The first-ever India-US Jewellery Buyer Seller Meet (BSM) was inaugurated in by Mr Colin Shah, Vice Chairman, Gem & Jewellery Export Promotion Council (GJEPC) along with Mr Sabyasachi Ray, ED, GJEPC in Mumbai on Sept 10, 2019.
Indian jewellery exporters interacted with a delegation of over 32 topmost jewellery buyers — 23 from the United States and 9 from New Zealand, Ireland, Spain, United Kingdom and Germany – comprising a mix of jewellery retailers, wholesalers and distributors. America is the largest (by value) jewellery market in the world. Over 23 prominent export houses are exhibiting their products at the three-day business matching program.
Mr Pramod Agrawal, Chairman, GJEPC said, “We want to introduce American buyers to India, wherein the love for jewellery is as old as the existence of jewellery itself and where the ebullient art of jewellery designing and making has left the world spellbound. The fire to create stunning pieces has been honed and passed over the generations. 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.”
Speaking at the inaugural ceremony, Mr Colin Shah, Vice Chairman, GJEPC, said, “India’s Jewellery exports of around $10 billion is highest compared to the cumulative exports from China, Singapore and Hong Kong to the US market. India offers a value proposition to the US buyers with its unmatched heritage and cultural world-class jewellery designs. Craftsmanship, which is the backbone of the Indian Jewellery industry as there are millions of workforce working since generations and they carry forward the exquisite art of Jewellery making. The Indian manufacturers adhere to requisite ethical standards, compliances and promote responsible sourcing of diamonds and jewellery. Members of GJEPC are Responsible Jewellery Council (RJC) certified. India is KP chair this year and is an active participant along with all the diamond-producing nations of KP to source stones from the diamond chain of custody.”
Mr Shah briefly introduced the Indian jewellery industry to the visitors, and said, “It was about 50 years since the country took its first step into the export market. In these few decades, India has become a significant force in the global arena and today is a bigger jewellery exporter than China, HK and Singapore. He attributed India’s success to its ability to “produce a world-class product, offer competitive prices and ensure on-schedule deliveries”.
India’s total exports of gem & jewellery to the US grew 16% to USD 10.48 bn in FY19 from USD 9.064 bn in FY16. Exports to the US (USD 10.48 bn) accounted for 26.3% of the total gem & jewellery exports of USD 39.76 bn in FY19. India’s exports of gold jewellery studded with diamonds to the US were USD 1.37 bn while those of plain gold jewellery and other studded gold jewellery in FY19 were USD 290.62 mn. India’s exports of Cut & Polished diamonds to the US were USD 8.31 bn in FY19 (up 26% from FY16).
Apart from its constant endeavour to develop its gem and jewellery industry through infrastructure and skill development, the Indian industry has been following ethical business practices and complying to world business standards which have made India the ideal destination for sourcing quality gems and jewellery.