MDMA seeks to generate over Rs 500 crore new business

Mumbai Diamond Merchant Association (MDMA) today said it has signed MoU with M P and Indore Sarafa Associations for design and newer avenues to generate over Rs 500 crore new business and creating over 1 lakh job opportunities in the gold and diamond jewellery trade.
"We have entered into a MoU with M P and Indore Sarafa Associations for design and newer avenues for generating over Rs 500 crore new business and creating over 1 lakh job opportunities in the gold and diamond jewellery trade. With such MoUs we intend to have simultaneous expansion of business between Mumbai and MP," MDMA President Bharat Shah said in a statement here.

"We initiated this movement to help our 14000 members in expanding their business and to have the knowledge of latest international developments in the sector. I am confident that such events will boost existing business ties and at the same time help in exploring newer business opportunities," Shah said.
Sanjay Shah, Managing Director of Nine Diamonds and a Member of MDMA said that post demonetisation, gold and diamond business suffered a setback and hence this movement was initiated.
"Such initiatives will help small jewellers and merchants in expanding their business and also generate more revenues, which is a dire need of the hour. We are also gearing up for replica of such events at Delhi, Bengaluru, Chennai, Kolkata, and Chandigarh and later on at other towns to create awareness and share the latest developments in the gem and jewellery sectors," Shah said.

"We are also planning to invite experts and designers from China, Italy, Bangkok, Singapore and Malaysia who can share their expertise with small jewellers and merchants and as well as share information on the latest developments and designs which will help Indian designers to compete with global market. We are confident that through this platform we can generate more than 1 lakh jobs," Sanjay Shah added.
This initiative taken by MDMA is in the right direction and is set to bring more than Rs 500 crore new businesses for the sector, he added.