Published
Oct 5, 2021
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GJEPC sees great potential in Hong Kong market at 10th edition of India Global Connect

Published
Oct 5, 2021

The Gem and Jewellery Export Promotion Council recently met with trade representatives from Hong Kong at its 10th online India Global Connect and, seeing potential in the market, discussed ways to boost trade. 

The GJEPC has held numerous online meetings with representatives from different countries to boost exports including the UAE - GJEPC- India- Facebook


Jewellery manufacturers, retailers, and wholesalers from India met with trade representatives from Hong Kong at the GJEPC’s latest digital networking event and strategised how India and Hong Kong can work together to recover to pre-Covid business levels. The meet included members of the Hong-Kong Indian Diamond Association, State Bank of India, jewellery brands, and officials, the GJEPC announced on its website. 
 
“The gem and jewellery sector needs to penetrate deeper in the Hong Kong market,” said council general for the Indian Consulate in Hong Kong Priyanka Chauhan at the meet, the GJEPC reported on its website. “Currently, it has reached only 12% of the total market and there is a lot of scope of increasing exports to the region. The gem and jewellery sector is the key driver today and despite being hit by the pandemic, India is Hong Kong's seventh largest trading partner.”

The meet saw participants agree that there has been a shift in the preferences of buyers in Hong Kong towards less expensive items and younger shoppers are also investing in diamond jewellery. Speakers noted that sales of lab diamonds are expected to grow rapidly in the coming years and that India must leverage its skilled workforce to produce high quality jewellery for export. 
 
“The gem and jewellery sector contributes to around 1% of the entire nation’s GDP [gross domestic product],” said GJEPC chairman Colin Shah at the meet.

“We are on track to achieve the target of $43.75 billion and are major contributors of around 10% of the total merchandise exports. Our country ranks first in cut and polished jewellery in the world whereas second in gold, silver and synthetic jewellery and fifth in gemstones. India is among the leading and most important exporters across the globe and has been at the forefront in all categories. As a Council, we look forward to strategise and work towards getting our share back to pre-Covid levels.”

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