Basel A Success, Hopeful for JCK
By Zainab Morbiwala
The efforts by the Gem and Jewellery Export Promotion Council (GJEPC) to promote the Indian gems and jewelry industry at BaselWorld 2011 show were overwhelmingly successful. The Indian pavilion — with 53 top representatives from the industry — had a very good response.Hiren Kumar Bose, an editor for a Mumbai publication who visited the show, said, “The concept of using fashion shows to promote the designing aspect of Indian jewelry was not only interesting but it also added an altogether new dimension to the Indian gems and jewelry industry, putting it on a par with international design trends. What is most important to note is the fact that the show was opened by Anand Sharma, India’s minister of commerce and industry. This sends a clear message that the Indian government fully understands the potential of the gems and jewelry industry in India and is taking all necessary steps to boost it. Credit for all this definitely goes to GJEPC.”Support from GovernmentSharing his experience at the show, Romy Mehta from Bapalal Keshavlal said, “The promotion of the India exhibitors has been really good. We have prospective customers from countries in Europe, mainly from Spain and Belgium. Exhibitors enthusiastically praised the directory of show participants that was produced by the Ministry of Commerce and Industry in association with GJEPC. “Better late than never,” said Rohit Gupta of ACPL Products, adding that such a directory should have been published ten years earlier. “BaselWorld is unlike the Hong Kong fair,” continued Gupta. “Here you get customers who are looking for innovative products — and they are big, some of them representing chains that have from 50 to 100 retail stores.”Speaking at the opening of the pavilion, Sharma said, “India is the global leader in the diamonds and colored gemstone sector, and is looking forward to greater investment by the world’s top watch and jewelry brands into the country. I urge the global jewelry brands to invest more in India if they want to tap the huge market of the South Asian economic giant.” Emphasizing the role played by the GJEPC, Sharma said the government entrusted the council with the task of organizing the Indian contingent at BaselWorld 2011, not just to promote Indian jewelry but also to showcase India’s untapped trading platform.In an attempt to pull back business into India from Indians who prefer to do business outside the country, Sharma requested that the Indian Diamond Traders, who are based in Antwerp, consider moving their base to India. He assured them that the ministry would assist with the trade and policy issues that impact their business in India and work to duplicate the advantages the city of Antwerp offers if they decide to move back to India. Looking ForwardFollowing BaselWorld, all eyes turned to the JCK Las Vegas show. In assessing the importance of the June show, Hitesh Khandelwal from SRK Exports said, “The U.S. continues to be a major market for diamonds and no one can afford to underestimate the JCK Las Vegas show, especially this year. We are continuing our marketing campaign for JCK and promoting our online service. In addition, we plan to display a very good stock of fancy shape diamonds and jewelry layouts, in addition to our regular inventory of round piqué goods. Jewel Goldi Inc., one of the prestigious jewelry affiliates of Shree Ramkrishna Export, has also crafted a fine collection of fashion and bridal jewelry especially for the JCK Las Vegas show.”Market DynamicsFollowing the 2006 and 2007 acquisitions of U.S. firms Samuel Jewelers Inc and Rogers, respectively, the Gitanjali Group has added the leading Italian jewelry chain Giantti Italia to its portfolio for $15 million. This particular acquisition will allow Gitanjali to introduce new lightweight jewelry designs, especially in European and West Asian markets.In other market movements, De Beers has extended its Forevermark diamond brand presence in India, signing deals with eight leading jewelers in Mumbai and six in Delhi. To celebrate the occasion, the brand showcased the Steinmetz Ying Yang, the world’s largest pair of identical 35-carat D flawless round brilliant-cut diamonds.The marriage season in India always manages to be a positive time for the gems and jewelry industry in India and that is the case again this year. It is interesting to note that the cult of diamonds is catching on among consumers who were until recently primarily into gold jewelry.Another April highlight was the visit of Varda Shine, chief executive officer (CEO) of the Diamond Trading Company (DTC), to open a diamond and jewelry training institute, City Centre, which will be operated by the Indian Diamond Institute (IDI), in Vesu, Gujarat. The interest in expanding training reflects efforts to promote jewelry designing in India that is in line with market demands and trends.The Marketplace- Polished and rough prices are at a peak.
- Small goods remain the hottest category and have seen a steep increase in prices.
- Asking prices in most categories remain very high as production is not meeting growing market demand.
- Uncertainty in prices prevails and the market continues to hope for some stability.
Article from the Rapaport Magazine - May 2011. To subscribe click here.
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