Gem & Jewellery Export Promotion Council explores new markets for exports

By Pune Media On Sep 17, 2024 36

The Gem and Jewellery Export Promotion Council (GJEPC) has been making notable strides to diversify and increase gem and jewellery exports, particularly targeting new and emerging markets.

With the demand in traditional US and China markets slowing down, GJEPC has been working closely with the Government in foreign trade policy, such as the India-UAE Comprehensive Economic Partnership Agreement and the India-Australia Economic Cooperation and Trade Agreement.

In a bid to familiarise new markets, GJEPC has been organising market expeditions in Latin America, road shows in Southeast Asia and Middle East, buyer-seller meets besides exhibitions globally.

Vipul Shah, Chairman, GJEPC, said as the industry ventures into new territories, the labour-intensive nature of studded jewellery production has played a crucial role in meeting the sophisticated demands of global clientele.

The new initiatives have not only enhanced India’s export capabilities but also elevated the reputation of the country’s jewellery craftsmanship in international markets, he added.

The effort of the industry body seems to be paying off, with exports in several new regions beginning to show an upward trend.

For instance, the exports of plain gold jewellery have seen an impressive year-on-year increase from April to July in new markets such as Malaysia (36 per cent), Australia (76 per cent), Canada (31 per cent), France (103 per cent) and Oman (207 per cent).

Additionally, there are emerging opportunities in the Middle East, with countries such as Saudi Arabia (26 per cent) and Kuwait (88 per cent) showing a rising demand for Studded Gold Jewellery.

The emergence of Thailand (57 per cent), Spain (79 per cent), Italy (27 per cent) and Australia (20 per cent) among the top 10 markets for silver jewellery exports.

The focus is also on Southeast Asian markets such as Cambodia, Singapore, Indonesia, which are smaller but important future consumption areas.

Anju Jain, Partner, Exquisite Fine Jewellery said the company has established presence in top retail stores across Gulf and introduced rich heritage and artistry of Indian gemstone jewellery which has been received well given the shared cultural similarities.

Published on September 17, 2024

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