Jaipur: The sluggish demand for gold and diamond jewellery in overseas markets is pushing exporters to divert more resources and time to the domestic market which is growing at a robust pace.
While the industry is battling challenges emanating from global geopolitical concerns and economic downturns, deputy chief minister Diya Kumari’s idea which she spelt out during her address at the inauguration may provide a counterbalance in the long-term during such downcycles.
Inaugurating the four-day Jaipur Jewellery Show (JJS), she said, “The time has come to take the show to the next level, and it should mark its presence internationally by planning shows in other countries, just like the Jaipur Literature Festival.”
Though JJS targets the domestic industry, the organisers, most of whom are exporters, have a desire to attract global buyers, whose footfalls are increasing with each passing edition of the event.
But currently, the jewellers are putting money where the mouth is, by diverting ore resources and time to the domestic market.
Honorary secretary of JJS Rajiv Jain acknowledged that the jewellers cannot ignore the domestic market even though exports fetch more margins. “Many jewellery exporters are already working for the domestic clients. As exports remain subdued, their focus on India is increasing. But, at the end of the day, we would like to see improvements in the overseas markets,” added Jain.
According to chairman of Gem & Jewellery Export Promotion Council (GJEPC) Vipul Shah, the industry is experiencing a gradual but significant recovery in demand and exports particularly in markets like the US, Middle East and Hong Kong.
Besides, he said, the UAE is playing a significant role in boosting jewellery exports. “In November 2023, gem and jewellery exports to UAE surged by 82%, reaching to $787 million.”
While moderating the opening ceremony of JJS, spokesperson Ajay Kala said it is a complete show with all precious metals and all colour tones. “There is jewelery ranging from Rs 500 to Rs 1 crore. There are around 300 coloured gemstones on display,” Kala added.
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