India’s Gem & Jewellery Export Promotion Council (GJEPC) held a series of events in the pink city beginning with the first India Rough Gemstones Sourcing Show – 2020.
The aim of the GJEPC is to enable direct sourcing of rough coloured gemstones for Indian manufacturers. The show was inaugurated by Chief Guest, Subhash Chandra Agrawal, Commissioner of Customs (Preventive), Jaipur, on 2nd November, 2020 and will continue through 11th December, 2020.
Gemfields Group is displaying its rough emeralds from its Kagem mine in Zambia at the show.
According to an official release, Gemfields has progressed with a series of five small emerald auctions in November and December 2020 to address market demand for specific grades (and to supplement its long-standing direct sales programme for the lowest qualities produced by Kagem). These mini-auctions consist of a selection of grades that are typically offered at Kagem’s auctions of higher quality emeralds.
Selected lots have been made available for in-person and private viewings by customers in Tel Aviv, Singapore and Jaipur. Subsequent to the conclusion of the viewings, the auctions take place via an online auction platform specifically adapted for Gemfields and permitting customers from multiple jurisdictions to participate in a sealed-bid process. Gemfields expects to announce the final and aggregated results of the five mini-auctions on Friday 11th December, 2020.
This is a first-of-its-kind physical gemstone show during the ongoing pandemic, where all the necessary Central Government health department and State Government safety guidelines advised for Covid-19 like social distancing, disinfection, compulsory wearing of masks, etc. are being followed.
GJEPC has ensured that not more than 12 visitors are being allowed to visit the show at any given point in time, to avoid large gatherings.
Commenting on the initiative, GJEPC Chairman Colin Shah said, “We are taking all possible initiatives to boost the Indian gems and jewellery industry to become the world’s largest hub for the gems and jewellery exports by 2025. The gemstone industry in India is an import-oriented industry. GJEPC has taken up this project to ensure that there is continuous availability of roughs for the Indian gem cutting and polishing industry.”
Colin Shah added, “It is always a challenge to get consistent quality and continuous supply of rough for the Indian gem cutting and polishing industry. As it’s an import-dependent industry, sustained supply of rough is a key to consistent manufacturing.”
India is one of the world’s finest cutting and polishing centres for precious and semi-precious stones, and processes more than 300 different varieties of gems in small quantities and at competitive prices.
Jaipur processes over 90% of the world’s emeralds and what better way to add impetus to the sluggish markets impacted by the pandemic. India is the world’s biggest producer of cut and polished diamonds, emeralds, tanzanites and morganites, and is number two in silver jewellery — all this despite relying on imports of raw resources.
The Council took a bold step by introducing Virtual Buyer-Seller Meets (VBSMs) to engage buyers and sellers in these tough times. The Virtual Buyer-Seller Meet (VBSM) for Emeralds held by the GJEPC from 3rd – 6th November, 2020, featured 10 exhibitors from Jaipur and saw the participation of 22 leading international buyers from China, the USA, Russia, Europe and Australia.
The Emerald VBSM was inaugurated by Chief Guest Suresh Kumar, Joint Secretary, Ministry of Commerce and Industry, India, who stated that the gems and jewellery industry faced the maximum impact of the pandemic, and “I am happy to note that despite the global situation being grim, I am seeing a lot of green shoots and improvements; GJEPC has arranged an excellent platform in such a short time to support its members and buyers across the globe, which will take the business forward.
“GJEPC is doing really impressive work. The virtual formats are interactive as they focus on one-on-one meetings. This technology, especially for the new generation, will be the new normal.
“With the sanctioning of the Common Facility Centre in Jaipur, the upcoming Gem Bourse, and the newly upgraded world-class Gem Testing Laboratory, the city will be the global centre of excellence for all gemstones. We can easily move from the 5th to the first position globally in gemstones with so many infrastructural facilities in place,” Suresh Kumar said.
In his keynote address, Colin Shah said, “Since travel will be restricted for a few more months, the virtual format is the only way forward to conduct business. The Emerald VBSM offers an opportunity to our manufacturers to connect with new buyers for business. The next generation in Jaipur has adapted to e-commerce and is flourishing. We request our Government to introduce an e-commerce policy for the gems and jewellery sector which would further boost the growth of the sector.”
Shah added, “With every show, we are improving, based on the learnings from the previous show. The virtual business experience is also facilitating actual transactions and is proving to be a success. VBSMs are fast, cost-effective and highly productive.”