The Bharat Diamond Bourse (BDB) welcomed H.E. Walter Ferrara, Consul General of Italy in Mumbai, to its Mumbai complex on 30 June for discussions aimed at enhancing bilateral cooperation in the diamond and jewellery sector. The meeting focused on expanding trade opportunities, addressing industry concerns, and fostering stronger partnerships between the two countries.
Representing BDB were President Anoop Mehta, Vice President Mehul N. Shah, Honorary Joint Secretary Prakash Shah, and Committee Members Kiran K. Gandhi, Milan K. Parikh, Paresh Mehta, and Ramniklal Shah.
During the discussions, BDB highlighted the complementary strengths of the two nations. Italy remains Europe’s premier jewellery hub, globally recognised for its craftsmanship, luxury jewellery brands, and design excellence, while India continues to be the world’s largest diamond manufacturing and supply centre, exporting significant volumes to Italy. The growing trade relationship is reflected in the participation of nearly 100 Indian exhibitors each year at Vicenzaoro, Europe’s leading jewellery exhibition.
BDB officials noted that bilateral trade could be further strengthened through policy support and urged the Italian government to revise its VAT mechanism by collecting the 18% tax on loose diamonds at the point of sale rather than at the time of import.
Speaking on the issue, Vice President Mehul N. Shah said the current VAT structure affects the liquidity of Italian traders and disrupts the trading and manufacturing cycle. He added that collecting VAT at the point of sale would improve tax compliance while facilitating smoother trade between India and Italy.
Consul General Walter Ferrara acknowledged the industry’s concerns and assured the BDB delegation that the recommendations would be conveyed to the appropriate authorities. He also reaffirmed his office’s continued support for BDB members, including assistance in expediting visa procedures whenever required.
The visit concluded with a tour of the Bharat Diamond Bourse campus and the MDMA Hall, highlighting the bourse’s state-of-the-art infrastructure and integrated trading ecosystem.
The interaction reinforced BDB’s commitment to strengthening global partnerships, encouraging constructive policy dialogue, and supporting the long-term growth, competitiveness, and sustainability of the international diamond and jewellery industry.