HYDERABAD: The Gems And Jewellery Export Promotion Council, an apex industry body, is looking at tapping such newer markets as China, Middle East and Russia for diamonds and diamond jewellery, as demand in the US market — which currently accounts for 50% of the world’s sales — seems to be plunging, said Sanjay Kothari, convenor, promotion marketing & business development, GJPEC.
“These markets have tremendous potential and we have already sent two delegates to China to further concrete the approach. It is also predicted that in another five years, India and China, which currently grab 15% of the jewel sale market would together contribute to 30%,” he said. The Council hopes that the diamond sales are likely go up by 2% this year with an uptick in sales in the Christmas and New Year season in the western markets. The market is expected to grow at around 3-5% by the end of this fiscal when compared to last year.
The overall exports of gems and jewellery from the country between April to November this year stood at $17 billion. The council expects the industry to cross the $21 billion mark that it had achieved last fiscal and hopes that exports will grow at 10-15% the next fiscal. The Council is betting big on Anant — a single-line diamond jewellery brand. “It would take another year or so for the initiative to pick up momentum in the country. We would then look into growing it into other markets, especially the Middle East,” he said.
Anant is an initiative of the council that brings together diamond miners, manufacturing companies and also certain laboratory set-ups have come together for the development of the brand in order to boost and sustain the growth of diamond jewellery in India and elsewhere. “This is a unique initiative that brings together participants of every level,” he said with regard to the three-month-old initiative.
The campaign which is jointly undertaken by Gold Souk and Rio Tinto diamonds and IGI and Indian Gems and Jewellery Federations, has seen participation of retail jewellers like Reliance Jewels, CKC, Joy Allukkas, Khazana, Orra, Laabh, Meena Jewels among others.
Source : The Economic Times