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Indo–Russian Jewellery Summit Kicks Off in Mumbai
Oct 29, 2012 6:29 AM
By Dilipp S Nag
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RAPAPORT... The second edition of the Indo–Russian Jewellery Summit kicked off in Mumbai on Monday with a goal to boost trade ties between Indian jewelry manufacturers and their Russian counterparts.
“We hope that this summit will help the representatives of the participating Indian and Russian companies to have a better understanding of each other’s market and forge relations, leading to better volume of business being transacted between the two countries,” said Vipul Shah, the chairman of Gem & Jewellery Export Promotion Council (GJEPC).
India's gems and jewelry exports grew to $46.36 billion in 2011, up about 83 percent in 2009. Exports to Russia increased to $8.2 million during the period from $3.13 million in 2009, while imports from Russia stood at $639.5 million in 2011 from $125.72 million in 2009. 
Shah (pictured second from left) added that despite the recent downturn caused by weak domestic and international economies, the industry has bounced back on a promising note as the outlook for the festive season shows increasing signs of recovery.
The networking meeting is jointly organized by the GJEPC and the Moscow Diamond Bourse. The program includes round table discussions and presentations from industry leaders, business meetings and networking events, followed by factory visits over the following two days from Wednesday.
“These meetings have widened the sourcing opportunities for the Russians since the first edition of the jewelry summit held last year,” said Alex Popov, the president of the Moscow Diamond Bourse. “This year, too, we hope to forge business links which will convert to see a rise in the business transacted between participating members of the two countries.”
Popov (pictured first from left) stated that the value of the imported jewelry to retailers in Russia is higher by almost 42 percent due to 20 percent customs duty on diamonds and diamond jewelry, a 1 to 2 percent inspection levy and an 18 percent value added tax (VAT).
Moscow Diamond Bourse, which was established in 2005, is actively lobbying for elimination or reduction of duties on polished diamonds and color gemstones destined for jewelry industry, he noted. Popov stated that to open a real diamond grading laboratory in cooperation with one of the big names is also one of the main challenges of Moscow Diamond Bourse.
Indian companies participating in the summit include Gitanjali Gems Ltd., Goldiam International Ltd., Asian Star Jewels, K.P. Sanghvi International Ltd., Gold Star Jewellery Ltd., Core Jewellery, H.K. Designs (India), KBS Designs, Shrenuj & Co. Ltd., Uni-Design Jewellery, Patdiam Jewellery Pvt. Ltd., Kiran Jewelry, Kiran Jewels India, Inter Gold India Pvt. Ltd. and Indigo Jewellery Pvt. Ltd.
Companies participating from Russia are Almaz-Holding, Almaz Ukraine, Art-Jeweller, Brian Ltd., Gold For You, NCM Trading, Our Gold, Russian Gold, SB Gold, Tulupov Jewellery House, Valdai Trading, Zolotov and Zolotye Uzory, who collectively have more than 5,000 outlets across Russia and CIS countries.
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Tags:
Dilipp S Nag, gems, GJEPC, India, Indo-Russian Jewellery Summit, jewellery, Jewelry, Moscow Diamond Bourse, mumbai, Russia
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