Train 4 million people by 2022 – aims GJEPC

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Post By : IJ News Service On 23 January 2015 6:12 PM
|*With all its blueprints in place, the new company for rough sourcing set up by diamantaires in Surat hopes to be operational shortly, and will soon be taking its first official delegation to the country that may eventually emerge as the largest exporter of rough diamonds – Zimbabwe. {{Stephen Rego}} reports.*| Not even two months have passed since diamantaires in Surat first announced plans to set up Surat Diamond Sourcing Diamond India Limited (SDSIL). Yet the new company, being formed by about 1000 – 1500 diamantaires of India’s diamond manufacturing capital, is almost up and running. In fact, it will soon enter the fray seeking to establish direct contact with the mining companies and countries across the world and ensure a steady supply of rough direct to the city with the largest concentration of diamond cutting factories in the world.%% A delegation representing the SDSIL is going to participate in the International Diamond Conference, Mines to Markets, being organized by The Gem & Jewellery Export Promotion Council (GJEPC) in Mumbai, and make a presentation to the conference. After interacting with the senior officials of the mining companies and countries who are attending, SDSIL hopes to quickly formalize a relationship with as many of them as possible. %% {{Chandrakant Sanghavi}}, founder director of the new company, explains that its primary vision is to improve the competitive positioning of the Indian diamond industry by sourcing rough diamonds globally in a cost efficient manner. |*“This we will be able to achieve by improving supply chain and aggregation of rough diamonds sourcing requirements. *|%% |*“Eventually we hope to create a diamond trading hub in India and provide a platform for global mining companies to come and sell their diamonds directly. To facilitate that, we aim to provide outsourced tender service and/or any other services that may be needed and to distribute the same the same, in the most efficient manner to any legal and registered diamond company, situated anywhere in the world,”*| he adds. %% In fact, by mid October, SDSIL plans to take its first official overseas delegation to the country that is widely expected to be the world’s largest source of rough diamonds in the next few years – Zimabawe. {{Nirav Jogani}}, official spokesperson of the SDSIL, Chairman CII, G&J Task Force and Vice Chairman of RSM Astute Consulting Gujarat, confirms that the programme details will be finalized very soon. |*“It will be the first of many trips to the countries that produce diamonds,”*| he adds. %% The company will later visit other diamond-producing countries like Canada, Russia, South Africa, Namibia and Angola for sourcing roughs, though Jogani informs us that informally the process of getting in touch has already started. Already, SDSIl has been host to an official delegation from the State Diamond Trader, the diamond arm of the government of South Africa, which visited Surat on 15th September and had an elaborate interaction with the members of SDSIL.
It is learnt that the registration process of the new company has already begun and SDSIL hopes to receive approval from the authorities and start functioning shortly. At present members have been asked to file ‘Expression of Interest’ forms and over 100 applications have been received. The process is expected to gather momentum once the initial formalities are done. %% SDSIL has been conceived as a company that will be open to all in the diamond business. Initial membership is possible at two levels – companies can purchase a single share with a payment of Rs 54 lakhs, or buy two shares paying twice that amount i.e. Rs 1.08 crore. A special initial category of Founder Members has also been created – open to those who put up a share capital equivalent of 10 shares or Rs 5.4 crore. %% Expectations are that the initial membership drive will bring in about 1000-1500 members giving the company a capital of Rs 1000 crore. %% That money will be used to make purchase of rough direct from the miners, says {{Jogani,}} adding that SDSIL will not be interested in dealing with intermediaries or agents at all. Taking an estimated 5-10 cycles per year, SDSIL will be in a position to purchase approximately Rs 5-10,000 crore of rough annually. In terms of value that is significant. |*“What this will mean in terms of actual carats will depend on the goods that are available,” adds Jogani.*| %% How will the goods acquired be distributed? SDSIL plans to hold regular tenders with 50% of the goods being reserved for tender process open to ‘members only’, and the other 50% being tendered through a process that will be open to non-members as well. “Anyone from anywhere in the world can participate in the latter process as per the laid down procedures and rules,” he says, though physical viewing of the goods will have to be done in Surat only. It will be a closely monitored and elaborate mechanism, developed in consultation with internationally reputed consultants, possibly even among those who currently conduct tenders for other leading diamond producers. %% SDSIL plans to allow new members to enroll at regular intervals, and any new company can enroll by purchasing shares when this happens. Prices may vary, and there is a possibility that there will be a premium on membership once the company is fully functional. %% In fact these are the two areas where SDSIL will be different from the otherwise similar Mumbai based Diamond India Ltd. Explains Jogani, “Our distribution system will also allow non-members to bid for part of the rough we procure. Also our membership drives will be taken from time to time; new companies can always enroll themselves too.” %% There has been speculation that SDSIL will launch an IPO soon, but Jogani clarifies that there are many procedures to be followed before this can happen. “Not before three years as a profit making enterprise,” he adds. %% Elaborating further, he points out that by purchasing goods from a variety of sources and aggregating them into convenient lots for sale, there will be a significant amount of value addition done by SDSIL. That margin will fund expansion and growth of the company. %% Though the blueprint of the formal structure is ready, the actual corporate functioning will only commence after the registration process is complete.
Says Sanghavi, “The core values we aim to uphold are complete transparency, a 100% legal and ethical business model, professsionalism and corporate governance, and an appropriate governance mechanism to avoid conflict of interest and ensure inclusive participation and growth.” %% Temporarily, the SDSIL is operating under a committee of six Founder Directors (see box) and from within the Indian Diamond Institute premises. But eventually it will acquire a space of its own, possibly within the upcoming Gujarat Hira Bourse. %% The arrival of SDSIL is good news not only for the diamantaires of Surat, but for the country as a whole. With the enormous resources that the new company hopes to generate, there is every chance that it will help India, which has been striving to make the leap from being a manufacturing-only centre to a manufacturing-cum-trading one, do just that.
{{Founder Directors of SDSIL }}%% Ashitbhai Mehta (Chairman, Blue Star & Arjav Diamonds Group) %% Babubhai Sanghvi (Chairman, KP Sanghvi) %% Chandrakantbhai Sanghavi (Chairman, Sanghavi Exports) %% Govindbhai Dholakia (Chairman, Shree Ram Krishna Exports)%% Kishorbhai Virani (Chairman, Karp Impex Ltd.) %% Kishorbhai Shah (Chairman, K. Girdharlal International Ltd.)
|*With all its blueprints in place, the new company for rough sourcing set up by diamantaires in Surat hopes to be operational shortly, and will soon be taking its first official delegation to the country that may eventually emerge as the largest exporter of rough diamonds – Zimbabwe. {{Stephen Rego}} reports.*| Not even two months have passed since diamantaires in Surat first announced plans to set up Surat Diamond Sourcing Diamond India Limited (SDSIL). Yet the new company, being formed by about 1000 – 1500 diamantaires of India’s diamond manufacturing capital, is almost up and running. In fact, it will soon enter the fray seeking to establish direct contact with the mining companies and countries across the world and ensure a steady supply of rough direct to the city with the largest concentration of diamond cutting factories in the world.%% A delegation representing the SDSIL is going to participate in the International Diamond Conference, Mines to Markets, being organized by The Gem & Jewellery Export Promotion Council (GJEPC) in Mumbai, and make a presentation to the conference. After interacting with the senior officials of the mining companies and countries who are attending, SDSIL hopes to quickly formalize a relationship with as many of them as possible. %% {{Chandrakant Sanghavi}}, founder director of the new company, explains that its primary vision is to improve the competitive positioning of the Indian diamond industry by sourcing rough diamonds globally in a cost efficient manner. |*“This we will be able to achieve by improving supply chain and aggregation of rough diamonds sourcing requirements. *|%% |*“Eventually we hope to create a diamond trading hub in India and provide a platform for global mining companies to come and sell their diamonds directly. To facilitate that, we aim to provide outsourced tender service and/or any other services that may be needed and to distribute the same the same, in the most efficient manner to any legal and registered diamond company, situated anywhere in the world,”*| he adds. %% In fact, by mid October, SDSIL plans to take its first official overseas delegation to the country that is widely expected to be the world’s largest source of rough diamonds in the next few years – Zimabawe. {{Nirav Jogani}}, official spokesperson of the SDSIL, Chairman CII, G&J Task Force and Vice Chairman of RSM Astute Consulting Gujarat, confirms that the programme details will be finalized very soon. |*“It will be the first of many trips to the countries that produce diamonds,”*| he adds. %% The company will later visit other diamond-producing countries like Canada, Russia, South Africa, Namibia and Angola for sourcing roughs, though Jogani informs us that informally the process of getting in touch has already started. Already, SDSIl has been host to an official delegation from the State Diamond Trader, the diamond arm of the government of South Africa, which visited Surat on 15th September and had an elaborate interaction with the members of SDSIL.
It is learnt that the registration process of the new company has already begun and SDSIL hopes to receive approval from the authorities and start functioning shortly. At present members have been asked to file ‘Expression of Interest’ forms and over 100 applications have been received. The process is expected to gather momentum once the initial formalities are done. %% SDSIL has been conceived as a company that will be open to all in the diamond business. Initial membership is possible at two levels – companies can purchase a single share with a payment of Rs 54 lakhs, or buy two shares paying twice that amount i.e. Rs 1.08 crore. A special initial category of Founder Members has also been created – open to those who put up a share capital equivalent of 10 shares or Rs 5.4 crore. %% Expectations are that the initial membership drive will bring in about 1000-1500 members giving the company a capital of Rs 1000 crore. %% That money will be used to make purchase of rough direct from the miners, says {{Jogani,}} adding that SDSIL will not be interested in dealing with intermediaries or agents at all. Taking an estimated 5-10 cycles per year, SDSIL will be in a position to purchase approximately Rs 5-10,000 crore of rough annually. In terms of value that is significant. |*“What this will mean in terms of actual carats will depend on the goods that are available,” adds Jogani.*| %% How will the goods acquired be distributed? SDSIL plans to hold regular tenders with 50% of the goods being reserved for tender process open to ‘members only’, and the other 50% being tendered through a process that will be open to non-members as well. “Anyone from anywhere in the world can participate in the latter process as per the laid down procedures and rules,” he says, though physical viewing of the goods will have to be done in Surat only. It will be a closely monitored and elaborate mechanism, developed in consultation with internationally reputed consultants, possibly even among those who currently conduct tenders for other leading diamond producers. %% SDSIL plans to allow new members to enroll at regular intervals, and any new company can enroll by purchasing shares when this happens. Prices may vary, and there is a possibility that there will be a premium on membership once the company is fully functional. %% In fact these are the two areas where SDSIL will be different from the otherwise similar Mumbai based Diamond India Ltd. Explains Jogani, “Our distribution system will also allow non-members to bid for part of the rough we procure. Also our membership drives will be taken from time to time; new companies can always enroll themselves too.” %% There has been speculation that SDSIL will launch an IPO soon, but Jogani clarifies that there are many procedures to be followed before this can happen. “Not before three years as a profit making enterprise,” he adds. %% Elaborating further, he points out that by purchasing goods from a variety of sources and aggregating them into convenient lots for sale, there will be a significant amount of value addition done by SDSIL. That margin will fund expansion and growth of the company. %% Though the blueprint of the formal structure is ready, the actual corporate functioning will only commence after the registration process is complete.
Says Sanghavi, “The core values we aim to uphold are complete transparency, a 100% legal and ethical business model, professsionalism and corporate governance, and an appropriate governance mechanism to avoid conflict of interest and ensure inclusive participation and growth.” %% Temporarily, the SDSIL is operating under a committee of six Founder Directors (see box) and from within the Indian Diamond Institute premises. But eventually it will acquire a space of its own, possibly within the upcoming Gujarat Hira Bourse. %% The arrival of SDSIL is good news not only for the diamantaires of Surat, but for the country as a whole. With the enormous resources that the new company hopes to generate, there is every chance that it will help India, which has been striving to make the leap from being a manufacturing-only centre to a manufacturing-cum-trading one, do just that.
{{Founder Directors of SDSIL }}%% Ashitbhai Mehta (Chairman, Blue Star & Arjav Diamonds Group) %% Babubhai Sanghvi (Chairman, KP Sanghvi) %% Chandrakantbhai Sanghavi (Chairman, Sanghavi Exports) %% Govindbhai Dholakia (Chairman, Shree Ram Krishna Exports)%% Kishorbhai Virani (Chairman, Karp Impex Ltd.) %% Kishorbhai Shah (Chairman, K. Girdharlal International Ltd.)
|*With all its blueprints in place, the new company for rough sourcing set up by diamantaires in Surat hopes to be operational shortly, and will soon be taking its first official delegation to the country that may eventually emerge as the largest exporter of rough diamonds – Zimbabwe. {{Stephen Rego}} reports.*| Not even two months have passed since diamantaires in Surat first announced plans to set up Surat Diamond Sourcing Diamond India Limited (SDSIL). Yet the new company, being formed by about 1000 – 1500 diamantaires of India’s diamond manufacturing capital, is almost up and running. In fact, it will soon enter the fray seeking to establish direct contact with the mining companies and countries across the world and ensure a steady supply of rough direct to the city with the largest concentration of diamond cutting factories in the world.%% A delegation representing the SDSIL is going to participate in the International Diamond Conference, Mines to Markets, being organized by The Gem & Jewellery Export Promotion Council (GJEPC) in Mumbai, and make a presentation to the conference. After interacting with the senior officials of the mining companies and countries who are attending, SDSIL hopes to quickly formalize a relationship with as many of them as possible. %% {{Chandrakant Sanghavi}}, founder director of the new company, explains that its primary vision is to improve the competitive positioning of the Indian diamond industry by sourcing rough diamonds globally in a cost efficient manner. |*“This we will be able to achieve by improving supply chain and aggregation of rough diamonds sourcing requirements. *|%% |*“Eventually we hope to create a diamond trading hub in India and provide a platform for global mining companies to come and sell their diamonds directly. To facilitate that, we aim to provide outsourced tender service and/or any other services that may be needed and to distribute the same the same, in the most efficient manner to any legal and registered diamond company, situated anywhere in the world,”*| he adds. %% In fact, by mid October, SDSIL plans to take its first official overseas delegation to the country that is widely expected to be the world’s largest source of rough diamonds in the next few years – Zimabawe. {{Nirav Jogani}}, official spokesperson of the SDSIL, Chairman CII, G&J Task Force and Vice Chairman of RSM Astute Consulting Gujarat, confirms that the programme details will be finalized very soon. |*“It will be the first of many trips to the countries that produce diamonds,”*| he adds. %% The company will later visit other diamond-producing countries like Canada, Russia, South Africa, Namibia and Angola for sourcing roughs, though Jogani informs us that informally the process of getting in touch has already started. Already, SDSIl has been host to an official delegation from the State Diamond Trader, the diamond arm of the government of South Africa, which visited Surat on 15th September and had an elaborate interaction with the members of SDSIL.
It is learnt that the registration process of the new company has already begun and SDSIL hopes to receive approval from the authorities and start functioning shortly. At present members have been asked to file ‘Expression of Interest’ forms and over 100 applications have been received. The process is expected to gather momentum once the initial formalities are done. %% SDSIL has been conceived as a company that will be open to all in the diamond business. Initial membership is possible at two levels – companies can purchase a single share with a payment of Rs 54 lakhs, or buy two shares paying twice that amount i.e. Rs 1.08 crore. A special initial category of Founder Members has also been created – open to those who put up a share capital equivalent of 10 shares or Rs 5.4 crore. %% Expectations are that the initial membership drive will bring in about 1000-1500 members giving the company a capital of Rs 1000 crore. %% That money will be used to make purchase of rough direct from the miners, says {{Jogani,}} adding that SDSIL will not be interested in dealing with intermediaries or agents at all. Taking an estimated 5-10 cycles per year, SDSIL will be in a position to purchase approximately Rs 5-10,000 crore of rough annually. In terms of value that is significant. |*“What this will mean in terms of actual carats will depend on the goods that are available,” adds Jogani.*| %% How will the goods acquired be distributed? SDSIL plans to hold regular tenders with 50% of the goods being reserved for tender process open to ‘members only’, and the other 50% being tendered through a process that will be open to non-members as well. “Anyone from anywhere in the world can participate in the latter process as per the laid down procedures and rules,” he says, though physical viewing of the goods will have to be done in Surat only. It will be a closely monitored and elaborate mechanism, developed in consultation with internationally reputed consultants, possibly even among those who currently conduct tenders for other leading diamond producers. %% SDSIL plans to allow new members to enroll at regular intervals, and any new company can enroll by purchasing shares when this happens. Prices may vary, and there is a possibility that there will be a premium on membership once the company is fully functional. %% In fact these are the two areas where SDSIL will be different from the otherwise similar Mumbai based Diamond India Ltd. Explains Jogani, “Our distribution system will also allow non-members to bid for part of the rough we procure. Also our membership drives will be taken from time to time; new companies can always enroll themselves too.” %% There has been speculation that SDSIL will launch an IPO soon, but Jogani clarifies that there are many procedures to be followed before this can happen. “Not before three years as a profit making enterprise,” he adds. %% Elaborating further, he points out that by purchasing goods from a variety of sources and aggregating them into convenient lots for sale, there will be a significant amount of value addition done by SDSIL. That margin will fund expansion and growth of the company. %% Though the blueprint of the formal structure is ready, the actual corporate functioning will only commence after the registration process is complete.
Says Sanghavi, “The core values we aim to uphold are complete transparency, a 100% legal and ethical business model, professsionalism and corporate governance, and an appropriate governance mechanism to avoid conflict of interest and ensure inclusive participation and growth.” %% Temporarily, the SDSIL is operating under a committee of six Founder Directors (see box) and from within the Indian Diamond Institute premises. But eventually it will acquire a space of its own, possibly within the upcoming Gujarat Hira Bourse. %% The arrival of SDSIL is good news not only for the diamantaires of Surat, but for the country as a whole. With the enormous resources that the new company hopes to generate, there is every chance that it will help India, which has been striving to make the leap from being a manufacturing-only centre to a manufacturing-cum-trading one, do just that.
{{Founder Directors of SDSIL }}%% Ashitbhai Mehta (Chairman, Blue Star & Arjav Diamonds Group) %% Babubhai Sanghvi (Chairman, KP Sanghvi) %% Chandrakantbhai Sanghavi (Chairman, Sanghavi Exports) %% Govindbhai Dholakia (Chairman, Shree Ram Krishna Exports)%% Kishorbhai Virani (Chairman, Karp Impex Ltd.) %% Kishorbhai Shah (Chairman, K. Girdharlal International Ltd.)
|*With all its blueprints in place, the new company for rough sourcing set up by diamantaires in Surat hopes to be operational shortly, and will soon be taking its first official delegation to the country that may eventually emerge as the largest exporter of rough diamonds – Zimbabwe. {{Stephen Rego}} reports.*| Not even two months have passed since diamantaires in Surat first announced plans to set up Surat Diamond Sourcing Diamond India Limited (SDSIL). Yet the new company, being formed by about 1000 – 1500 diamantaires of India’s diamond manufacturing capital, is almost up and running. In fact, it will soon enter the fray seeking to establish direct contact with the mining companies and countries across the world and ensure a steady supply of rough direct to the city with the largest concentration of diamond cutting factories in the world.%% A delegation representing the SDSIL is going to participate in the International Diamond Conference, Mines to Markets, being organized by The Gem & Jewellery Export Promotion Council (GJEPC) in Mumbai, and make a presentation to the conference. After interacting with the senior officials of the mining companies and countries who are attending, SDSIL hopes to quickly formalize a relationship with as many of them as possible. %% {{Chandrakant Sanghavi}}, founder director of the new company, explains that its primary vision is to improve the competitive positioning of the Indian diamond industry by sourcing rough diamonds globally in a cost efficient manner. |*“This we will be able to achieve by improving supply chain and aggregation of rough diamonds sourcing requirements. *|%% |*“Eventually we hope to create a diamond trading hub in India and provide a platform for global mining companies to come and sell their diamonds directly. To facilitate that, we aim to provide outsourced tender service and/or any other services that may be needed and to distribute the same the same, in the most efficient manner to any legal and registered diamond company, situated anywhere in the world,”*| he adds. %% In fact, by mid October, SDSIL plans to take its first official overseas delegation to the country that is widely expected to be the world’s largest source of rough diamonds in the next few years – Zimabawe. {{Nirav Jogani}}, official spokesperson of the SDSIL, Chairman CII, G&J Task Force and Vice Chairman of RSM Astute Consulting Gujarat, confirms that the programme details will be finalized very soon. |*“It will be the first of many trips to the countries that produce diamonds,”*| he adds. %% The company will later visit other diamond-producing countries like Canada, Russia, South Africa, Namibia and Angola for sourcing roughs, though Jogani informs us that informally the process of getting in touch has already started. Already, SDSIl has been host to an official delegation from the State Diamond Trader, the diamond arm of the government of South Africa, which visited Surat on 15th September and had an elaborate interaction with the members of SDSIL.
It is learnt that the registration process of the new company has already begun and SDSIL hopes to receive approval from the authorities and start functioning shortly. At present members have been asked to file ‘Expression of Interest’ forms and over 100 applications have been received. The process is expected to gather momentum once the initial formalities are done. %% SDSIL has been conceived as a company that will be open to all in the diamond business. Initial membership is possible at two levels – companies can purchase a single share with a payment of Rs 54 lakhs, or buy two shares paying twice that amount i.e. Rs 1.08 crore. A special initial category of Founder Members has also been created – open to those who put up a share capital equivalent of 10 shares or Rs 5.4 crore. %% Expectations are that the initial membership drive will bring in about 1000-1500 members giving the company a capital of Rs 1000 crore. %% That money will be used to make purchase of rough direct from the miners, says {{Jogani,}} adding that SDSIL will not be interested in dealing with intermediaries or agents at all. Taking an estimated 5-10 cycles per year, SDSIL will be in a position to purchase approximately Rs 5-10,000 crore of rough annually. In terms of value that is significant. |*“What this will mean in terms of actual carats will depend on the goods that are available,” adds Jogani.*| %% How will the goods acquired be distributed? SDSIL plans to hold regular tenders with 50% of the goods being reserved for tender process open to ‘members only’, and the other 50% being tendered through a process that will be open to non-members as well. “Anyone from anywhere in the world can participate in the latter process as per the laid down procedures and rules,” he says, though physical viewing of the goods will have to be done in Surat only. It will be a closely monitored and elaborate mechanism, developed in consultation with internationally reputed consultants, possibly even among those who currently conduct tenders for other leading diamond producers. %% SDSIL plans to allow new members to enroll at regular intervals, and any new company can enroll by purchasing shares when this happens. Prices may vary, and there is a possibility that there will be a premium on membership once the company is fully functional. %% In fact these are the two areas where SDSIL will be different from the otherwise similar Mumbai based Diamond India Ltd. Explains Jogani, “Our distribution system will also allow non-members to bid for part of the rough we procure. Also our membership drives will be taken from time to time; new companies can always enroll themselves too.” %% There has been speculation that SDSIL will launch an IPO soon, but Jogani clarifies that there are many procedures to be followed before this can happen. “Not before three years as a profit making enterprise,” he adds. %% Elaborating further, he points out that by purchasing goods from a variety of sources and aggregating them into convenient lots for sale, there will be a significant amount of value addition done by SDSIL. That margin will fund expansion and growth of the company. %% Though the blueprint of the formal structure is ready, the actual corporate functioning will only commence after the registration process is complete.
Says Sanghavi, “The core values we aim to uphold are complete transparency, a 100% legal and ethical business model, professsionalism and corporate governance, and an appropriate governance mechanism to avoid conflict of interest and ensure inclusive participation and growth.” %% Temporarily, the SDSIL is operating under a committee of six Founder Directors (see box) and from within the Indian Diamond Institute premises. But eventually it will acquire a space of its own, possibly within the upcoming Gujarat Hira Bourse. %% The arrival of SDSIL is good news not only for the diamantaires of Surat, but for the country as a whole. With the enormous resources that the new company hopes to generate, there is every chance that it will help India, which has been striving to make the leap from being a manufacturing-only centre to a manufacturing-cum-trading one, do just that.
{{Founder Directors of SDSIL }}%% Ashitbhai Mehta (Chairman, Blue Star & Arjav Diamonds Group) %% Babubhai Sanghvi (Chairman, KP Sanghvi) %% Chandrakantbhai Sanghavi (Chairman, Sanghavi Exports) %% Govindbhai Dholakia (Chairman, Shree Ram Krishna Exports)%% Kishorbhai Virani (Chairman, Karp Impex Ltd.) %% Kishorbhai Shah (Chairman, K. Girdharlal International Ltd.)

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