In a bid to facilitate diamond sourcing for gem and jewellery-based SMEs in the country, the Gem and Jewellery Export Promotion Council (GJEPC) is planning to set up a company which would cater to rough diamond requirements of these small units.

Speaking to a Bizxchange correspondent, Pankaj Parekh, chairman of GJEPC (Eastern region), said, “GJEPC plans to open a company in Jaipur and Surat, on the lines of Diamond India Limited (DIL), which would source and sell diamonds and coloured gemstones to SME-based traders. Unlike the Diamond Trading Company, which sourced diamonds from mines all over the world and sold it to traders at high prices because of their dominance in the market, DIL is planning to offer precious stones at lesser rates, which should benefit SMEs."

The proposed company will seek to provide timely sourcing support to the 4,500-odd small and large companies in the Surat diamond industry and other diamond-based SMEs around the country.

“Most jewellery manufacturers and traders have to go out of their state or cities to source diamonds or precious stones. If the proposed company can supply us raw materials at reasonable rates, it would be a huge boost to small jewellery traders like us,” said Anil Khandelwal, owner of Shri Ram Gems, a small-sized unit in Jaipur which manufactures and exports precious stones.

Meanwhile, GJEPC has said that it will be targeting an export growth of 30-35% in 2010-11, which is likely to encourage SMEs in the gem and jewellery sector to step up exports further.