First Ever Silver VBSM by GJEPC Inaugurated

Mumbai: GJEPC’s three-day Virtual Buyer-Seller Meet (VBSM) for Silver and Fashion & Costume Jewellery was inaugurated yesterday, with a strong participation from 34 international buyers connecting virtually to the Silver manufacturers in India from the USA, Spain, Italy, Mexico, Canada, Ireland, Russia-CIS and Latin America.

Speaking at the Silver VBSM launch, Mr. Suresh Kumar, Joint Secretary, Ministry of Commerce & Industry, Govt. of India said, “The virtual buyer-seller platforms are a new territory to explore ways to conduct business in the months ahead. Silver jewellery is a sector where, in spite of the pandemic, the recovery has been fast. Indian silver (plain and studded silver jewellery) exports from April to September 2020 stood at $864 million, which is almost 50% of last year. Silver is comparatively cheaper so consumers are inclined to buy more, and it is the best performing commodity. However, the costume and fashion jewellery segment requires more attention as currently India’s share is just 2-3% of the $7 billion world market. I am sure GJEPC will take initiatives to further the growth of this potential segment.”

Mr. Colin Shah, Chairman, GJEPC said, “VBSMs by the GJEPC are a great success. The format has been much appreciated by the exhibitors and buyers alike. In fact, exhibitors have acknowledged gaining access to new markets with the VBSMs. India’s silver jewellery (plain and studded silver jewellery) exports have been growing at over 50%  year-on-year, from $837.81 million in FY2018-19 to $1.687 billion in FY2019-20.”

“The democratic metal is gaining ground for its precious yet affordable attribute. India’s edge in silver handcrafted jewellery, both plain and studded, along with design expertise and cost-effective labour, provides impetus to the sectoral exports. With continued Government support and a strong manufacturing capability, India is fast emerging as a world leader in silver jewellery exports.”

On this occasion Mr. Colin Shah also announced the launch of  International Gem & Jewellery Show (IGJS) in virtual format. The exclusive export-oriented show only for international buyers will be held from 18th to 22nd January 2021.

Mr. Ram Babu Gupta, Convener, Silver Panel, GJEPC, noted, “Silver (plain and studded silver jewellery) exports are expected to grow in the coming years as we are witnessing a huge demand for Indian silver jewellery from across the world. We have strong design database supported by quality manufacturing. Studded with diamonds and precious stones is our core strength. We require Government support to undertake generic promotion of silver jewellery in key markets across the world and empower MSMEs to start exports. This will help boost exports manifold.”

Mr. Dilip Shah, Convener, International Exhibitions, said, “Virtual platforms organised by GJPEC have been very successful. We have received tremendous support from international buyers from across the world for all our virtual platforms. I am sure the virtual meetings have helped both parties to transact business and ease the effect of the pandemic. We are planning to come up with more such virtual events to connect buyers and sellers in the coming months.”

The 10 exhibitors participating in the Silver and Fashion Jewellery VBSM are Casa De Plata, Jaipur, Nidhi Gold, Mumbai, Karma Enterprises, Ahmedabad, Anirudh Jewels, Jaipur, RGN Global Enterprises, Jaipur, Pinkcity Jewelhouse Pvt. Ltd., Jaipur, Silver Mountain, Jaipur, Shriarihant Mangal Expo Impo Pvt. Ltd., Jaipur, M/s Bhagwati Jewellers BB Zaveri, Delhi, and DWS Jewellery Pvt. Ltd., Jaipur.