The Gem & Jewellery Export Promotion Council (GJEPC) helped to open the 19th annual JCK Show in Las Vegas June 4 as a  major sponsor and partner. GJEPC chairman Vasant Mehta recognised the importance of the US market to the Indian industry and the JCK venue in particular, for exposing Indian manufacturers to US retailers during the past two decades.
 
Mehta told the crowd waiting to enter the fair that the US market is showing signs of recovery and expectations are high for business moving forward, saying, “2009 witnessed a substantial increase in the jewellery exports to the market. From the existing 20 per cent  in the previous year, India today accounts for 26 per cent of gems and jewellery imports by USA. This rise reflects the US retailers’ and consumers’ growing interest in Indianmanufactured jewellery.”

For India, the future looks bright as it stands on the threshold of great expansion. In addition to improving sales in a recovering US  market and also servicing its own vibrant market, India is creating inroads in untapped markets including China, the Middle East and  Russia, particularly for diamonds and diamond jewellery. India came out ahead of the global recession because it acted boldly early on. “As the industry leader, the GJEPC gave a call for a time-bound suspension of imports of rough diamonds to streamline the  situation,” said Mehta, who commended the industry for its unanimous and overwhelming response to this call. “It cleared the  overhang in the pipeline and avoided inventory build-up at a time when everyone could ill afford it. While workforces had to be  reduced temporarily – not an easy thing to do – it helped us to manage the liquidity crunch.”