The Gem and Jewellery Export Promotion Council of India (GJEPC), the apex trade organization dedicated to promoting Indian gem and jewellery exports worldwide, organised the Gem and Jewellery Buyer Seller Meet (BSM) at ITC Grand Maratha, Andheri, Mumbai, on September 29th and 30th, 2023. This event is specifically designed to cater to international buyers from the U.S., the U.A.E., Egypt, Germany, Lebanon, Panama and Saudi Arabia, constituting a total of 30 buyers.
The Indian gem and jewellery manufacturers showcased an extensive array of offerings, which encompassed of Finished diamond jewellery and loose diamonds among other products.
The BSM hosted a diverse group, including top marquis, large chain retailers, wholesalers, importers, top designers, distributors, and retail jewelers from around the world. This event showcased a comprehensive view of the Indian jewellery industry, covering both the production and supply side, as well as consumer retail business.
Vipul Shah, Chairman of GJEPC, expressing his gratitude to global buyers visiting the BSM, said, "Your presence at this event signifies your confidence in the resilience of our industry. It reinforces our steadfast belief in the prospect of brighter days that lie ahead. The gem and jewellery industry has encountered its fair share of difficulties in recent times, primarily due to decreased demand caused by global economic downturns and geopolitical instability. Nevertheless, we are dedicated to enhancing exports by exploring new markets and hosting such events allow us to engage with buyers, gaining insights into their current preferences and trends in gems and jewellery in their markets.
Milan Chokshi, Convener, Promotions & Marketing, GJEPC, said, “The U.S., Europe and Middle East are the three key markets for India’s gem & jewellery exporters. The Buyer-Seller Meet in Mumbai is significant as India is at the centre of the global gem & jewellery business with respect to manufacturing, value addition and trading of rough diamonds and jewellery. Indian trade are omnipresent in all aspects of the global gem & jewellery value chain.” He added, “Furthermore, the BSM provides a unique platform to exhibit top-quality products, including diamond-studded jewellery and loose diamonds manufactured in India. It reinforces India's position as the leading source for trendy, fashion-forward, and margin-friendly jewellery.”
The BSM followed a structured Buyer Seller Meet format, featuring pre-scheduled one-on-one meetings lasting approximately 30 to 40 minutes between buyers and sellers during the first two days. On the third day, attendees will have the opportunity to visit manufacturing facilities.
The United States holds immense significance for the Indian gem and jewellery industry, representing 33% of India's total gem and jewellery exports. Notably, cut and polished diamonds account for a substantial portion of these exports, valued at $7,984.61 million, along with studded gold jewellery, totalling $2,406.52 million. These figures highlight India's pivotal role in the global gem and jewellery supply chain and the deep-rooted ties between the two nations. There were 17 buyers from USA attending the BSM.
Shahla Karimi, award winning designer based in New York, said, "The American market is very different and pioneers new trends. Engagement rings are a big trend. Right now American women are proposing to men with diamonds. Customers prefer 4 to 5 carat lab rocks and want intricately designed piece that no one else has. There is a huge demand for unique one-of-their-kind heavy diamonds with thin bands.”
Dallas Prince, an award-winning international designer from the U.S. who has also been a former model and TV show host in Germany and Austraia, said, "Being in India is amazing and I look forward to working with Indian jewellery brands. The jewellery business is fascinating as there is nothing like this business anywhere here in the world. Having seen the business evolve from all dimensions, I feel this is the right time to take India to the world."
Peter Storm, eminent American designer, said, "The fascination for bigger chunkier diamonds is still there but American customers prefer skinny bands. Indian exporters and designers need to study customers based on their social digital profiles and preferences. Then they will find it easier to curate the coveted pieces for global markets."
Mia Katrin, award winning designer of the JewellersMarketer.com said that it was a great show.
Michael Schreier said, "This is my 46th year in jewellery sourcing business. I have an Amazon storefront in Massachusetts and seeing Indian designs on CAD-CAM was most exciting. It is wonderful to witness the changes in India and meet designers here."
Ali Pastorini, President-International, MUBRI, said, “The Buyer-Seller meet idea is very powerful as it make us (international buyers) get closer to Indian suppliers. It helps curate long term relationship to prepare and tap the emerging mega opportunities.”
Tony Goldsberry of Rock House said, “I was at the Hong Kong Jewellery Fair but I prefer Mumbai BSM's intimate environment where one can get a one on one private sitting with Indian jewellers and designers. Buyers can challenge the retailers by asking the right questions and learning from the meetings about their design philosophy. American market is hugely different from the Middle East or Far East but there is lot of opportunity therein. Indian designers and retailers need to learn to curate special unique designs for American customers.”
GJEPC has further lined up events aimed at providing Indian gem and jewellery manufacturers with global exposure in the near future. This agenda encompasses organizing the IGJS Dubai, Silver Jewellery BSM in Spain, IGJS in Jaipur, India Week In New York. Apart from this, India Pavilion will be part of all the major gem and jewellery international shows.