From The Desk of Rajesh Bajaj
GJ Exports India returned up with U growth!
Recently in the December second week, the Gem and Jewellery Export Promotion Council (GJEPC) India said, India gem-n-jewellery (GJ) exports have returned up with U growth! Fact-n-figures are often speaking louder than a thousand words & it is recorded -98.79% of Gem & Jewellery Gross Exports India during April 2020. This is the bottom in the wake of pandemic Covid-19 and then recovered. Until November 2020, this -98.79% grew up and set at -3.88% YoY.
GJEPC said, “The Gem and Jewellery sector have shown signs of green shoots of exports after a long pandemic struggle of over 8 months. The November 2020 gross exports of Gems & Jewellery reported USD 2.48 Bn a mere 3.88 percent decline as compared to the gross exports of USD 2.58 Bn reported in November 2019.” No doubt, the tumbling chart points were halted & pushed up export India by three categories, 1: Silver Jewelry, 2: polished LGD & Platinum Jewellery.
Till the overall categories push up GJ exports to India, these trends remained positive. During the April to November 2020 period, Silver Jewellery grew by 61%. Polished LGDs surge up to 53.55% & Platinum Jewellery segment exports remained up by 8.02% among the rest of the categories tumbled from April to November 2020.
De facto, this U growth of GJ exports India is a tribute to the prudent & vibrant, 3600 leadership of GJEPC India. Amid global pandemic challenges, they shouldered up accountability to push up GJ exports to India again. GJEPC performed well with the Government, recommended the related hurdles, organized several virtual business meets & set up the India Global Connect.
The GJEPC enlists about 12 points as recommendations for the FY 22 Union Budget to the Ministry of Finance. In early November, the GJEPC held an interactive video meeting with MoCI officials and conveyed the SEZ Issues of the GJ Sector. About nine issues suggested improving the SEZs GJ export performance!
Equally, at the behest of the GJEPC, the Government of India initiated several measures & initiatives to ease economic stress, the extension of time for export credit repayment, a moratorium on interest and EMI payments, the reclassification of MSMEs, and also extended the support to stressed accounts. And at the moment, GJEPC also had expressed their deep gratitude to MoC&I.
At the juncture, Colin Shah, Chairman, GJEPC, said, “Government’s relief measures for the industry in the last six months have helped us immensely in getting back to our feet. India has a dream of being a global leader in the gems and jewellery sector, and I am sure we will achieve it with government support. This objective also aligned with the Primeminister vision of making India atmanirbhar (self-reliant).
Despite being entirely import-dependent for precious raw materials, today, we are global leaders in manufacturing diamonds and emeralds only because of our entrepreneurial spirit and skilled craftsmanship to produce world-class products.”
Right with the charge taken as the Chairman-GJEPC, Colin Shah acted swiftly with several events. Indeed, he remained a swift, even at the immediate previous tenure as Vice-Chair. Only in November, GJEPC held several notable virtual meets. The Virtual Buyer-Seller Meet (VBSM) for Silver and Fashion & Costume Jewellery GJEPC successfully accommodated about 34 international buyers from the USA, Spain, Italy, Mexico, Canada, and Ireland, Russia-CIS, and Latin America.
India endeavors to push up its market share from about 3% to US$ 7 billion. The global market for Silver and Fashion & Costume Jewellery. In the row, November also witnessed the 6th VBSM-the first-ever Diamond Studded Jewellery VBSM. The VBSM remained attended by the key diamond-studded jewellery players from the USA, UK, Europe, ME, and Hong Kong-China & also by the non-traditional ones such as Latin America, Eastern Europe, and many more.
Under the India Global Connect Meet series, GJEPC attempted well for Indo-Swiss Business Ties with 11 Indian top companies with eight Swiss brands. In the row, India and Angola met via virtual meeting as part of the India Global Connect.
The November activities & initiatives have brought the growth chart to U growth. Still, GJEPC & the Government’s measures & initiatives have brought the U shape growth Chart & hence, the GJ industry & trade is the example of Aatmanirbhar Bharat and Vocal for Local!