India’s Gem & Jewellery Export Promotion Council (GJEPC) will open an office in China’s Shenzhen Rough Diamond Exchange (SRDE) in an effort to promote trade between the countries.
GJEPC chairman Pramod Agrawal signed a Memorandum of Understanding (MOU) with Julius Zheng, vice president of the SRDE, at the India International Jewellery Show (IIJS) in Mumbai last week.
Under the MoU, the Chinese exchange will participate in India Diamond Week in Mumbai in October, while SRDE will host a Gemstone Week in Shenzhen, Zheng said.
“There is a lot of investment by Indian companies in China,” GJEPC executive director Sabyasachi Ray noted Friday. “In diamonds, India and China complement each other; we are not competing with each other.”
China, the world’s second-largest consumer market for diamonds, sources many of its stones from India, Zheng said. In addition to that relationship, China would also welcome Indian diamond suppliers who want to do business in Shenzhen, he added.