Jewellery export body to bring in colour stone illuminator tech

Gem and Jewellery Export Promotion Council (GJEPC) plans to give colour stone exports from India a new shine.

The council is in negotiations to bring heat treatment technology to India for the first time from Bangkok for enhancing colour stone jewellery.

Apparently, the technology is currently available exclusively in Bangkok and is the most superior illuminator for colour stones.

Speaking on the proposal, Sanjay Kothari, recently appointed chairman of GJEPC, said, "We are in talks with the manufacturers of the illuminator technology and are initiating the process to bring the technology to India in the next few months."

He also added that initial estimates of cost put it in an expensive bracket but price negotiations were yet to be undertaken.

The focus on colour stones has come on the back of the volatility of the diamond market at present.

"The diamond market is witnessing a kind of saturation and with new technology being brought in for other jems and jewellery, we hope to capitalise on the current market trends favouring the latter," Kothari said.

In order to fulfil its growth estimate of exporting $20 billion worth jems and jewellery by 2008-09 from last year's figure of $17 billion, GJEPC has formed a company called Diamond India with a seed capital of Rs 225 crore.

"Indian diamond companies have largely been deprived of good quality rough diamonds and have also had to source diamonds with added margins since it comes via established markets like Antwerp or Tel Aviv. With Diamond India, we hope to negotiate directly with entities and nations that are a source for rough diamonds, thereby making it simpler and more profitable for diamond merchants in the country," said Kothari.

The new company has been formed with 60 leading diamond merchants as members. There are 10 directors on the board, of which four are founding directors. The rest are elected on a rotational basis.

"Negotiations have begun with a few countries and companies and the developments will be announced soon, " added Kothari.