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GJEPC Signs Three Important MoUs at IIJS Inauguration

Aug 04, 2016

The GJEPC signed three important Memorandums of Understanding (MoUs) with De Beers, The Guangzhou Diamond Exchange, China and The Guangdong Gems and Jade Exchange (GDGJE), China respectively at the inauguration of the 33rd India International Jewellery Show (IIJS) today.

The MoU between GJEPC and De Beers says that the two organisations will undertake joint promotional activities to drive consumer demand for diamond jewellery in India. The marketing campaign will be run over the key selling season later this year. Details of the funding are being discussed and will be subsequently decided by both GJEPC and De Beers, representatives of the two organisations said.

Commenting on the agreement, Mr. Bruce Cleaver, CEO, De Beers Group said: “I have said before that we must be unrelenting in driving consumer demand so we are very excited about this partnership with GJEPC, a globally acclaimed export trade body. India is already one of the world’s most important markets for consumer sales of diamond jewellery and we believe it has an exciting opportunity for further growth.”

Speaking to gjepc.org, Cleaver added that the campaign would run along with the Forevermark promotions, and its messages and focus would be decided by the two organisations. He added that De Beers has already undertaken some detailed consumer research in the Indian market, and he expected that the campaigns would cover promotion of small diamonds and would encompass gifting. Special focus on young consumers was also important, he stated.

Cleaver also clarified that De Beers would ensure that there were no unnecessary overlaps between the promotions being undertaken by DPA, Forevermark and the generic category marketing campaigns taken up in India since the company was directly involved in all of them.

The MOUs of GJEPC with GDGJE and GZDE, will have a framework to established cooperation and facilitate collaboration between the Parties, on a non-exclusive basis, in areas of mutual interest and understanding in the diamond industry, promotional activities and trading. The two Chinese bodies are among the largest in southern Mainland China.

In conversation with gjepc.org, Mr Liang Weizhang, GM of the Guangzhou Diamond Exchange Co Ltd said that the MoU was a “very good start, and would be a important milestone in co-operation between the Indian and Chinese diamond industries.”

He clarified that Indian companies could bring goods to display at GDE without paying any duties if they were traded within the exchange or sold to traders from other international markets. Only goods that were entering the Chinese domestic market would attract duties as per the local laws. “It is a unique opportunity for companies to explore new avenues,” he concluded.

Pic Caption: At the IIJS Inauguration

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