GJEPC focuses on silver jewellery and lab grown diamonds as exports rise
Jun 29, 2020
The Gem and Jewellery Export Promotion Council has named silver jewellery and lab grown diamonds as having major potential in the international export market due to increasing popularity.
The Indian silver jewellery industry saw exports rise to $1.7 billion (Rs 11,309.7 crore) in the 2020 financial year up from $832 million in the 2019 financial year, according to GJEPC data. The precious metal is rising in popularity abroad due to its cheaper price compared to gold and plethora of available designs, the GJEPC’s recently elected chairman Colin Shah told ET Bureau. Silver jewellery is mainly manufactured in India in Surat and Jaipur, with a smaller amount of production based in Mumbai.
“These are two sunshine sectors for the trade,” Shah told ET Bureau, about silver and lab grown diamonds.
“Silver jewellery from India is being widely accepted in the world markets because of its design. We have asked our members to ramp up silver jewellery production to compete with China and Thailand, the other two manufacturers.”
Lab grown diamonds have also been touted by the GJEPC as having growth potential. Lab grown diamond exports totalled $413.39 million in the 2020 financial year, up from $220.27 million in the 2019 financial year.
“It is a new and emerging sector,” Shah said, about lab grown diamonds.
“Lab grown diamonds are used in fashion jewellery and accessories. However, this does not mean that the natural diamond will lose its sparkle. Natural diamond will remain forever as it has an aspirational value.”
As the jewellery industry struggles to recover from the pan-India lockdown, the GJEPC hopes that a focus on silver jewellery and lab grown diamonds will help to give the sector a boost. In other efforts to promote the industry, the GJEPC has launched a number of online courses including on jewellery design and diamond technicals.
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