GJEPC looks to Singapore to boost jewellery exports
The Gem and Jewellery Export Promotion Council plans to double its jewellery exports to Singapore in the coming years and is pursuing partnerships with businesses in the country.
The GJEPC held its India Global Connect on March 18 in partnership with the High Commission of India, Singapore to facilitate networking between manufacturers, exporters, and importers from both Singapore and India. The GJEPC sought to promote India as a viable sourcing option for Singapore-based businesses, it announced on its website.
“Singapore and India have a very good trade relationship and there is further scope for improvement in the gem and jewellery exports to Singapore,” said Siddhartha Nath, India’s Deputy High Commissioner to Singapore, the GJEPC reported.
“India Global Connect is a great platform organised by GJEPC to discuss the challenges and issues faced by both parties while trading. We assure full support of High Commission of India in Singapore to the efforts of GJEPC to deepen engagement and build new connections during this period.”
“Singapore is amongst India’s top trading partners, accounting for gem and jewellery exports of $573 million (Rs 3,812 crore),” said GJEPC chairman Colin Shah at the meet. “We would like to see this improve, taking it to $1 billion in the coming years. The potential of both countries is immense and we want to see more trade happening between both countries.”
Takeaways from the meeting include that Singapore currently has a 70:30 ratio of jewellery demand from tourists versus locals and is currently on the road to recovery from the coronavirus pandemic, expecting vaccines to usher in more economic stability. The Singapore market is evolving from good to studded jewellery and platinum is also gaining popularity, representatives shared at the meet.
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