The senior leadership of Bharat Diamond Bourse (BDB) welcomed H.E. Mr. Walter Ferrara, Consul General of Italy in Mumbai, on his visit to the BDB complex on June 30 to discuss opportunities for strengthening cooperation between India and Italy in the diamond and jewellery sector.
The BDB was represented by President Mr. Anoop Mehta, Vice President Mr. Mehul N. Shah, Honorary Joint Secretary Mr. Prakash Shah, and Committee Members Mr. Kiran K. Gandhi, Mr. Milan K. Parikh, Mr. Paresh Mehta, and Mr. Ramniklal Shah.
India and Italy both enjoy unique positions in the global diamond and jewellery industry. Italy is known for its exquisite jewellery and exceptional craftsmanship. It is Europe’s leading diamond and jewellery hub, and home to a number of renowned jewellery brands, while India’s is the world’s largest supplier of diamonds, including to Italy.
Business ties between the two countries have strengthened over the years with nearly 100 Indian exhibitors participating annually in Vicenzaoro, Europe’s largest jewellery exhibition.
BDB leadership emphasised that there is enormous potential to further boost trade between the two countries, and suggested some policy reforms to help the process. They requested Italian authorities to consider shifting collection of 18% VAT levied on loose diamonds to the point of sale rather than at the time of import.
“The current system impacts the liquidity of Italian traders and hampers the cycle of trading and manufacturing,” explained Mr Mehul Shah, adding“Shifting collection to the point of sale would ensure smooth tax compliance, while also enabling smooth trade between the two countries.”
The Hon’ble Consul General acknowledged the concerns raised by the BDB leadership and assured the delegation that he would ensure that their inputs were communicated to the relevant authorities. He also assured continued support to BDB members wherever required, including assistance in facilitating a faster visa process.
The visit concluded with a tour of the BDB campus and MDMA Hall, showcasing its world-class infrastructure and integrated trading ecosystem.
The interaction reaffirmed Bharat Diamond Bourse’s commitment to strengthening international partnerships and promoting constructive dialogue to support the continued growth, competitiveness, and sustainability of the global diamond and jewellery industry.
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