
clear industry-wide KYC standards, and, hence, this will
ensure the diamond trade is better-prepared to deal with
all contingencies. MyKYCbank.com will enable diamond
businesses to receive important information about their
customers or suppliers to confirm their authenticity and
that of their transactions. This is an important initiative as all
banks follow a KYC process.
MyKYCBank was formally introduced by creating a
separate wholly owned subsidiary of GJEPC. Company
Mining Company
Viewing Dates
Total No Of
Days Used
Consignment
Weight (In
Carats)
Consignment Value
(in US $)
No of
Visitors
No of
Compa-
nies
To
From
Rio Tinto
21-Nov-15
26-Nov-15
6
2,06,366
$1,32,44,662
145
56
De Beers
26-Nov-15
03-Dec-15
8
33,972
$1,43,07,505
298
119
ALROSA (Arcos East DMCC)
07-Dec-15
11-Dec-15
5
40,053
$41,07,173
139
64
De Beers
11-Jan-16
18-Jan-16
8
22,400
$96,76,625
312
131
Dominion Diamond Corporation
30-Jan-16
06-Feb-16
8
3,33,814
$1,77,20,551
279
94
De Beers
08-Feb-16
17-Feb-16
10
82,520
$2,29,92,386
441
172
Rio Tinto
27-Feb-16
04-Mar-16
7
1,19,026
$1,24,15,372
195
77
Dominion Diamond Corporation
08-Mar-16
14-Mar-16
7
16,559
$2,24,57,527
166
67
ALROSA (Arcos East DMCC)
16-Mar-16
19-Mar-16
4
40,037
$53,13,988
108
46
De Beers
21-Mar-16
29-Mar-16
9
1,53,842
$3,81,28,421
401
162
72
10,48,590
$16,03,64,210
2484
988
Since incpetion IDTC has a healty occupancy rate at 55%
IDTC Key Statistics
