HUB 生产基地 JNA March/April 2025 | 37 India is actively exploring new markets such as Saudi Arabia, South America, the UK, Europe and Oman. These regions offer significant opportunities due to growing demand for luxury goods, increasing disposable incomes and cultural affinity for jewellery. - Kirit Bhansali, chairman of the Gem & Jewellery Export Promotion Council (GJEPC) demand. Bhansali added, “India’s exports-oriented gem and jewellery industry benefits from cost-competitive manufacturing and skilled workforce, enabling it to outperform other markets.” According to India’s Ministry of Statistics & Programme Implementation, the country’s gross domestic product (GDP) is expected to grow 6.4 per cent in fiscal year 2024-2025. This is still notable, even though it is slower than the provisional GDP growth estimate of 8.2 per cent for fiscal year 2023-2024. The industry is also on the lookout for fresh opportunities outside of India. Bhansali said India is actively exploring new markets while reinforcing its business in areas where it already has a presence. India has its eye on Saudi Arabia, South America, the UK, Europe and Oman as potential trading partners in 2025 and beyond. These regions offer significant opportunities due to growing demand for luxury goods, increasing discretionary spend and a thriving jewellery culture, he added. In addition, India is negotiating Free Trade Agreements (FTA) with the UK, Europe, Oman and Gulf Cooperation Council (GCC) countries, which when completed, will further enhance market access for Indian goods. India earlier signed FTAs with the UAE and Australia in 2022, which further strengthened the country’s gem and jewellery exports, revealed Bhansali. India’s main export markets for gems and jewellery are the US, Hong Kong and the UAE. Diamond centre India’s influential position in the international jewellery trade has become more pronounced amid recently unveiled industry-led campaigns aimed at revitalising demand for natural diamonds. In January 2025, GJEPC launched the Indian Natural Diamond Retailer Alliance (INDRA) in collaboration with the De Beers Group. The initiative empowers retailers with AI-driven marketing tools, multilingual training modules and immersive storytelling to boost natural diamond sales. Interactive roadshows have already started, enabling GJEPC members to enrol in the programme, according to Bhansali. Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), highlighted India’s increasingly significant role in the diamond sector’s efforts to revive global demand. “India is a country that understands diamonds. Ninety per cent of the diamonds in the world are cut and polished in India. The country has the expertise, the understanding and a culture that welcomes diamonds. So yes, India is critical to the revitalisation of the industry,” stated Dvash. In particular, India has the potential to become a huge market for polished diamonds, added the WFDB official. With the mainland China and Hong Kong markets likely to take a few years to fully recover, the diamond industry is looking to the US and India to become major diamond centres. He added, “When China bounces back, there will be three diamond centres. This is why having India develop its consumer market for diamonds is a major bonus.” Dvash also did not rule out the possibility of collaborating with GJEPC on future initiatives to boost demand for natural diamonds, adding that WFDB has worked with the council several times in the past. PradeepGaurs / Shutterstock.com
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