Undoubtedly, the Indian G&J industry acts as a torch bearer with the rising economic growth of the nation. Currently, the Gems and Jewellery Export Promotion Council (GJEPC) has taken an initiative to promote bilateral trade for the purpose of tapping the untapped potential markets around the world. The first intent of the council is evident from the Indo-Russia Jewellery Summit held from 20 June 2011 to 23 June 2011 at Hyatt Regency, Mumbai. The Summit has be an effort to increase the footprints of Indian jewellery manufacturers in Russia and the Commonwealth of Independent States or Known as CIS countries, as there were leading retailers and wholesalers from Russia at the Summit.
It is no more a hidden fact that India is heading on its way to soon become a leading centre of gems and jewellery , as the total exports for the year 2010 have been registered to be US$ 37.14 billion as compared to US$ 25.11 billion in the earlier fiscal year. With the hosting of the summit, it is expected by the Chairman of GJEPC that nearly about 15-20% of the jewellery market can be captured, as Russia manufactures only about 21% of its jewellery and the remaining is being imported from Turkey, Itlay and China.
Big Jewelley business houses such as Asian Stars Jewels Pvt Ltd., Dimpex Jewels Pvt. Ltd., APPL, Inter Gold India Pvt Ltd., Jasani Jewellery Unit II, Poddar Diamond Pvt Ltd. participated in the summit for initiating new sourcing relationships between the two nations. Also, Alex Popov, who is the president of Moscow Diamond Bourse has also expressed its excitement to participate in the summit and has referred the summit as an excellent opportunity for particular Russian counterparts to explore the maximum potential of India’s Gems & Jewellery Industry!
We all should keep our fingers crossed and hope that the summit turns to be lucrative deal for Indian Jewellers!