The Gem and Jewellery Export Promotion Council (GJEPC) on Wednesday inaugurated a three-day virtual buyer-seller meet (VBSM) for silver and fashion and costume jewellery to help the segment gain share in the global market.
The VBSM witnessed participation from 34 international buyers connecting virtually to the silver manufacturers in India from the US, Spain, Italy, Mexico, Canada, Ireland, Russia-CIS and Latin America, GJEPC said in a statement.
“Through VBSMs, exhibitors have been gaining access to new markets.
“India’s silver jewellery (plain and studded silver jewellery) exports have been growing at over 50 per cent year-on-year to USD 1.687 billion in 2019-20, from USD 837.81 million in 2018-19,” GJEPC Chairman Colin Shah said.
India’s edge in silver handcrafted jewellery, both plain and studded, along with design expertise and cost-effective labour, provides impetus to the sectoral exports, he added.
Shah also announced the launch of the International Gem and Jewellery Show (IGJS) in a virtual format.
The exclusive export-oriented show only for international buyers will be held from January 18 to 22, 2021.
Meanwhile, Commerce and Industry Joint Secretary Suresh Kumar said silver jewellery is a sector where, in spite of the pandemic, the recovery has been fast.
“Indian silver (plain and studded silver jewellery) exports from April to September 2020 stood at USD 864 million, which is almost 50 per cent of last year. Silver is comparatively cheaper, so consumers are inclined to buy more, and it is the best-performing commodity,” he added.
Kumar also said that the costume and fashion jewellery segment requires more attention, as India’s share currently is only 2-3 per cent of the USD 7-billion world market.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)