GJEPC sees large growth opportunity in jewellery exports to Mexico
Following the seventeenth edition of its India Global Connect e-meeting held with participants from Mexico’s jewellery industry, the Gem and Jewellery Export Promotion Council sees a significant opportunity to increase jewellery exports to the country.
As well as increasing the volume of gold jewellery exports from India to Mexico, the online meeting also discussed increasing the amount of gold and silver raw materials imports from Mexico into India, the GJEPC announced on its website. The meeting, which took place on November 29, was attended by dignitaries including Ambassador of India to Mexico Pankaj Sharma and Department of Commerce director R. Arulanandan.
Representatives revealed during the talks that Mexico is India’s third largest trading partner in North America. Gems and jewellery are some of the most traded goods between the two countries. Moreover, bilateral trade between India and Mexico has reached $8.7 billion.
“Mexico’s consumers have high demand for Indian gems and jewellery, but there is room for growth,” said Sharma during the meeting, the GJEPC reported. The participants explored ways to boost trade between jewellery manufacturers in India and retailers in Mexico.
However, there still exist some hinderances to growth, according to the GJEPC. While 6% duty is levied on jewellery exported to the US, 15% is levied on jewellery exported to Mexico.
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