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GJEPC plans to capture CIS jewelry market

October 16, 2006

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Mumbai, India—Looking to explore new markets and strengthen bilateral trade with the Commonwealth of Independent States (CIS) nations, India's Gem and Jewellery Export Promotion Council (GJEPC) led a recent delegation to the region.

The eight-member delegation visited Armenia, Georgia, Azerbaijan, Ukraine and Kazakhstan from Aug. 20 to Sept. 4. Among those taking part were representatives of leading manufacturers from the diamond, colored gemstone, silver and jewelry sectors.

The visitors explored the potential for the gem and jewelry market in the region. That included the possibility of sourcing raw materials, supplying cut and polished diamonds and gold jewelry, and cross-participation in shows based in the CIS countries as well as in GJEPC's India International Jewellery Show.

The countries offer an important growth opportunity for India's jewelry trade.

"The Gem and Jewellery delegation's visit to CIS nations was a very first sector-specific delegation, and the initiative was very successful," said Sanjay Kothari of GJEPC in a statement. "The total market size across the CIS countries along with Russia is estimated at $6 billion to $7 billion, with Ukraine providing the maximum growth potential. GJEPC plans to capture 10 percent of this market in the next two to three years through various aggressive initiatives."

Areas GJEPC intends to focus on include: the market for loose diamonds and colored gemstones, importing polished Russian diamonds through the CIS countries, investment in the mining sector for colored gemstones and silver, and an exchange program of jewelry designers to help understand regional trends. In addition, to enjoy tax benefits while importing jewelry to Russia, the council will encourage exportation of semi-finished jewelry to CIS countries and the establishment of a small manufacturing unit in a CIS country where semi-finished product can be converted into finished jewelry.
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