Published
Jan 2, 2020
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India’s jewellers exploring new markets for exports

Published
Jan 2, 2020

​India’s gems and jewellery exporters are exploring new markets for exports, amid a slowdown due to poor consumer sentiment in key export markets including China, UAE, and the United States.

India’s jewellers exploring new markets for exports - UBM India


The industry is now looking at new markets like Russia, Brazil, Vietnam, Singapore, France, and Italy, to boost its exports during this year.
 
The slowdown in exports due to the ongoing trade war between the U.S. and China, coupled with weak demand in the main export markets has severely affected the gems and jewellery sector in the country.

The industry is looking to revive its fortunes during the current year by exploring new international markets.
 
“At this juncture, the trade has to explore newer markets. For cut and polished diamonds countries like Russia, Brazil, UK, Vietnam, Singapore, France, Germany, and others can be explored. For gold jewellery countries like UK, France, Qatar, Australia, and Thailand are emerging as new destinations,” Colin Shah, vice chairman at Gem and Jewellery Export Promotion Council, told the Economic Times.
 
“For coloured gemstones, the UK, UAE, Germany, and Singapore can also be considered. There is a need for innovation in products according to the needs of the younger generation. Focused effort is also required to upskill the existing manpower so that they can use of latest technology, make designer jewellery and increase their productivity,” Shah added.
 
India’s main jewellery importers are Europe, China, the U.S., and Japan with the U.S. importing around a quarter of India’s jewellery exports.

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