34 International buyers were able to connect virtually during the three-day virtual buyer-seller meet inaugurated by the Gem and Jewellery Export Promotion Council earlier on Wednesday. The virtual meet was for silver, fashion and costume jewellery to help the segment gain share in the global market. As suggested by the GJEPC, the participants were from countries like the US, Spain, Italy, Canada, Ireland, Russia-CIS, Mexico and Latin America.
GJEPC Chairman Colin Shah in a statement quoted, “Through VBSMs, exhibitors have been gaining access to new markets. India’s silver jewellery (plain and studded silver jewellery) exports have been growing at over 50 per cent year-on-year to USD 1.687 billion in 2019-20, from USD 837.81 million in 2018-19. India’s edge in silver handcrafted jewellery, both plain and studded, along with design expertise and cost-effective labour, provides impetus to the sectoral exports.” Shah has also announced the virtual format of International Gem and Jewellery Show (IGJS). This show launched only for international buyers will be held from January 18 to 22, in 2021.
However, Commerce and Industry Joint Secretary Suresh Kumar, quoted that in spite of the pandemic the covid-19 pandemic, the recovery of the silver jewellery sector has been quite fast. “Indian silver (plain and studded silver jewellery) exports from April to September 2020 stood at USD 864 million, which is almost 50 per cent of last year. Silver is comparatively cheaper, so consumers are inclined to buy more, and it is the best-performing commodity,” he concluded.