Jewellers look for new export markets

To form new trade partnerships, as many as five city-based jewellers participated in the International Jewellery Exhibition in Dubai from December 4 to 7. More than 350 participants from all over the world were also there in the international even, including 48 jewellers from India. Indian jewellers were helped by the central government in a bid to find new markets.

The strict restrictions placed on the import of the precious metal make it mandatory for jewelers to export as jewellery 20% of the gold imported into the country. This, however, has made it difficult for them to compete in the market.

"We import pure gold and have to export prepared jewelry which puts us at a loss. The imports come from a different country and the exports are sent to a different country," said Vipul Mehta of Laxmi Jewellery Export, one of the five participants in the Dubai exhibition.

Compared to last year, the business of gold jewellery in the city has gone down by 30-50%. "During the exhibition in Dubai, we got many positive enquiries from Abu Dhabi, Pakistan and other countries," said Mehta. More than 40% of gold jewellery from India is exported to Dubai and other Gulf countries. Of this, Ahmedabad has a very small share as most of the exports are from Mumbai, Bangalore, Kolkata and Rajkot.

All the participants were provided 70% rebate on air tickets and the exhibition fee charged by the central government for the jewellery show in Dubai. "This is our effort to promote the cause of small and medium-size jewellers to find new markets and increase business," said Shantibhai Patel, president, Gem and Jewellery Trade Council of India (GJTCI).

"We got requests from more jewellers to participate in the show but could not accommodate all. We are also in talks with the government to participate in other international exhibitions," said Patel.

Another participant said business had been really low this year. "Even the wedding season has not been able to boost our sales," said another jeweller.

The exhibition was held at Dubai World Trade Centre, where exhibitors from 30 countries showcased their exclusive jewellery collections, precious gemstones and cutting-edge designs.

Source : timesofindia.indiatimes.com