Hong Kong: Hong Kong-based Indian diamond companies formally launched the Hong Kong Indian Diamond Association (HKIDA) – an organization aimed at protecting and promoting the natural diamond trade – during an inauguration ceremony on November 5, reports JNA.

Mr. Ramesh Virani, chairman of HKIDA, cited the support and commitment of the association’s 35 founding members, which include the largest Indian diamond traders and jewellery manufacturers in Hong Kong.

“We have all worked hard to achieve this. The day has finally come when we have successfully established the HKIDA,” said Mr. Virani. “The business environment is volatile and many diamond companies face problems in their day-to-day operations. With this new platform, we now have the opportunity to unite to overcome these problems.”

Consul General of India to Hong Kong Mr. Prashant Agrawal also graced the event held at HKIDA’s office in Hung Hom. “The diamond industry operates on a more valuable foundation, which is trust. This is an extremely important initiative and I assure you of our continued support,” noted Mr. Agrawal.

According to Mr. Virani, HKIDA’s primary aim is to ensure consumer trust in the diamond industry. The association functions as a single platform where members can share industry knowledge and benefit from a range of incentives including provision of legal advice and bank reference as well as use of the HKIDA office to test diamonds, among other perks.

“I am grateful to the entire community and to the founding members for putting their trust in us to give our industry a new beginning that, in turn, will bring new opportunities to our trade,” Mr. Virani added.