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Weak Rupee Raises Hopes for Indian Exports

Gem and jewelry shipments to reach $70 billion in coming years, says trade group.
Aug 13, 2018 3:11 AM   By David Brough
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RAPAPORT... A weaker rupee against the US dollar has helped boost exports to leading markets such as the US and China, attendees at the India International Jewellery Show (IIJS) reported.

“The jewelry and diamond and colored-gemstone business is flourishing,” Gaetano Cavalieri, president of the World Jewellery Confederation (CIBJO), said in an address at the inauguration of the IIJS Premiere, which opened August 9.

A tightening of bank lending to the diamond sector in India following bank-fraud allegations will probably not have a big impact on large, well-run exporters, jewelers told Rapaport News. However, the stricter credit conditions will affect smaller companies with weaker balance sheets, they added.

In the coming years, global exports of Indian gems and jewelry are predicted to reach $70 billion, compared to a projected $41 billion in 2018, Pramod Agrawal, chairman of the state-backed Gem & Jewellery Export Promotion Council (GJEPC), told a news conference at the inauguration.

Silver jewelry, combined with the latest technologies in plating, has performed outstandingly among Indian gem and jewelry exports in 2018, he continued.

Responding to recent guidelines from the US Federal Trade Commission (FTC) that expanded its definition of “diamond” to include lab-grown stones, GJEPC vice chairman Colin Shah said the changes were unlikely to lead to a surge in unscrupulous marketing. Some industry members already mislead consumers as to diamonds’ origins, he noted.

Jean-Marc Lieberherr, CEO of the Diamond Producers Association, disagrees with the FTC guidelines, he said at the show.

“It will give marketers the opportunity to test the limits,” he said.

India’s largest trade show, which takes place in Mumbai and runs through August 13, expected more than 35,000 visitors, mainly from Asia. The event added a new section, Hall A7, featuring 800 booths, organizers said.

With security extremely tight, some exhibitors complained about long lines to enter and exit the halls, which were crammed with visitors.

Jewelers stocking on-trend designs were busy receiving orders from wholesalers and retailers. Pastel colors were popular in Indian-jewelry designs, while rose cuts were sought after in the diamond category. Layer necklaces and multi-finger rings featuring colored gemstones and diamonds were also in demand.
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Tags: CIBJO, Colin Shah, David Brough, Diamond Producers Association, Dollar, Dpa, Exporters, exports, federal trade commission, ftc, FTC guidelines, Gaetano Cavalieri, Gem & Jewellery Export Promotion Council, IIJS, IIJS Premiere, India, India International Jewellery Show, Jean-Marc Lieberherr, jewelers, mumbai, Rapaport News, Rupee, silver, Trade Shows, World Jewellery Confederation
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