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GJPEC show a watermark for India's jewelry industry

March 06, 2008

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Goa, India—The Gem and Jewellery Export Promotion Council (GJEPC) is celebrating its first show, IIJS Signature, Goa, as a brand "India" building exercise that underscores the country's importance in the jewelry industry.

The invitation-only show was held in Goa from Feb. 29-March 3, and included about 350 individual buyers and delegates, and India's top 150 retailers.

Buyers from 14 countries attended, including Afghanistan, Nigeria, Turkey and Kazakhstan.

Trade delegations from Uzbekistan, Italy, Hungary, the United Arab Emirates, Poland, Russia, Iran, Japan, Israel, Pakistan and other nations also attended.

At the inaugural speech for the event, GJPEC Chairman Sanjay Kothari said he was proud of the achievements of the jewelry industry in India, and that the show demonstrated India's ability to produce quality jewelry that matches lifestyle trends worldwide.

"Considering the significance of trade fairs in the development of an industry, we can certainly state with confidence that IIJS has played that pivotal role for the gem and jewelry industry in India," Kothari said.

Recounting industry statistics for the year, he said gem and jewelry exports increased 20.8 percent to $16.8 billion between April 2007 and January 2008. In the same time period, diamond exports increased 36.7 percent, from $8.07 billion to $11.03 billion.

In addition, Kothari said in the last few years, several new exporters have entered the Indian market and 40 more or new brands have emerged.

He said the Indian government recently proposed setting up a national council to help bring the country's budding jewelry industry under one umbrella.

"This will perform an important role in streamlining the domestic industry, along with exports," he said.

However, a number of problems currently confront the industry, including the weak dollar and appreciation of the rupee.
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