India and Lebanon to pursue stronger jewellery industry ties

By

Isabelle Crossley

Published
Feb 9, 2022

The Indian Embassy in Lebanon and the Gem and Jewellery Export Promotion Council jointly held an online ‘India Global Connect’ meeting with the aim of strengthening trade ties between the Indian and Lebanese jewellery industries. 

As Lebanon’s jewellery industry relies on imports for 80% of its raw materials, there exists a significant opportunity for Indian diamond businesses to export polished diamonds, coloured gemstones, and other products to the country, the GJEPC announced on its website. The GJEPC aims to forge stronger ties with Lebanon in order to boost India’s exports. 
 
“India has made a spectacular recovery after the Covid slump,” said Indian Ambassador to Lebanon Suhel Ajaz Khan. “India is all set to grow at 9.2%, which is going to be the highest among the biggest economies in the world. We are also projected to grow 8-8.5% in the next financial year 2022-23. So there are opportunities for all our partners to do business with India. As far as the bilateral trade between India and Lebanon is concerned, there is a huge potential to be tapped, and I am happy that today with India Global Connect meet we have initiated the talk to improve the gem and jewellery trade between both countries.”

Lebanese jewellery manufacturers, retailers, and chamber representatives attended the online meet along with industry representatives from India. Participants expressed a need to connect buyers with sellers and engage in technical discussions in order to boost trade. 
 
“India and Lebanon are both export-oriented when it comes to gems and jewellery, but there are ways to collaborate and complement each other’s strengths,” said Khan.
 
“The gems and jewellery trade between India and Lebanon has been declining for the past several years,” said the GJEPC’s executive director Sabyasachi Ray.

“The India Global Connect meet with Lebanon is an endeavour to explore ways of reviving and increasing the bilateral trade, opportunities relating to skills, marketing, etc. India and Lebanon complement each other well when it comes to the gem and jewellery trade. With Lebanon being one of the largest manufacturers of studded jewellery, the direct sourcing of raw materials such as diamonds and coloured gemstones from India can be beneficial for both.”