First Indo-U.S. Jewelry Business Development Conference Concludes

The first Indo-U.S. Business Development Conference, organized by the Gem & Jewellery Export Promotion Council (GJEPC), concluded Wednesday October 3 in Mumbai.

The conference, which began on Monday, October 1 with a set of lively presentations, was a combination of private, one-on-one sessions between retailers and sponsor companies, lectures and factory visits on the final day. Nine U.S. retailers attended.

On day one, Sanjay Kothari, GJEPC chairman, outlined the objective of the meet: building relationships between Indian vendors and U.S. retailers. He also highlighted some of the positive changes that had taken place within the Indian jewelry manufacturing industry. Dr. Nick Senapati, managing director of Rio Tinto India, the event’s lead sponsor, outlined the activities of Rio Tinto with specific reference to corporate responsibility for sustainable development.

The analysis of IDEX Online’s Ken Gassman showed that, despite current challenges, the U.S. market remained the largest consuming market and would continue to grow by 5 to 6 percent in the immediate future.

Gassman also showed that higher-value jewelry had the largest market share. Specialty jewelers, he noted, were the preferred source for jewelry, commanding the largest share of jewelry sales.

GJEPC’s Promotion, Marketing & Business Development Committee convener, Hemant Shah, took a free-wheeling look at the changes in the Indian gems and jewelry sector and the Indo-U.S. relationship, with the interjection “Shift Happens.” Examining the challenges faced by U.S. retailers and Indian jewelry manufacturer-exporters, Shah advocated an action plan for building alliances and strengthening relationships between the two. 

The highlight of day two was a speech by Minister of State for Commerce, Ministry of Commerce & Industry, Government of India, Jairam Ramesh. The minister charmed the audience with his command of the situation within the industry and candid description of the difficulties faced by foreign businessmen in understanding the cultural context within which they operate and the problems they face.