GJEPC organises India-Malaysia Global Trade Business Networking Meet

The Gem and Jewellery Export Promotion Council  organised an interactive webinar on India-Malaysia Global Connect- Business Networking Meet discussing the trade, challenges and opportunity in the gem and jewellery sector. The seminar was attended by 68 dignitaries from all over the world and aimed to enhance the direct trade between India and Malaysia.

This informative webinar was moderated by Sabyasachi Ray, Executive Director, GJEPC and witnessed the esteemed presence of important dignitaries. The session was addressed by H.E. Shri. B.N. Reddy, High Commissioner of India to Malaysia along with Shri. Arulanandan, Director, MOCI, on the “India Global Connect initiative”, Twin Chow, Goldsmith, Dickson Jewellery, (confirm designation),  Datuk Haji Abdul Rasull bin Abdul Razak, Director, Abdul Razak Jewellers, Datuk Mohamed Sirajudeen B Mohamed Salahudeen, Director, S.M.S Deen Jewellers, Sasitaran Sundram, Dubai Jewellers, C. Shushma, (need designation), B.N. Reddy (need designation), N.S. Bala (need designation), Kamal Kumar Kamdar (need designation), Anish Birawat, Head Director at Chain N Chains, (confirm designation) along with Milan Chokshi, Convenor, and Mansukh Kothari from GJEPC.

The conference highlighted that India’s position in global gem and jewellery exports ranks amongst the top 5 in the world exporters. We are the export leaders in the cut and polished diamonds and silver jewellery with 29.7% and 22% share respectively followed by synthetic stones at 21.7% share and gold and colored gem stones at 8.6% and 4.6% respectively.

Shri. Arulanandan, Director, MOCI, said, “I would like to thank GJEPC for organising this webinar in order to strength the bilateral ties between India-Malaysia. We are pleasantly surprised for this forum as we have met twice in 4 months and would like to thank the high commissioner for the immense support and guidance. The export trade from India touched 5-7USD Bn and imports to 10-12bn which constitutes a healthy bilateral trade of 19 USD bn and the aim is to take it forward to 150mn USD in the next year. The bilateral trade constitutes of 87% of gold jewellery alone, followed by silver and polished diamonds. Currently the trade is routed through Hong Kong and this needs to be re routed through India keeping in mind the historical friendly relations and bilateral agreements within both countries. In terms of LGDs, we feel that India’s strength in natural diamond sector and that acts as an added advantage along with our highly skilled manpower and our entrepreneurship zeal in setting up legacy businesses in the nation. We are looking at how govt. can facilitate this natural connect and help unleash more potential than what this vertical already possess.  

B.N. Reddy, High Commissioner India-Malaysia said, “The webinar has helped us take stock of the current scenario and explore avenues for further growth. The pandemic hasn’t lowered our spirits and the India-Malaysia trade has recorded a growth of 19.4 bn USD that is 34% more than the previous year. The country has shown a healthy recovery as the economy has grown by 3.1% since last year and largely by domestic consumption. The volume of trade has progressed well and these numbers are very encouraging. The G&J component of the trade has done well with 118bn USD of value last year that is 8% increase than previous years. We are superceding our expectations in the gold jewellery and we feel that the potential in the diamond trade is yet to be explored. We have aimed to achieve a collective target of exports worth 150mn USD  for this year and I am confident that we would be able to inch towards this target sooner than expected. We must also explore how to purchase diamonds from India directly which are sourced from Hong Kong imported from India.”

Sabyasachi Ray, Executive Director, GJEPC said, “This year marks the 65th year of India-Malaysia relations of this relation with 30 years of association with ASEAN nations. I take this opportunity to compliment the relentless efforts of all the Malaysian high commissioner in setting a more forward-looking approach for both the countries in terms of trade and ties. I am sure we can make this happen on our bilateral trade which helps put the G&J sector on a global map. It’s a commitment to make this 50mn by 2023 and I am hopeful that with the constant support of all of you we would be able to achieve this.”

The webinar concluded by making a roadmap to create a win win for both the markets India and Malaysia in terms of increasing exports of G&J products. The closing remarks had set a good vision for to increase engagement between the two countries by conducting more meetings, interactions and inviting delegations to understand market needs of the countries and understand the mutual areas of cooperation for achieving the above stated objectives.