India's gems, jewellery exports picking up in major markets: GJEPC

In November and December, gems and jewellery exports achieved pre-COVID peaks as demand picked up in all major markets, including the US, where Thanksgiving Day spending improved by almost 22%, the Gem and Jewelry Export Promotion Council (GJEPC) said on Friday.

GJEPC Chairman Mr. Colin Shah said at the inaugural of the second edition of India International Jewellery Show (IIJS) Virtual, said, “On many lines, the New Year has brought positive news. On the industry front, all major export markets are picking up demand for gems and jewellery. Jewellery was China's highest-selling luxury commodity in 2020, and spending in the US on Thanksgiving Day increased by almost 22% year-over-year to US$ 5.1 billion, reaching a new peak.”

He said, “I'm sure we'll see more healthy economic activities globally, in a few months down the line, which will further give the gems and jewellery a major boost.”

Over 10,000 visitors and a business turnover of around Rs. 1,000 crore (US$ 136.27 million) were seen in the first edition of IIJS Virtual, organised in October 2020, Mr. Shah said adding that this certainly has set a benchmark for us and our expectations from the second edition are strong and we anticipate it to surpass the business established in the first edition.

IIJS Virtual 2.0 has 250 exhibitors and more than 8,000 registered buyers, including foreign buyers from the United States, the United Kingdom, the United Arab Emirates, Singapore, Bangladesh, Nepal, Hong Kong, Belgium, Sri Lanka, Thailand, among others, with over 15,000 meetings taking place over the five days of the exhibition.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.