The 36th edition of the India International Jewellery Show (IIJS Premiere) organised by the Gem & Jewellery Export Promotion Council (GJEPC), kicked off in Mumbai today, with GJEPC Chairman Pramod Agarwal urging the Indian industry to grab the “$6 billion” opportunity that has presented itself with the US slapping a 10 percent duty on imports of Chinese gem and jewellery products.
More expensive Chinese jewellery imports to the US are seen as opening a window of opportunity for the Indian export production industry to step in and fill the gap.
Additionally, Agarwal said India’s trade pivot to the east would help channel Indian business in what are currently difficult times for the global industry. The GJEPC Chairman was referring to the just-concluded meeting of the 16-nation multilateral Regional Comprehensive Economic Partnership (RCEP), which he said accounted for fully a third of world trade.
The RCEP consists of the 10-member ASEAN group and its free trade agreement (FTA) partners India, China, Australia, New Zealand, South Korea and Japan.
In addition to the RCEP, India had bilateral comprehensive economic partnership agreements (CEPAs) being worked out with Japan and South Korea.
“Our vision is to increase gem and jewellery exports to $75 billion and create an additional 2 million jobs by 2025,” the GJEPC Chairman said.
This year’s IIJS show features over 1,300 exhibitors and the GJEPC said it expects 40,000 global buyers from 800 cities and 80 countries.
De Beers Executive Vice President, Diamond Trading & Distribution Paul Rowley, said in his comments at the IIJS inauguration ceremony, “In the face of external and internal challenges facing the global gem and jewellery business, we are inspired by the energy, enthusiasm, enterprise and entrepreneurial spirit displayed by Indian gem and jewellery exporters.”
He added, “India is the pulse and the heartbeat of the global gem and jewellery trade. Within a few years, two thirds of the millennial population of the world will be in India. IIJS Premiere 2019 will jumpstart the shift to a new order in the global gem and jewellery trade. We shall work collectively and in collaboration with the Council to tap various opportunities and enhance demand.”