(PRESS RELEASE) Thirty eight Indian gem and jewelry exporters are participating at the India Pavilion organized by The Gem & Jewellery Export Promotion Council (GJEPC) for the 15th consecutive year at the leading jewelry event in North America, JCK Las Vegas. Every year, top gem and jewelry manufacturers from India come up with the latest and exquisite jewelry made for theU.S. market at JCK Las Vegas show. The event, held from June 1-4, 2018, at Mandalay Bay Resort & Casino, Las Vegas, also combines a plethora of networking events and complimentary education sessions with the industry’s broadest selection of finished jewelry, gems, and timepieces.
Mr. Pramod Agrawal, chairman, GJEPC said, “The USA has been an important market for the Indian gem and jewelry industry. India’s exports to the US accounted for a staggering $8,919.82 million during 2017. In fact, around 16% of the gem and jewelry requirement by the US are imported from India. JCK Las Vegas is a significant platform for India to further strengthen its network and improve its exports to the US. It is also an opportunity for Indian exporters to understand the trends in the market, which helps them to come back every year with a wide varieties of products for the buyers here. With top manufacturers participating at India Pavilion, I am sure buyers will get to see products of the highest quality including loose diamonds, loose colored gemstones, plain gold jewelry as well as diamond and colored stone studded jewelry.”
The India Pavilion is spread across 63 booths, strategically located at the Diamond Plaza and the Passport Location. The top Indian manufacturers and retailers will exhibit a scintillating array of diamonds, gems and jewelry developed especially for the visitors of the JCK LV show.
India today is undeniably the center of gem and jewelry trade with total exports worth of US$ 42 billion recorded for the period Jan-Dec 2017. Out of the total exports Cut and polished diamond exports accounted for US$ 23096.45 million; Gold jewelry at US$ 8683.42 million whereas coloured gemstones recorded exports worth US$ 421.74 million.
Keeping in mind the strategic interests of Indian gem & Jewelry products in the USA region, last year, GJEPC also organized 7th edition of India Diamond Week in association with Diamond Dealer Club (DCC). The main purpose of the four-day event was to create an annual trading platform for Indian diamantaires in the US to fortify their business relationships with leading American diamond traders.
GJEPC in its continuous endeavor to promote Indian Gem & Jewelry exports undertakes various initiatives like India International Jewelry Show (IIJS), Asia’s largest gem & jewelry trade show, apart from organizing niche jewelry trade fair Signature IIJS and World’s only Jewelry Week ‘India International Jewellery Week’.
Apart from this, GJEPC has been participating in various International shows including Hong Kong International Jewellery Show and Basel World. The Council also organizes India Pavilion at all international shows, such as Singapore Intl Jewelry Expo, Vicenza Oro Fall, Bangkok Gem & Jewelry Show, MidEast Watch & Jewellery Show, Beijing International Jewellery Fair, Malaysia International Fair and Jewellery Arabia. GJEPC, the apex body of the Industry has been at the forefront for the benefit of this gigantic industry.
The Indian gem & jewelry industry boasts of a world class infrastructure, state of the art machines and tools for production of gems and jewelry. The industry follows best business practices and have taken initiatives for self-regulation.MY KYC bankwhich the GJEPC has initiated will pave way for a networked and secured business in future with adequate provisions by giving information to mitigate risks by banks. As members ofResponsible Jewellery Council the companies need to follow the guidelines of RJC for responsible supply chain. Also compliance guidelines of the mining companies isbeing followed by the long term clients / sight holders such as BPP by De Beers etc. In addition to the same, the industry is following the System of Warranties on all their invoices as initiated by WFDB & WDC.
Another area the Indian gem & jewelry industry has been doing a phenomenal work is the large-scale philanthropic and charitable activities, particularly in the field of education and health. The industry has also responded to national calamities and emergency situations with great promptness.