Mr. Parek Applauded by the DDC for His Key Leadership Position and Efforts to Bring About Closer Ties Between India and the U.S. Diamond Trade

NEW YORK, NY (August 18, 2014) – The vice chairman of the Gems & Jewellery Export Promotion Council (GJEPC) India, Pankaj Kumar Parek, was presented with an award by Reuven Kaufman, president of the Diamond Dealers Club, and Eli Izhakoff, WFDB and DDC honorary president, at a reception in honor of the first India Diamond Week in New York.  Mr. Parek was recognized for his leadership qualities on behalf of the diamond industry and for his outstanding efforts to bring about closer cooperation between the GJEPC India and the Diamond Dealers Club.

At the DDC’s cocktail reception and networking event on Wednesday evening, DDC president Reuven Kaufman introduced Mr. Parek as “one of the most important people in the Indian diamond industry, and someone who has worked so hard to enhance and improve the industry in India and American-Indian relationships,” he said.

The GJEPC India’s vice chairman, Pankaj Kumar Parekh, said it was a privilege to be at the DDC and that he accomplished his goals for the show. “All our exhibitors are smiling. There is Internet business and online trading, but every diamond dealer feels that one-on-one is definitely better. It was a privilege to be here, to meet our target audience directly and with no interruptions.“ He added that the impact of these types of shows on India’s diamond trade can only be positive.

During an interview at the DDC, Mr. Parekh spoke about international trade and the importance of the American market. “India’s largest buyer is always the U.S. We’re happy our old client is gearing up again. The jeweler’s economy is on the way to recovery. As the U.S. economy improves, it’s always to our advantage.”

Mr. Parekh also highlighted trends in the marketplace and the success of the show for exhibitors. “The marketplace is improving. Diamantaires who brought one carat and above to the show, were in greater demand,” he remarked. Mr. Parekh also spoke with appreciation about the symbiotic relationship between the GJEPC India and the DDC. “The two complement one another. Our relationship goes back to history. It’s very old and we are sure it will last a long time.”

Due to the enthusiasm by exhibitors to come back for another show at the DDC soon, Mr. Parekh advised, “We anticipate even greater numbers of attendees next time.”

Event Creates a “Positive Impact” on International Diamond Trade, says the GJEPC Vice-Chairman, Pankaj Kumar Parekh

NEW YORK, NY (August 14, 2014) – Today marks the conclusion of the first India Diamond Week at the Diamond Dealers Club (DDC) in conjunction with the Gems & Jewellery Export Promotion Council (GJEPC). Significant business transactions and new connections were made on the DDC’s Trading floor by U.S. and overseas participants, including DDC members and exhibitors from abroad.

The four-day exhibition, following on the heels of Antwerp Diamond Week and Israel Diamond Week, welcomed diamantaires from India to the U.S. This is the DDC’s third major initiative in only a few months to draw new audiences and forge bonds between diamantaires at the center of the diamond trade – New York City’s Diamond Dealers Club.

The GJEPC’s Vice-Chairman, Pankaj Kumar Parekh, shared his enthusiasm for the event. “We jumped on the privilege to participate when it was offered to us. Our relationship with the DDC is very strong. We complement each other and can’t survive without one another. The event was so successful that India diamantaires are already eager to come back to the DDC next month!”

To formally mark the occasion, DDC President Reuven Kaufman welcomed guests at a cocktail reception and networking event on Wednesday evening. “I was thrilled to see all the tables, all the aisles, completely full,” he said as he addressed the crowd. “By hosting India Diamond Week, and other shows at the DDC, we are witnessing new relationships forming, business deals happening – our trading floor coming alive again.”

The show exceeded the expectations of India Diamond Week exhibitors. Many expressed gratitude for being invited to participate and for reaping the rewards of doing business in real-time.  Ashok Nadoda of Shree Ramkrishna Exports Pvt. Ltd, one of the largest diamond manufacturers in India, said this was a totally new experience for them. “This is the destination for us to meet our customers and grow our business. We do more than fifty percent of our business online. By being here, this is the best way we can meet people, which helps increase our business tremendously,” he said.

Mitesh Zaveri of Hari Krishna Exports Pvt. Ltd, commended the DDC for conceiving and creating the show. “We didn’t know what to expect and we’re very pleased with the results,” he said. “We sold a nice amount of goods. Now that we participated in this show, we’ll come up with new goals so we can sell more next time.”

Local wholesalers and diamond companies noted that the DDC’s India Diamond Week presented them with an opportunity to network face-to-face, build new relationships and maintain bonds with companies they don’t usually interact with in person, which is critical to business and making deals.

“I think the U.S. market works hand-in-hand with the Indian market,” said Penina Rapaport of the Rapaport Group. “We’re seeing a lot more development with Indian companies, which is why it’s very important to have India Diamond Week. People really appreciate shows at the Diamond Dealers Club.”

Henry Desai of Bluerays Inc., a local manufacturer and wholesaler said, “It’s important to build new relationships and maintain bonds with these companies.”

WFDB and DDC Honorary President, Eli Izhakoff, attended the reception on Wednesday evening. “It’s a pleasure for me to see the reemergence of the DDC. The manifestation of this event, following the recent shows, brings people together to create new energy on the trading floor. I’m looking forward to watching the DDC continue to blossom under Reuven Kaufman’s careful and dutiful guidance.”

For more information about upcoming shows at the DDC, or to become a member, contact our executive office.

Today the Diamond Dealers Club (DDC) of New York, in conjunction with the Gem & Jewellery Export Promotion Council (GJEPC), greeted close to 100 exhibitors at its first India Diamond Week on the DDC’s trading floor in Manhattan. DDC's president, Reuven Kaufman, is creating a renaissance of the diamond trading floors by welcoming diamantaires from India, the manufacturing center of the diamond industry, for the first time to experience and trade at the largest bourse in the U.S.

“We see this as a tremendous opportunity for India, a pillar of the diamond manufacturing sector, to collaborate on our trade floor, to build relationships and generate business success for our industry,” said Kaufman. “This is our third international show in a year.  I’m very excited to watch our trade floor come alive again and watch deals happen in real time.”

The event aims at increasing communication between diamantaires and promoting business globally. The DDC anticipates tens of millions of dollars worth of goods trading at this show alone.

India Diamond Week at the DDC will be held through August 14 at the DDC’s headquarters in the heart of the diamond district at 580 Fifth Avenue and 47th Street in New York. Among India’s major diamond wholesalers and manufacturers attending the show --  D. Navinchandra Exports Pvt. Ltd., J. B. Brothers, Kama Schachter, Kiran Gems, H. K. Designs, Rosy Blue, Mohit Diamonds, Interjewels and M. Tarun.

For more information, to find out how to participate in India Diamond Week, or to become an accredited member of the DDC, contact our executive office.

About Diamond Dealers Club (DDC)

Diamond Dealers Club (DDC) is the largest diamond trade organization in the U.S.  and one of the leading diamond exchanges in the world. DDC works diligently to support and encourage the growth of the U.S. diamond industry. The mission of DDC of New York is to foster the interests of the diamond, colored stone and jewelry industry by providing, regulating and maintaining a facility as a DDC; fostering just and equitable principles in trade; establishing and promoting industry-wide standards of disclosure; disseminating accurate and reliable information; carrying out the activities and objectives of the organization in accordance with the laws of the State of New York and the U.S.