GJEPC mulls generic diamonds promotion in India, China
MUMBAI, August 25, 2012 – The Gem and Jewellery Export Promotion Council (GJEPC) is considering driving a generic promotion of diamonds in India and China, its Vice-Chairman Sanjay Kothari said.
Kothari told a news conference on August 25 at the India International Jewellery Show (IIJS), that the GJEPC, which promotes Indian gem and jewel exports, could hire consultants to advise on how to launch a generic marketing campaign, estimating a total budget requirement of up to $8 million over the next three years.
Kothari gave no details but said the GJEPC, with its limited resources, would focus on India and China as these were huge markets with a strong appetite for diamonds and growth potential.
GJEPC Vice-Chairman Sanjay Kothari (right) addressing a press conference
He said he would welcome participation by industry groups around the world, and said generic promotion of diamonds was strongly needed to boost demand.
He said that the order flow at IIJS was steady despite a tough economic climate in India, noting that diamond inventories held by manufacturers and retailers were high.
Kothari said that he expected Indian gem and jewellery exports to be steady to higher in the coming months, spurred by rising demand in the United States.
The GJEPC Vice Chairman, noting IIJS’s big waiting list of exhibitors, said authorities were pushing for the creation of a larger convention centre in Mumbai to host the IIJS and other events as the present Nesco site was stretched to the limit.