GJEPC sees gem, jewel exports up 7-8 pct
today Jun 15, 2010
today Jun 15, 2010
(Reuters) - Indian gem and jewellery export sales are expected to rise by at least 7-8 percent in 2011, from around $28 billion of exports this year, said Rajiv Jain, Vice Chairman of the Gem and Jewellery Export Promotion Council.
The GJEPC promotes India's gem and jewellery exports, which account for almost a quarter of total Indian exports by value.
India has increased its gem and jewellery export market share to the United States despite the economic downturn and is now promoting its exports vigorously in key growth markets such as the United States and Hong Kong, gateway to China.
Jain singled out other growth markets such as some Latin American and CIS countries, and the domestic Indian market.
"We are also focusing on eastern markets like South Korea, Malaysia and Indonesia," he told Reuters at the weekend on the sidelines of London Jewellery Week, a series of events in the British capital from June 7-13 to celebrate London jewel design and craftsmanship.
Around 2 million people are employed in the gem and jewellery industry in India. Eleven out of 12 diamonds that are processed, pass through India, Jain said.
SOARING, VOLATILE GOLD PRICE
Jain expressed concerns over the high and volatile gold price, which he said complicated purchasing decisions, but he expected Indian gold jewellery wedding demand to be resilient.
"In India buying jewellery for weddings and other occasions is a ritual," he said. "People throughout their lives save money to spend on weddings. That tradition is intact."
Jain said he expected Indian jewellery exports to play a big part at International Jewellery London (IJL), a leading UK jewellery trade fair, with 10-15 Indian exhibitors expected to showcase their designs at the event, from September 5-8.
The GJEPC was expected to organise an India pavilion at IJL in 2011, Jain said.
"I see lots of potential for the UK market," he said.
A Jewellery Fashion Week featuring dozens of India's leading designers will take place for the first time alongside the main Indian jewellery trade fair, the India International Jewellery Show (IIJS), which will run from August 19-23, Jain said.
"We are getting the best designers of the country on a single platform - there are 36 of them," he said.
"This is the special attraction of IIJS this time. We are doing this for the first time in India."
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