India’s GJEPC targets China, Mideast, Russia
January 6, 2010 — India’s Gems And Jewellery Export Promotion Council (GJEPC) is targeting China, the Middle East and Russia for sales of diamonds and diamond jewellery due to falling demand in the United States, Antwerp Facets Online reported.
“These markets have tremendous potential and we have already sent two delegates to China to further concrete the approach,” Sanjay Kothari, the GJPEC’s head of promotion, marketing and business development, was quoted as saying in a report from Antwerp Facets Online.
“It is also predicted that in another five years, India and China, which currently hold 15 percent of the jewellery market, would together have 30 percent,” he said.
The United States accounts for about 50 percent of global sales of diamonds and diamond jewellery, according to Antwerp Facets Online.
The GJEPC hopes diamond sales will rise by 2 percent this year with an increase in sales in the Christmas and New Year season in Western markets.
India’s overall exports of gems and jewellery between April to November 2009 stood at $17 billion, and the GJEPC expects the industry to cross the $21 billion mark and that exports will grow at 10-15 percent in the coming fiscal year.