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GJEPC Defines Trade Agenda With Pakistan

Jun 19, 2012 12:13 AM   By GJEPC
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Press Release: The Gems & Jewellery Export Promotion Council’s (GJEPC) 12-member delegation that visited Pakistan recently has signed a seven-point agenda with its Pakistani counterparts at the Pakistan International Gems & Jewellery Exhibition ((PIGJE) in Karachi. The goal of this first such Indian delegation to Pakistan, led by Sanjay Kothari, GJEPC’s vice chairperson, was to explore a long term partnership to leverage the $12 billion gem and jewelry sector in Pakistan.

The PIGJE was inaugurated by Pakistan Prime Minister Syed Yusuf Raza Gilani. He was accompanied by key dignitaries, namely Ishrat-ul-Ibad Khan, the governor of Sindh, Syed Qaim Ali Shah, the chief minister of Sindh, Chaudhary Anwar Ali Cheema, the minister for production and delegates from 55 countries including India, U.S., U.K., Sri Lanka, Hong Kong, Germany and France who participated in the event held for the first time in Pakistan at such a grand scale.

GJEPC’s objective included fostering a strong bilateral trade relationship, interacting with the prospective traders,  establishing areas of cooperation and ultimately establishing India as the most competitive center for sourcing diamonds and jewelry globally, and initiate direct trade between the two nations.

“The size of Indian delegation led by the GJEPC reflects the desire of both governments to enhance the bilateral trade and develop closer ties between the two neighboring countries,” said Gilani (pictured). “The efforts of the ministry of production in bringing the inherent potential of the gems and jewelry sector of Pakistan into the limelight are commendable. I would like to congratulate the ministry of production for setting up the Pakistan Gems and Jewellery Development Company (PGJDC), dedicated for the development of the thriving gems and jewelry industry of Pakistan.”

He added, “With the active support and guidance from the ministry of production, the company is committed to the development of entire value chain of gems and jewelry industry of Pakistan from mine to market through skills development, technology upgrade, marketing, branding and exports. It is very encouraging to mention that exports of gems and jewelry have shown phenomenal growth during the last five years.”

Speaking at the occasion, Kothari said, "There has been only limited trade between the Pakistani gems and jewelry traders and their Indian counterparts via Dubai and Singapore. What is now needed is meticulous planning, dealing with goods movements and customs duty. India-Pakistan trade will see a 500 percent increase in trade owing to the seven point agenda and the sheer price competitiveness that India presents to the hitherto untapped Pakistani markets.”

The seven-point agenda are as follows:
1. Improved duty structure between the two countries,
2. Exchange of students and faculty between the two countries,
3. Facilitate direct import of gemstones from Pakistan,
4. India to export jewelry to Pakistan,
5. Pakistani contingent to participate in the IIJS Signature 2013 and to host the Pakistan Pavilion,
6. Indian contingent to participate in Pakistan trade shows,
7. The two countries will jointly organize trade shows and conferences in other countries such as Dubai and Singapore.

“The gems and jewelry industry has been ignored by successive governments, despite the revenue generating capacity of the industry. More than 500,000 people are associated with the gems and jewelry industry in Pakistan and the country enjoys a competitive edge in the colored stones sector, given the natural minerals available in Pakistan,” said Semeen Siddiqui, the chairperson of the PGJDC. “We have presented a detailed proposal on how the gems and jewelry trade of Pakistan can be taken to the next level.”

GJEPC has acknowledged the significance of the neighboring country in terms of trade that can be attributed to the $12 billion gems and jewelry market in Pakistan. The trade between the two countries has increased considerably. In the year the ended in March 2012, the total export to Pakistan was $17.7 million and the total import from Pakistan stood at $310,000. The Pakistani export target is to touch $1.5 billion. Strengthening the trade partnerships with Pakistan is vital to the gems and jewelry industry at home. This initiative also offers a perspective on what India has to offer to the Pakistani market.

About GJEPC:
The Gems & Jewellery Export Promotion Council (GJEPC) is an all - India apex body, representing 5,300 members. Started in 1966, it operates under the surveillance of the Ministry of Commerce & Industry, Government of India. More information log onto www.gjepc.org

Rapaport News is not responsible for, and does not endorse, the content of any press release. Press releases are not written by us and are provided only as additional information for our clients.
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Tags: diamond, diamonds, Dubai, gems, GJEPC, IIJS, IIJS Signature, India, India International Jewellery Show, Jewelry, pakistan, Pakistan International Gems & Jewellery Exhibition, PGJDC, PIGJE, Rapaport, Sanjay Kothari, Semeen Siddiqui, Syed Yusuf Raza Gilani
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