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Gem
and jewellery exports to hit $17 bn by ’10
Aarti
Shetty in
Mumbai
The country’s gems and jewellery exports has the potential to
grow to $16.5 bn, according to an in-depth study conducted by
management consultants AF Ferguson & Co. Currently, these
exports are placed at around $6.5 bn, which according to the
consultants can grow to $11.1 bn by 2005-06 and to $16.5 bn
by 2010.
The Gems and Jewellery Export Promotion Council (GJEPC) had
engaged the consultants to help them create a fresh niche in
the global jewellery market.
The AF Fergusson report says that India will have to channelise
all its efforts on enhancing global market intelligence and
emphasise on product and processing quality.
Besides undertaking aggressive marketing abroad, India should
also get its sourcing strategy in place.
With the millennium boom disappearing as soon as it arrived,
the Indian gems and jewellery industry is today at the crossroads,
with sluggish worldwide demand for gems and jewellery and drop
in diamond prices and net value realisation from exports. With
the September 11 terrorist attacks on the United States, the
country’s gems and jewellery export trade is struggling to keep
its head above troubled waters.
However, all is not lost yet. Thanks to the AF Fergusson report,
the GJEPC has undertaken many promotional activities overseas.
The US is the single largest importer of gems and jewellery
from India and hence for starters, the GJEPC is preparing a
proposal under the Market Access Initiative Scheme of the MoC
with a view to concentrate on the American market for specific
effort to sustain and achieve growth in exports.
The proposal will include engaging a market or design consultant
in the US to continuously advise the Council on the developments
in the US market and the strategy to be followed for increasing
exports from India.
Also, frequent buyer-seller meets will be organised in the US
along
with participation in international jewellery shows in important
locations in the US. Buyer commodity chains in the jewellery
industry will also be developed.
The recent announcement of duty free imports into the US under
the GSP to jewellery will enable India to compete effectively
with other countries and boost Indian exports.
However, this may be delayed due to the slowdown in the US economy
coupled with the recent developments regarding the terrorist
attacks.
The Council is also focussing on a series of exhibitions abroad
to help them in penetrating the markets in those countries.
Recently, the Council had participated in the Joya 2001 Spring
exhibition in Chile and an Indian delegation will be visiting
a few Latin American countries in Jan-Feb 2002 to conduct study
tours on the prevailing fashions, trends and designs there.
Besides, the council will be participating in the prestigious
Basel 2002 — watch, clock and jewellery show in Switzerland
and Inhorgenta‘2002 in Munich next year.
These exhibitions will provide an excellent opportunity to gems
and jewellery exporters to project themselves to foreign buyers.
To ensure prominence and to strengthen participation, the Council
will provide the required support for high quality display arrangements
and pre-exhibition publicity. |
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