Surat, India – October 2, 2023 – The Gem & Jewellery Export Promotion Council (GJEPC) is taking proactive measures to address the ongoing decline in exports of gem and jewellery products from India. This downturn, attributed to reduced demand for loose polished diamonds and jewellery in major markets like the United States and China, has persisted since 2021. The country has witnessed a substantial 25% decrease in exports from January to August, with September following a similar trajectory.
In response to these challenges, GJEPC is tirelessly working to rejuvenate the industry and boost exports. As part of their continuous efforts, GJEPC has identified high-profile buyers from the United States who remain interested in purchasing, even in this challenging scenario. GJEPC has invited these esteemed buyers to Surat for a unique "Factory Visit BSM" dedicated to the Lab Grown Diamond (LGD) Industry.
A total of 12 companies from the United States will participate in this innovative event as buyers. GJEPC, in its commitment to supporting the industry, will bear the expenses for the buyers' travel (USA to India), accommodation, and other associated costs. Local participants will only be charged a nominal token amount to encourage their involvement, as GJEPC seeks to avoid imposing any additional financial burden on the participating factories, in such slow down.
"The Western world often harbors misconceptions about the working conditions and practices followed by Indian manufacturers. To break these barriers, Icame with idea to extend a direct invitation to our US-based counterparts to visit our factories in Surat. By immersing themselves in our state-of-the-art LGD industry facilities, they can bear witness to the sustainability and technological advancement we uphold. Through this firsthand experience, we aim to bridge the trust gap and foster stronger global partnerships."
- Mr. Vijay Mangukiya, Regional Chairman, Gujarat - GJEPC
"The cornerstone of the Lab Grown Diamond (LGD) industry is sustainability and the pursuit of best practices. When US-based buyers would witness the remarkable LGD growing process in Surat, they not only will gain a lifetime experience but would also witness the advanced capabilities of Indian manufacturers and growers. This experience would help LGD industry build a positive and lasting global image.”
- Mr. Smit Patel, Convenor, LGD Committee - GJEPC
Eight factories have enthusiastically participated in this conceptually groundbreaking BSM. During this event, buyers will have the opportunity to visit LGD growing units and witness the entire process, from growth to cutting and polishing, thereby gaining firsthand insight and confidence in the sustainable models and best practices followed by Indian manufacturers.
This unique concept was spearheaded by Shri Vijay Mangukiya, the Regional Chairman of GJEPC, who recognized the importance of showcasing the industry's operations to potential buyers.
Notably, This is the second BSM by GJEPC in gap of less than 6 months; GJEPC organized a significant BSM in April 2023, which received an overwhelming response from buyers, resulting in orders worth 4-5 million USD. The success of this event has generated high expectations for the upcoming BSM, with the industry hopeful for an increase in orders and a revival of gem and jewellery exports.
GJEPC remains committed to fostering growth and ensuring the sustainability of India's gem and jewellery sector, even in challenging times. By introducing innovative initiatives like the Factory Visit BSM, they aim to rebuild confidence and stimulate demand, ultimately contributing to the resurgence of this vital industry.
