Looking to boost trade, GJEPC has organised a buyer-seller meet between top jewellery retailers from the US, the largest importer of Indian jewellery.
MUMBAI: Looking to boost trade, the Gem and Jewellery Export Promotion Council (GJEPC) has organised a buyer-seller meet between top jewellery retailers from the US, the largest importer of Indian jewellery, a top industry official has said.
The three-day event, which began here on Monday, would focus on marketing strategy to boost trade between the two countries.
"For the first time, nine top retailers from the US are visiting Mumbai and had direct contact with top 20 Indian companies engaged in gold and diamond-studded jewellery exports, thereby eliminating middlemen," GJEPC Chairman Sanjay Kothari said here on Tuesday.
The meet is significant as the US is India's largest trading partner in gems and jewellery and accounts for nearly 19 per cent of diamond exports from India. Besides, 27 per cent of jewellery imports to the US are from India, he said.
India exports jewellery to the United States worth about USD 3-billion.
"Business may or may not happen immediately, but the perceptions about Indian products being of inferior quality or that there are delays in delivery may change after the US retailers meet directly with Indian manufacturers," Kothari added.
India has emerged as a lucrative option for retailers in search of added value propositions. The reason behind this is that no other country offers such a short pipeline from mine to market, he said.
India is a sourcing centre that has all the input elements for jewellery production-from abundant off-the-shelf supplies of diamonds and gemstones, to modern manufacturing infrastructure, and a huge base of engineers, craftsmen and designers, he added.
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