The first-ever jewellery buyer-seller meet primarily for the US market, organised by the Gem & Jewellery Export Promotion Council (GJEPC), kicked off in Mumbai yesterday. The event however, also featured buyers from the United Kingdom, New Zealand, Ireland, Spain and Germany,
The three-day event has 32 overseas buyers — comprising a mix of jewellery retailers, wholesalers and distributors — in matched meetings with 23 Indian jewellery exporters.
The GJEPC event’s major focus, however, was mainly on the US market. India’s gem and jewellery exports to the US grew 16 percent to $10.48 billion in fiscal 2019 from the $9.06 billion recorded in 2016. Indian exports to the US in fiscal 2019 accounted for 26.3 percent of the country’s total gem and jewellery exports.
The bulk of these exports — $8.31 billion — however, comprised loose cut and polished diamonds. The buyer-seller meet is part of an initiative to move more exports further down the value chain to finished jewellery.