The gem and jewellery industry has consistently shown resilience even in the face of several challenges, he said. “At present, the global geopolitical situation has affected exports. GJEPC is proactively taking measures to mitigate the impact by venturing into new markets. GJEPC conducted visits to study the potential for further penetration in existing markets and is exploring opportunities in new markets such as Vietnam, Cambodia, Thailand, Myanmar, Bangladesh and Sri Lanka,” Shah said, while delivering his inaugural address at the India International Jewellery Show (IIJS) Premiere 2023, a five-day B2B gems and jewellery exhibition organised by the GJEPC in Mumbai.
The sector has been facing a dent in demand in the midst of global headwinds playing up. While the export target for gems and jewellery was $42 billion in the current financial year, the GJEPC anticipates a 10-15% decline in exports since the first quarter number itself was down by around 18%, Shah had told ET Digital earlier.
The IIJS this year claims to become the second-largest gem and jewellery exhibition in the world. It is being organised at two venues, with over 1,850 exhibitors and 3,250 stalls. The five-day event — which serves as a platform for Indian gem and jewellery businesses to showcase their offerings to international buyers — has attracted visitors from over 65 countries.
Talking about the scale of the diamond industry, Sanjay Mukherjee, Metropolitan Commissioner, Mumbai Metropolitan Region Development Authority (MMRDA), stated that India is in a league of its own. “This expo is expected to do business of Rs 50,000 crore. It is a revelation to many that we have moved ahead in this way in the diamond trade. Earlier, we used to read about Belgium and Antwerp, and here we are in Mumbai with such a large diamond industry,” he said.
Speaking on India’s strength as a leading diamond nation, Paul Rowley, Executive Vice-President, De Beers, said the future looks bright for the country. “India is the world’s top market and also one of the fastest growing major markets this year. It has excellent prospects for further growth in the long-and short-term,” he stated. The industry body also highlighted its environmental sustainability initiatives via One Earth. “We have not only surpassed our target of planting 1 lakh trees but also made an impact on the environment and on countless lives,” Shah said.Disclaimer: The reporter is on a GJEPC sponsored trip to Mumbai
