(PRESS RELEASE) For the first time, GJEPC is hosting its buyer and seller meet in a virtual format, amidst the ongoing COVID-19 pandemic. The virtual format of this unique buyers and sellers meet will give an opportunity for Indian domestic jewelry manufacturers to showcase diamond collections to global buyers in a virtual format, thus continuing the momentum of the gems and jewelry trade.
The Virtual Buyer and Seller Meet will be held on 27th and 28th, August 2020. Buyers from Australia, Bangladesh, China, Colombia, Europe, Middle East, Russia CIS, South Africa, South Asia, UK, and USA are expected to participate in the VBSM.
Commenting about this unique, first-of-its-kind virtual format of the buyer-seller meet, Colin Shah, chairman, GJEPC, says, “The demand for gems and jewelry is slowly recovering in markets like the USA, China and other parts of the world. We need to make sure that we reach out to these buyers and meet their requirements. This is the time to explore the digital world, and make the best use of it to showcase our products through a virtual medium and help buyers make informed decisions. The Council always believes in leading the way, and has thus planned to hold a VBSM for loose diamonds on 27th–28th August, 2020. We intend to follow it up with VBSMs for colored gemstones, costume jewelry, diamond-studded jewelry, gold-studded jewelry, platinum jewelry, etc. I am hopeful that with the support of the exhibitors and buyers, the VBSM initiative will be a successful one.”
The pandemic has impacted the gem and jewelry export and domestic business badly. The gem and jewelry exports for the Q1, registered a decline of 54.79.% to $2.75 billion as compared to $6.07 billion during April-June 2019. The Gem and Jewellery Export Promotion Council of India (GJEPC), the apex body for the promotion of gems and jewelry, is putting all its efforts to help the industry sustain this phase through its various activities.
Commenting on the VBSM, Vipul Shah, vice chairman, GJEPC, said, “GJEPC is hosting VBSMs at a very crucial time of the year. We are likely to see demand for gems and jewelry increase from August, owing to the upcoming Holiday season in the Western counties. The VBSM will be a platform that will give our exhibitors in India as well as buyers from across the world an opportunity to interact and make decisions in a similar way as they do at a physical show.”
Dilip Shah, convener international, GJEPC, commented, “GJEPC is organizing the VBSM for the first time and I am glad that we have been able to create an advanced user-friendly set-up which would give our buyers an experience better than the real one. A series of VBSMs are being organized over the next few months, which would help our buyers across the world to source gems and jewelry from the comfort of their homes or offices. The VBSMs will help our buyers to check out new product developments without travelling, explore new sourcing opportunities, compare and analyse products and services of exhibitors without any distraction.”
Some of the salient features of this Virtual Buyer Seller Meet are:
- Cloud storage for secure online trading
- Buyer-seller matching
- Optimal choice for buyers and sellers to choose from a gamut of options showcased by the exhibitors
- Life-like experience simulation
- Since the format is virtual, no physical contact and conduct business from home or office
- Watertight parameters for trustworthiness
- Enhanced networking opportunity
- GJEPC will assist in creating product catalogs or directories of high-resolution images for exhibitors on the Council’s VBSM website
- Buyers will be able to search specific product types to find the exact merchandise they need
- The GJEPC website will make it easy for the buyer to view the online product directory, even during live video meetings
- For live one-on-one meetings between the buyer and seller, GJEPC will provide high-end cameras for product viewing during the interaction from the exhibitor’s office
- Up to 20 product images will be included in a VBSM package, which will be created and uploaded by GJEPC