Press Release: Trade relations between India and Italia will be getting off to an advantageous start with the two main global jewelry business mediators, Fiera di Vicenza’s Vicenzaoro and the India International Jewellery Show in Mumbai, having already laid solid foundation.
India is the leading world market for gold and jewelry demand and, despite the rather unfavorable customs system, still represents an enormous opportunity for Italian products. Trade relations between the two countries have grown considerably in recent years especially in the high range area. Encouraged by this trend, Fiera di Vicenza has been making significant efforts to develop business relations in the area by identifying ad hoc projects for the Italian gold and jewelry industry, and the New Delhi government’s recent official declarations about being willing to radically lower the current customs duties, have sped up the entire process.
The collaboration agreement was signed on June 2, during the JCK Show in Las Vegas, the U.S. jewelry exhibition that saw Fiera di Vicenza playing a leading role with its VICENZAORO Italian Club comprising 132 of the top names in Italian gold and jewelry production.
Fiera di Vicenza has thus become an official partner of the Gem & Jewellery Export Promotion Council (GJEPC), which is responsible for organizing the most important jewelry and related technology shows in Mumbai, India’s financial capital and home to leading gold institutions and exhibitions.
The GJEPC is also the foremost organization linked to the Indian government, which not only represents and promotes the entire Indian gem and jewelry industry but also certifies exportation and develops cooperation and exchange between the Indian gold and jewelry companies.
The agreement gives Italian gold, jewelry and jewelry processing machinery companies privileged access to the Indian market within the context of the India International Jewellery Show to be held at the Bombay Convention & Exhibition Centre in Mumbai where the VICENZAORO Italian Club and T-Gold formats will be given special exhibition space.
Fiera di Vicenza will act as the exclusive representative for all the gold and precious stone Italian districts and companies taking part in the international exhibition.
The agreement also foresees setting up an Indian pavilion at the VICENZAORO events in VICENZA to house leading Indian high-end jewelry companies sponsored and coordinated by the GJEPC. This initiative is an important step towards renewing Indian participation at VICENZAORO events.
According to the president of Fiera di Vicenza, Roberto Ditri, “The agreement is a significant move towards consolidating VICENZAORO’s leadership. It is a big advantage for Fiera di Vicenza and its exhibitions, which are competing for first place in the gold and jewelry sector, and a further chance to promote Italian jewelry on the international scene. India is one of the markets where the luxury goods chain and Italian jewelry have enormous business potential.
''Precious metals and stones play an important role in Indian culture and tradition and are an expression of life’s most important moments. For some time now Fiera di Vicenza has been working on intensifying relations with India where Italian quality products are much appreciated among the higher classes as super brands, known for their innovative content, design and exclusiveness. In order to function in a country that is as big as a continent, one must know the market and get oneself noticed. Signing this agreement with the GJEPC is an achievement for Fiera di Vicenza and a starting point towards new areas of growth. It is a means with which to support our companies in satisfying demand and supply, a gateway through which Italian gold and jewelry companies can enter into the Indian market and beyond.”
The general manager of Fiera di Vicenza, Corrado Facco, said, “This partnership, the result of one year of hard work, is yet another key element in our new strategy whose aims include seeing the VICENZAORO brand in a top position on a global level. The Indian market, which counts more than 150 million evolved consumers, just had to be part of our action. This alliance with the Indians is therefore a decisive step forward in terms of internationalization and global networking that Fiera di Vicenza is aiming at with the FDV 2011/15 strategic plan that was launched last year. Only a very short time ago, on May 17, to be precise, another important agreement was signed at the World Jewelry Forum in Vicenza, with the Dubai World Trade Centre (DWTC), by which Fiera di Vicenza has become the intermediary for Italian and European gold, jewelry and jewelry technology companies participating at exhibitions to be organized in Dubai. They represent extremely important opportunities for promoting Italian products in the area and to create relations with buyers, retailers and purchase groups within the gold and jewelry business.”
Economic reference data
In 2011, India was the number one country in the world for gold and jewelry demand with a market share of 28.9 percent, followed by China in second place with a market share of 26.1 percent.
India, the largest democracy in the world with a population of 1,130,000,000, is a country where jewelry, besides having religious and cultural significance, is looked upon as an important life-long investment. Moreover, the recent and very considerable economic development in India has generated a new social class with enormous spending power in the luxury sector and great interest in the western style. The potential that this market holds in terms of the gold and jewelry business is therefore very high. Suffice to mention that there are about 2 million jewelry stores in India at the moment.
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