India‘s gems and jewellery exports are likely to improve in the second half of this financial year as the demand recovers in key export destinations, the Gem and Jewellery Export Promotion Council (GJEPC) said on Thursday.
GJEPC is exploring new markets, including Vietnam, Cambodia, Thailand, Myanmar, Bangladesh and Sri Lanka, to boost exports.
“Global geopolitical situation affected exports last fiscal. We are expecting the exports to improve in the second half of this year following festive demand in the US and Europe.
“The China market is improving and the council is also exploring new export markets and further penetrating the existing markets, which will boost our gem and jewellery exports as well,” GJEPC Chairman Vipul Shah told reporters on the sidelines of inaugural function of IIJS (India International Jewellery Show) Premiere 2023.
During the 39th edition of the five-day expo IIJS Premiere from August 3-7, delegations from over 65 countries will participate and business worth over Rs 50,000 crore is expected to be generated, Shah said.
GJEPC is hosting the India show alongside the Hong Kong show in September, providing a valuable platform for Indian gem and jewellery businesses to showcase their offerings to international buyers, Shah added.
Consul General of USA Mike Hankey said the historical ties between India and the US have grown stronger over time, especially in the gem and jewellery sector.
“Like the rest of the world, the US recognises the staggering potential of the Indian economy to bring prosperity to all of its citizens and to world partners.
“… The US understands the considerable importance of the diamond manufacturing industry to India and its immense contribution to employment that I’ve seen personally,” he said.
De Beers Group Executive Vice President, Diamond Trading, Paul Rowley said India is already one of the world’s top markets and has also been the fastest growing major market this year.
“The number of middle class households is expected to grow 30 million in the next decade alone, something like almost 15 times the population of Botswana today. It’s clear that the landscape in India will be a perfect platform for growth.
“By joining forces, we can leverage our collective expertise and resources to create impactful marketing campaigns that resonate with consumers globally, nurturing a deeper appreciation for diamonds as cherished symbols of love, beauty, and enduring value,” he said.
There is also a growing interest for Lab Grown Diamonds (LGD) and creating a huge opportunity, he added.
