A Meet and Greet conference was held at the TAJ Hotel, Mumbai, with Diamond Trading Company’s Managing Director, Ms. Varda Shine. During the conference Ms. Shine shared some positive expressions on the trade for the coming years and the growth which India can look forward to, and preceeded her notes with the current market background. “Diamonds are luxury. Fifty percent of diamond jewellery is sold in US and every business which was based on US is affected due to this recession. But I think now is the early days to celebrate , things have started improving. I think in the mid term and long term the picture looks good. People will continue getting married and engaged and so, the diamonds and jewellery would always have a market. Consumer still position diamonds either at no.1 or no.2 position in his luxury purchases”. %% She continued saying that “In India we have a tough competition with gold. India today is considered the third largest consuming market for diamonds after US and JAPAN. China and India our competing on this third position very closely. India is a fast growing market where-as China is also emerging. We actually believe that if the demand of diamond jewellery would go down in coming year then it wont go down more then a single digit figure. Where as the mining will go down by 50-60 percent”. %% “We will have on volume 40 percent less mining of rough diamonds then last year in the coming period. Some other producers are planning to put there mines on maintenance. In new rough diamonds the sales would be 40-50 percent less. That means the demand would be more and supply would be less which will clear the pipeline and will show signs of healthy business and better prices and profits”. %% “Diamonds are in different qualities and ranges so, some range may shorten up much faster in coming time then others. I think the demand for rough diamonds would grow by next year. People have started to look for rough again as the factories were not operating from long time which would start now so, the prices of rough has gone up a little again in the open market”. %% DTC’s role in the economic slowdown was also highlighted by Ms. Shine “We had foreseen this recession long back sold few of our non-profit mines , and also reduced our debt. We had looked our cost structures and reduced our cost by 47 percent in capital and regular expenses. We also explained our sightholders that everyone should use this year to check your business , check your value and get yourself ready for the new beginning .Adding to the support from DTC to promote diamonds. For the way ahead, “In Q4 we will launch a marketing initiative in the US which will be focusing on relationships and will increase demands for diamond jewellery in US, which in turn will give business to Indian manufacturers”.