%%Mumbai, 7 October, 2008: The Gem & Jewellery Export Promotion Council (GJEPC) had organized the first ever diamond Buyers-Sellers Meet in Shanghai in December 2007.This event was well received and appreciated by participants and buyers .Based on the response and the feedback received, GJEPC organized the 2nd BSM in Shenzhen from 23 to 25 September, 2008 in Intercontinental Hotel in association with Shanghai Diamond Exchange.%%Shenzhen was chosen as venue for BSM as it is the main jewellery manufacturing and trading hub of China. More than 300 jewellery factories are located in Guangzhou region. Shenzhen is close to Panyu, which accounts for 60 % exports of China.%%Twelve Diamond manufacturers from India participated in the Meet that was by Invitation Only. The Meet was inaugurated by Caroline Yuan, Director, Shanghai Diamond Exchange and Vasant Mehta, the then Vice-Chairman of GJEPC. %%150 companies of retailers and jewellery manufacturers from Shenzhen and Panyu visited the Meet. Diamonds of all sizes were displayed but the major demand was for VVS VS.30 pointers plus. On an average 30 buyers visited per booth.%%{{On Fast-Track :}}%%China is the fastest growing economy of the world with ever increasing disposable income. Jewellery is third item in consumption after real estate and automobiles. The appeal for jewellery is highest among younger consumer sections. According to the study conducted by DTC three out of four brides in major metros of China expect their husbands to buy them a diamond wedding ring. Wedding rings account for one third of the jewellery sales in China. %%Gems and jewellery trade between India and China together is expected to overtake USA by 2015 in jewellery consumption as per the report of KPMG. The collective action of India and China, the industry has the potential to grow to US$ 280 million by 2015 as per KPMG report. As of now 11 out of 12 cut and processed diamonds globally come from India. As per KPMG report the structure of the diamond processing industry will change considerably and India’s share of the processing pie will drop from 57% today to 49% in value terms. China will emerge as strong player with 21.3% of the diamond processing share.%%{{India to Concentrate on Focused BSM :}}%%Council will concentrate on focused BSM in diamonds and in color stones in future. Council through BSM has managed to give a platform to Buyers and Sellers to meet and transact business in a very cordial environment, wherein buyers do not have to rush to hundreds of stalls to find the source. Its is very product specific with the right mix of buyers and sellers.