Gems & jewellery council searches for new markets to boost exports

Written by Kavitha Venkatraman | Hyderabad | Updated: Jan 6 2010, 05:22am hrs
The Gem and Jewellery Export Promotion Council (GJEPC) is trying to explore new markets like China, West Asia and Russia for exports of diamonds and diamond jewellery from the country. The council has already done few meetings, including buyer-seller meets, in these markets where there is huge potential, said Sanjay Kothari, conveyor, marketing and promotions of Anant.

Anant is an exquisite range of single line diamond jewellery launched exclusively for the Indian consumer by GJEPC. It is an effort jointly undertaken by the GJEPC with Gold Souk in association with Rio Tinto Diamonds, IGI and All India Gem & Jewellery Federation. Anant is part of GJEPCs ongoing India Diamond Jewellery Promotion (IDJP) campaign, whose sole mission is to promote diamond jewellery trade in India.

Speaking to FE, he said the US, which used to account for nearly 50% of world jewellery, has not been doing well offlate. In fact, KPMG had recently done a study which said that by 2015, India and China would assume greater role in the world jewellery industry. Both the nations would take away at least 10-15% of the US market. Currently, India and China put together hold about 15% share. China, West Asia and Russia are upcoming markets with large business potential. We would want to tap into these markets to give a real boost to the exports from India, he said.

He said during the period April-November 2009, gem and jewellery exports from the country was $17 billion, about 1-2% higher than the corresponding previous year performance. During the fiscal ending March 2010, the exports are expected to be at least 3-5% over $21 billion reported during the term April 2008-March 2009. There are some positive signs from the international market but a clearer picture would emerge after assessing the sales during the Christmas season in the western world, he said, adding, however, in the fiscal year ending March 2011, the export numbers should go up at least by 10-15%.

Talking about Anant, Kothari said this is the first time mining companies, retailers, manufacturers and certified laboratories have come together to promote single line diamond jewellery. It was launched three months ago and has seen good feedback so far. This year, the idea is to stabilise Anant in India and probably next year it would be taken to the international market starting with the West Asia.