'Speed Dating' for Diamond Dealers

Call it speed-dating, call it matchmaking, it doesn't really matter. It's about getting every diamond buyer in the room with every seller - so they do more deals.

Trade shows are traditionally a place to renew old acquaintances, and seek new opportunities.

But the former is easier and more comfortable than the latter. Which is why the grading lab IGI drew up a new set of rules for its D Show last weekend.

New venue, new format. Instead of India - where the manufacturers are based - it took place in Dubai. And instead of just meeting up with old friends, everyone had to try making new ones.

Thirty manufacturers - all but one of them from India - paid for a booth to display their wares as you'd expect.

But IGI picked up the tab for flights, hotel and food for well over 100 buyers  - on the very clear understanding that they would visit every booth and spend time with every seller.

And they made sure it happened. There was a team of hostesses - one for each manufacturer - ticking off buyers on their list as more than 4,000 meetings took place over three days.

Did it work? Roland Lorie, CEO of IGI, says yes.

"It's really hands-on. Everybody has to meet everybody," he said as the show concluded.

"The obligation to meet everyone probably makes it the most productive show, where the most business is done, relative to the number of exhibitors."

IGI positioned itself as a shadchan of sorts (Jewish marriage broker) because of its network of connections.

"We realize there are so many jewelers and manufacturers who don't know each other," said Lorie.

"And we know them. We realize that our job is much more than just issuing certificates. The certificates are what make the link between the buyer and the seller.

"Our biggest responsibility was to find the right visitors. We know the retailers and we know which type of jewelry they buy. We know the manufacturers and we know which type of jewelry they're selling. We had to be very careful with the selection.

"When you go to any other show, you just walk around and stop where you want.  The US is a huge country so it's very difficult to meet your customers.

"So most people who go to Vegas make an appointment with their regular suppliers in advance. They have lots of appointments, but they're with their regular suppliers.

"Indian manufacturers want to go to more intimate shows where we make sure they meet the right buyers.

"Those visiting the show almost have a moral obligation to buy, and that's what people need in this industry."

Dubai is just a three-hour flight from Mumbai, and many of the manufacturers said they already felt a cultural connection with it. Buyers came not just from Dubai, but from Turkey, Saudi Arabia, Egypt, Kuwait and Lebanon.

"We were a little bit nervous, because we've done it many times now in India (14 previous shows), but this was the first time abroad," said Lorie.

"The idea was to have a limited number of prominent manufacturers meet with a selected number of retailers. This intimate setting allowed each retailer to meet each exhibitor.

"They spent three days together, they went for drinks, they had dinner together, they went to a show together, they really got to know each other. So it can become a long-term relationship, not just a three-day show relationship.

"We even hired hostesses to make sure that everybody visited everybody, because that's what the exhibitors want."

He believes it's a format that other trade shows may adopt. So what was the manufacturers' verdict?

Abishek Sand, director of Savio Jewellery: "The show has been extraordinary because we have got international customers not just from Dubai, but from Saudi Arabia, Egypt and a lot of countries.

"The best part about the show is that it's handpicked exhibitors and handpicked buyers."

Darshan Soni, director of RD Fine Jewels: "The show was good, considering it was the first time in Dubai for IGI. I would say it went very well. Lots of prospects, lots of potential. It's the right time to enter this market (Dubai).

"We are working with a couple of people over here already. But for exploration, I think it's the right time."

Vrushabh Kothari, business development manager at Gold Star Elite: "The concept is good. They call a very limited number of clients and there are fixed meetings. It was average, not really low, not really high, it was average."

Hiral Parikh, managing director of Minal Infojewels: "We were very impressed with the show, just the way it's all set up the way that they've taken care of the retailers and exhibitors. I think it's one of the best shows that we've done."

Naleef Fahurudeen, of Kama Jewellery: "The show is very good compared to the other shows, because it's all selected VIP invited customers.

"And the backup support from the organizers is very good, they have hostesses who bring the clients to the table.  We have our own setup of clients, they all came and they are very happy."

(I was a guest of IGI)

Have a fabulous weekend.