Inaugurated on 5 November 2015 with 35 founding members, the Hong Kong Indian Diamond Association (HKIDA) aims at safeguarding the natural diamond trade and serving the Indian diamond community in Hong Kong. Chairman Ramesh Virani shares with Hong Kong Jewellery their visions and plans ahead.
HKJM: Hong Kong Jewellery
RV: Ramesh Virani
HKJM: What prompted the establishment of HKIDA?
RV: The size of the Indian diamond industry in Hong Kong has increased rapidly especially in the last 10 years. Therefore we see a greater necessity to form a body for the diamond dealers in Hong Kong whereby all of us can stand together on one platform and make improvements for the industry. HKIDA is the very first of its kind in Hong Kong with the intention of serving the Indian diamond community.
HKJM: Did you meet any challenges in preparing for the new association?
RV: We have been laying our ground work for the incorporation since late 2014. We were very careful in selecting members of the committee to make sure that everyone here is willing to work hard to serve the community. It also took us a long time to appoint the right person to the right position. All of our 18 management committee members have been most enthusiastic and cooperative in working towards this common goal. Since our launch in November 2015, our primary task at hand has been to gather and strengthen our membership. We have been avidly approaching individuals, conglomerates and other trade associations to join us.
HKJM: How do you expect the diamond trade to be different with the presence of the new association?
RV: Unity is strength. Given the volatile business environment today, HKIDA strives to act as a strong voice representing members to address the problems faced by the trade. One of our key objectives is to make recommendations to the HKSAR government and other authorities on matters concerning natural diamonds and natural diamond jewellery on behalf of our members. We expect to improve relationships and promote better understanding amongst all members of the natural diamond industry in Hong Kong, and we hope to enhance and upgrade the international status of the trade of natural diamonds and natural diamond jewellery in Hong Kong as a whole.
In terms of members’ benefits, we are now in the process of setting up a CVD diamond identification machine at our office for all members. Our office premise will also be available for members to conduct business activities such as small auctions at a charge. At the same time we are working out collective bargains for all members in trade shows and services including shipments, insurance and legal assistance. We will also share industry knowledge through seminars and provide business assistance in legal advice, bank and visa references to members.
HKJM: What are your activities planned for 2016? Will HKIDA participate in upcoming trade shows?
RV: In 2016, we will organise seminars related to topics in finance, technology, innovation and industry trends. Participation in trade shows is on our agenda but it has not yet been formally discussed by the management committee though it is possible that the association will make a presence in the September Hong Kong Jewellery & Gem Fair later this year. Our target is to eventually launch an HKIDA Pavilion in the jewellery shows in Hong Kong. This will give our members better exposure and more business opportunities. We are looking forward to achieving this goal with steadfast cooperation with fair organisers.
HKJM: What are the challenges faced by the trade currently? How will the HKIDA seek to help?
RV: The emergence of synthetic diamonds is certainly one of the most pressing problems. We therefore formed the HKIDA as a single platform where members can share knowledge in the pipeline and take precautions. For manufacturers, rough prices are still on the higher side so they are not making money. As a matter of fact, a lot of people have lost substantial amount of money due to the high rough prices in 2015, and they hope in 2016 prices will come down or at least stabilise to a point where they can cut the rough to make a profit from the final product.
The entire jewellery industry at large is still suffering from the effect of global economic downturn and many manufacturers are facing reduced business volume. While the association cannot change market conditions, we try to uphold the integrity of the trade by thoroughly screening membership applications. As our association grows we will enjoy a better position to voice our opinions to protect our members’ interests, facilitate and promote the trade as a whole.
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