The Gem and Jewellery Export Promotion Council (GJEPC) organised its 17th India Global Connect e-meeting on November 29, 2022. This was the first-ever India Global Connect with Mexico. The objective was to explore trade opportunities between Indian manufacturers and Mexican jewellery retailers. The talks touched upon the importance of Mexico as a supplier of gold and silver to India and the potential to increase Indian gold jewellery exports to the Latin American nation.
The virtual event was graced by dignitaries HE Dr. Pankaj Sharma, Ambassador of India to Mexico, and R. Arulanandan, Director, Department of Commerce. Representing the Indian industry were Deepak Sheth, Partner, S K Seth Jewellers; Ashish Sand, Partner, Savio Jewellery; Anish Birawat, Director, Chain & Chain Pvt. Ltd; K. Srinivasan of Emerald Jewel Industry India Pvt. Ltd, and Manish Patwa, Partner, of Green Diamond Technologies LLP.
Offering the Mexican perspective were Alvaro Covarrubias, President, Chamber of Jewellery of Jalisco, and Andrea Reyes, Advisor, National Association of Importers And Exporters of The Mexican Republic. The event was moderated by Dolly Choudhary, Director, Promotions & Marketing, GJEPC.
HE Dr. Pankaj Sharma said, “The India-Mexico bilateral trade reached $8.7 billion, of which gems and jewellery is one of the most traded commodities. Mexico’s top exports to India are precious metals like gold and silver. And Mexico’s consumers have high demand for Indian gems and jewellery, but there is room for growth.”
Mr. R. Arulanandan said, “India and Mexico already enjoy a great bilateral trade relationship and I am happy to know that efforts like the Global Connect are being taken to further improve these business synergies by understanding the strengths of both countries and leveraging the same for mutual benefit. We have a healthy investment of USD 300 million in Mexico, and Mexico has a USD 600 million investment in India.”
Vipul Shah, Chairman, GJEPC said, “India is a major consumer of gold, and Mexico being one of the ten largest producers of gold (100 metric tonnes of gold in 2021), a more trade-rationalised duty structure can be mutually beneficial for both countries. The challenge for the Indian gem and jewellery exporters vis-a-vis Mexico is the high duty structure of 15% in comparison with a more competitive duty of 6% in the USA. With immense potential for Jewellery, Diamonds and Silver Mexico is a prospective market for Gems & Jewellery for India.”
Key Highlights of the Meeting