How GJEPC Expanding India’s Jewellery Exports To New Markets
GJEPC’s strategy of tailoring export approaches to meet specific regional needs has diversified India’s export base and bolstered its reputation as a global leader in the industry
The Gem & Jewellery Export Promotion Council (GJEPC) has been making notable strides to diversify and grow India’s gem and jewellery exports, particularly targeting new and emerging markets.
Working closely with the government of India on foreign trade policy like the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA), GJEPC has undertaken initiatives like organising market expeditions in Latin America, road shows in Southeast Asia & Middle East, buyer-seller meets and larger export-focused exhibitions like International Gem & Jewellery Show (IGJS) Dubai and Jaipur, and the India Jewellery Exposition Centre (IJEX) in Dubai throughout the year to promote Indian gems and jewellery.
Talking to Bizz Buzz, Vipul Shah, Chairman, GJEPC, said, “As we venture into new territories, the labour-intensive nature of studded jewellery production has played a crucial role in meeting the sophisticated demands of a discerning global clientele. At GJEPC, we are proud to have facilitated this growth through targeted initiatives that promote our artisans’ unmatched ability to create intricate, high-quality pieces.”
The effort is paying off, with exports in several new regions beginning to show upward trends. For instance, the exports of Plain Gold Jewellery have seen an impressive year-on-year increase from April to July 2024 in new, promising markets such as Malaysia (35.77 per cent), Australia (75.86 per cent), Canada (30.65 per cent), France (102.89 per cent) and Oman (207.46 per cent). Additionally, there are emerging opportunities in the Middle East, with countries like Saudi Arabia (26.05 per cent) and Kuwait (87.99 per cent) showing a rising demand for Studded Gold Jewellery. These markets are relatively under-explored and represent a significant opportunity for Indian exporters. The emergence of Thailand (57.41 per cent), Spain (78.73 per cent), Italy (26.85 per cent) and Australia (20 per cent) among the top 10 markets for Silver Jewellery Exports. The focus is shifting to Southeast Asian markets such as Cambodia, Singapore, Indonesia, which are smaller but important future consumption areas.
Konal Doshi, Partner at Modern Impex, said, “The India-Australia ECTA and the India-UAE CEPA, are examples of India’s more proactive export policies. The recent duty cut has straight away reduced this loss by 9 per cent making Indian jewellery manufacturers and exporters highly competitive on the international stage.”
Anil Sankhwal, Managing Partner, JH Jewellers, New Delhi, and Convener of the Studded Jewellery Panel, GJEPC, said: “The Saudi Arabia market has only recently opened up for direct supply. Kuwait is a major consumer of high-end jewellery, which is supplied mostly by Europe and nearby hubs like Lebanon. We have been demonstrating the world-class level of quality, finish and detailing that Indian manufacturers are capable of today, that too at competitive pricing.”
By tailoring its approach to meet the specific needs of emerging regions, the Council has not only diversified India’s export base but also strengthened its reputation as a global leader in the gem and jewellery industry. As the industry continues to evolve, GJEPC’s commitment to strategic partnerships will undoubtedly play a crucial role in securing India’s future success.