Colin Shah, Chairman GJEPC said, “Without going into the nuances of the move, I feel that this will possibly create opportunities for India in the Gems & Jewellery trade. For the US, HK & China are the 4th largest importing destinations of gems & jewellery after India, France and Italy. Hong Kong & China exported gem and jewellery worth $980.85 million and $2622.19 million respectively to US in the year 2019. Ending of Preferential treaty as per the new order with HK would open new business avenues for India. The manufacturing business has the potent to witness a shift to India from China. However HK & China is also an important destination for India’s Gem & Jewellery Exports with nearly 27% of exports directed to that market which contains diamonds and gemstones which are used as raw materials for studded jewellery exports to US. Many Indian Diamond and Jewellery companies have their offices in HK and the move is likely to impact their businesses too.”
“India possesses natural benefit of ready availability of raw material, manpower and skillsets, a sector with 5 million workforce and a ready infrastructure to cater to the global demand. Indian gem & jewellery sector has an opportunity ahead to take a quantum leap to become the global leader and a trading hub in the gems and jewellery.”, Chairman Colin Shah added.
According to GJEPC, India has exported gem and jewellery worth $10.48 billion in 2018-19 and $9.17Bn in 2019-20 to the USA, which is 26% percent of overall gems and jewellery exports from India. Thus US shares a larger pie for the gems and jewellery consumption from India.