The three-day deliberations at the first meeting of the trade and investment working group of G-20 began in the financial capital on Tuesday. Delegates visited the Bharat Diamond Bourse, the largest diamond bourse in the world, and were also briefed about the industry, which exports to the tune of $23 billion annually, as per an official statement.
An official statement said the delegates visited the bourse spread over 20 acre at the BKC business district, offices of the Mumbai Diamond Merchants Association, India Diamond Trading Centre, the Gems and Jewellery Export Promotion Council, Gemological Institute of India and Precious Cargo Customs Clearance Centre.
Advertisement
The briefing also included the opportunities that diamond processing – in which India has a bulk 90 per cent market share globally – presents not only within India but across the world. GJEPC chairman Vipul Shah said the gem and jewellery industry employs over 50 lakh people and accounts for a tenth of the country's merchandise exports by sending processed diamonds across the world.
About 100 delegates were expected to attend the meeting, which will act as a stepping stone for the final G-20 leaders meeting in September. The priority areas earmarked for discussion at the event by the Union Ministry of Commerce and Industry include how to make trade and growth more inclusive, making global supply chains more resilient, integrating small businesses in trade and ways to improve logistics, including by getting uniformity in regulations.
Advertisement
India is also proposing reforms in the World Trade Organisation (WTO) front, the commerce secretary said, adding that the same will be a part of the agenda at the next meeting of the same trade and investment working group to be held in Gujarat's Kevadia. The delegates will be having more closed-door sessions on Wednesday, which will be followed by a dinner event, where they will be showcased Indian culture.
Just one email a week