US jewellery retailers on Mumbai visit to boost trade
03 Oct 2007
The Gem and Jewellery Export Promotion Council (GJEPC) has organised a buyer-seller meet between top jewellery retailers from the US, the largest importer of Indian jewellery. The three-day event, which began in Mumbai yesterday, would focus on marketing strategy to boost trade between the two countries.
The US accounts for nearly 19 per cent of diamond exports. Around 27 per cent of jewellery imports to the US, worth about $3 billion, are from India. The reason behind India''s success is that no other country offers such a short pipeline from mine to market.
As a sourcing centre, India has all the inputs required for jewellery production -plentiful off-the-shelf supplies of diamonds and gemstones, modern manufacturing infrastructure, and a huge base of engineers, craftsmen and designers.
"For the first time, nine top retailers from the US had a direct contact with the top 20 Indian companies engaged in gold and diamond jewellery exports, eliminating middlemen," GJEPC chairman Sanjay Kothari told the media.
He
said new business may not happen immediately, but perceptions about delivery delays
or about Indian products being of inferior quality will definitely change now
that US retailers have directly interacted with Indian manufacturers.