Key Highlights
- Bharat Diamond Bourse hosted H.E. Walter Ferrara, Consul General of Italy in Mumbai, to strengthen bilateral trade discussions.
- BDB proposed collecting Italy’s 18% VAT on loose diamonds at the point of sale instead of the point of import.
- The proposed VAT reform aims to improve liquidity for Italian traders and facilitate smoother trade.
- India and Italy continue to strengthen commercial ties through the diamond and jewellery industry.
- Nearly 100 Indian exhibitors participate annually at Vicenzaoro, Europe’s leading jewellery exhibition.
- The Consul General assured continued support for BDB members, including assistance with visa facilitation.
Bharat Diamond Bourse (BDB) has strengthened its engagement with Italy’s diamond and jewellery industry following a high-level meeting with H.E. Mr. Walter Ferrara, Consul General of Italy in Mumbai. The discussions focused on enhancing bilateral trade, improving ease of doing business and identifying policy reforms that could further strengthen commercial ties between the two countries.
During the meeting held at the Bharat Diamond Bourse on 30 June, BDB’s senior leadership highlighted the complementary strengths of India and Italy in the global gem and jewellery industry. While Italy is globally recognised for its jewellery craftsmanship and luxury brands, India continues to be the world’s largest diamond manufacturing and supply hub, making the partnership strategically important for both nations.
The BDB delegation was led by President Mr. Anoop Mehta and included 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.
One of the key issues discussed during the meeting was the collection of Italy’s 18% Value Added Tax (VAT) on loose diamond imports. BDB requested the Italian authorities to consider collecting VAT at the point of sale instead of at the time of import, stating that such a change would improve liquidity for Italian traders and facilitate smoother trade between the two countries.
Speaking on the issue, Mr. Mehul Shah said:
“The current system impacts the liquidity of Italian traders and hampers the cycle of trading and manufacturing. Shifting collection to the point of sale would ensure smooth tax compliance, while also enabling smooth trade between the two countries.”
The Consul General acknowledged the concerns presented by the BDB leadership and assured the delegation that the recommendations would be conveyed to the relevant authorities. He also expressed continued support for BDB members, including assistance in facilitating a faster visa process whenever required.
The meeting also highlighted the growing relationship between the Indian and Italian jewellery industries. Nearly 100 Indian exhibitors participate every year at Vicenzaoro, Europe’s leading jewellery exhibition, reflecting the increasing commercial engagement between the two markets.
The visit concluded with a tour of the Bharat Diamond Bourse campus and the MDMA Hall, showcasing the Bourse’s integrated trading ecosystem and world-class infrastructure.
The interaction reaffirmed Bharat Diamond Bourse’s commitment to strengthening international partnerships, encouraging constructive policy dialogue and supporting the long-term growth and competitiveness of the global diamond and jewellery industry.
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