In order to tide over falling sales and squeezing margins, Indian diamond trade is considering teaming up with miners like Rio Tinto, ALROSA and De Beers and launching a marketing campaign in strategic markets like China, Latin America and the Middle East. 

As Praveen Shankar Pandya, chairman of the Gem Jewellery Export Promotion Council, says, “Miners, who are the major stakeholders in the industry, will have to be included in this initiative. Talks have begun with the miners and we are hopeful that the entire thing will be finalised within a month.” 

In fact, the Indian diamond trade is planning to rope in international advertising agencies and celebrities to promote diamond that of late has lost its sparkle worldwide.  The Indian diamond trade has also decided to also seek government help to reduce high import duty in traditional markets like Russia and Indonesia.

The trade also wants the government to enter into bilateral arrangements with countries like Russia and Indonesia, where the import duty is as high as 15 per cent, so that India can export diamonds to these traditional markets.