GJEPC virtual biz meet connects UK retailers with Indian jewellery manufacturers

Shah was speaking about the current trade between India and the UK at the inauguration of the virtual meet on Monday. He added that the Indian gem and jewellery sector has been catering to different markets in the world, accounting for USD 36 billion annual gem and jewellery exports and employing 4.3 million people.

The Gem and Jewellery Export Promotion Council (GJEPC) has organised a virtual business meet to connect jewellery manufacturers of India with leading retailers and wholesalers of the UK, to further strengthen ties between the countries. "The gem and jewellery trade between India and the UK has doubled from USD 555 million in 2015 to USD 1.3 billion in 2018. The UK ranked 9th among India's key export partners in gems and jewellery and there is a potential to increase the country's export share in the UK," GJEPC Chairman Colin Shah said in a statement on Tuesday.

He added that digital platform has been proactively leveraged to put together virtual business programmes in order to connect with buyers from the globe and further exports. Shah was speaking about the current trade between India and the UK at the inauguration of the virtual meet on Monday.

He added that the Indian gem and jewellery sector has been catering to different markets in the world, accounting for USD 36 billion annual gem and jewellery exports and employing 4.3 million people. "There are 10 special economic zones with superior infrastructure, advanced tech, and highly skilled workers. We are sure that we will not only sustain but also grow this position in years to come," Shah added.

Manish Singh, minister (economics) at the Indian High Commission to the UK, said it is essential to promote bilateral trade between India and the UK, especially in the gems and jewellery sector. "There are some challenges in the customs duty and accounting aspects, but there are robust government-to-government mechanisms already in place to deal with such issues at the highest level," he added.

Among the key Indian exports to the UK are gold jewellery, cut and polished diamonds and silver jewellery, while the main imports from the UK are platinum bars, rough diamonds and lab-grown diamonds. At the virtual meet, industry experts also discussed how the UK can tap India's resources in handcrafted and technology-driven manufacturing processes.

Further, GJEPC suggested that Indian manufacturers could work together with the UK retailers and develop brands under the umbrella of individual retailers that will be beneficial to both the parties..

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