The first-ever India-USA Jewellery Buyer-Seller Meet (BSM), hosted by The Gem & Jewellery Export Promotion Council (GJEPC), opened in Mumbai today with 23 leading Indian gems and jewellery manufacturer-exporters seeking to deepen their ties with buyers primarily representing the world’s largest jewellery market (in value terms), the USA. The BSM concludes on September 12.
A 32-strong buyer group comprising many prominent retailers, wholesalers and distributors, as well as representatives of large and small chains from US and some other countries, are attending the event. Those from the US make up a majority – 23 including officials from chains such as Kays Jewellers, Zales, People’s Jewellers, Ben Bridge Jewelers and others, with nine buyers coming from UK, Ireland, Spain, Germany and New Zealand.
Interestingly, while the bulk of exhibitors are Mumbai based companies, and a couple from Jaipur, another established centre, there were also jewellers from locations such as Surat, Pune, Nagpur and Uttar Pradesh participating as well.
Over the last few years, GJEPC has held a number of BSM’s focused on different markets as the format is well suited to establish long term business ties.
The current BSM is focused primarily on the US market. India’s total exports of gem & jewellery to the US grew 16% to US$ 10.48 bn in FY19 from US$ 9.064 bn in FY16. Exports to the US accounted for 26.3% of the total gem & jewellery exports of US$ 39.76 bn in FY19. India’s exports of gold jewellery studded with diamonds to the US were US$ 1.37 bn while those of plain gold jewellery and other studded gold jewellery in FY19 were US$ 290.62 mn. India’s exports of Cut & Polished diamonds to the US were US$ 8.31 bn in FY19 (up 26% from FY16).
Speaking about the significance of the India-USA BSM, GJEPC Chairman Pramod Agrawal, said, “We want US buyers to discover the intrinsically crafted pieces woven out of tales of romance, creativity, heritage, charisma & elegance to say the least. GJEPC’s member exporters will showcase some of the finest contemporary jewellery pieces resonating our country’s forte in curating and crafting fine jewellery.”
At the formal inaugural ceremony this morning, GJEPC Vice Chairman Colin Shah welcomed the visitors, giving them a brief background to the Indian jewellery industry and the role played by the GJEPC in facilitating exports from the sector. “Currently, India is the largest supplier of gems and jewellery products to the US, exceeding the combined exports of both China and Thailand to your country,” he said.
“India’s annual exports to the US in this sector are US$ 10.48 billion, accounting for about 25% of total gems and jewellery exports from India,” he pointed out, adding that the ongoing trade tariff war between the US and China had indirectly given the country an opportunity to increase its market share further. “The hike in tariffs on Chinese jewellery products will indirectly benefit Indian manufacturers and has created scope for exports from here to grow further.”
Today’s Indian jewellery industry is built on the strengths of its centuries-old heritage in jewellery design and craftsmanship, and the industry was committed to improving the value proposition they offered to US buyers, Shah explained. Describing Indian jewellers as ready learners, he said, “Even if the jewellery you see today is not exactly what you need, the exhibitors can understand your needs and create the type of products you desire.”
He also urged them to share feedback with the organisers at the end of the show, as this would enable GJEPC to improve the buyer experience at subsequent events, and could also help a particular company identify a supplier that matched their needs.
The GJEPC Vice Chairman also reassured the visitors that the Indian industry was firmly committed to responsible business practices. He stated that India was a founding member of the Kimberley Process and is currently the Chair of KP too. In addition, GJEPC has actively engaged with the Responsible Jewellery Council (RJC) and almost all the prominent companies have been certified by them too.
GJEPC’s coordinators for the USA, Nancy Robey and Holly Granosfsky, and coordinator for Australia, Jeremy Keight also spoke at the inaugural session, briefly outlining the advantages that this type of show format provided.
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