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As U.S. economy slows, India turns to Middle East

Indian jewelry exports to the United States down 30 percent

By Michelle Graff
August 11, 2008

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Mumbai, India—Although the United States remains India's No. 1 market for jewelry exports, the country is not about to let its jewelry industry suffer in the wake of the U.S. economic slump.

At the India International Jewellery Show (IIJS) in Mumbai on Sunday, Gem and Jewellery Export Promotion Council Chairman Sanjay Kothari acknowledged that Indian jewelry exporters have been hurt by the downturn in the U.S. economy.

He said jewelry exports to the United States are down 30 percent, with the market for low-end "Wal-Mart-type" goods hit particularly hard.

He said that some jewelry companies with offices in India's Santacruz Electronics Export Processing Zone (SEEPZ)—the special economic zone of Mumbai that houses India's jewelry export industry—have had to lay off employees, while others are moving outside of SEEPZ to cater to the local Indian market.

"They are suffering," Kothari said.

As a result, India is turning to new markets to keep its large jewelry industry afloat, with a specific eye on the Middle East.

Kothari said the Middle East is India's primary market after the United States.

"The Middle East can become a really good buyer and partner for us," he said.

By years' end, Kothari said they are looking to launch an India-specific brand of jewelry, called "Made in India," and that its first market of distribution will be the Middle East.

Other markets into which India is looking to expand include China, Pakistan and Russia.

"The U.S. economic cloud can be displaced by other countries," Kothari said.

The IIJS concludes on Aug. 11 in Mumbai.
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