Surat: GJEPC launches “Factory Visit LGD BSM” to promote gems and jewelery exports from India. Loktej Business, Regional News

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Gems and Jewelery Export Promotion Council (GJEPC) is taking proactive steps to address the ongoing decline in exports of gems and jewelery products from India. This slowdown has continued into 2021 due to reduced demand for loose polished diamonds and jewelery in key markets such as the United States and China. There has been a huge decline of 25 percent in exports from January to August in the country, the situation has been similar in September also.

In response to these challenges, GJEPC is working tirelessly to rejuvenate the industry and promote exports. As part of its sustained efforts, GJEPC has identified high-profile buyers from the United States who are interested in purchasing even in this challenging scenario. GJEPC has invited these esteemed buyers to Surat for a unique “Factory Visit BSM” dedicated to the Lab Grown Diamond (LGD) industry.

A total of 12 companies from the United States will participate as buyers in this innovative program. GJEPC, in its commitment to support the industry, will bear the expenses of the buyers’ travel (USA to India), accommodation and other related costs. Only a nominal token amount will be charged from local participants to encourage their participation, as GJEPC wishes to avoid imposing any additional financial burden on such slow participating factories.

“The Western world often harbors misconceptions about the working conditions and practices adopted by Indian manufacturers. To break down these barriers, I came up with the idea of ​​extending a direct invitation to our US-based counterparts to visit our factories in Surat. By immersing themselves in our state-of-the-art LGD industry facilities, they can testify to the sustainability and technological advancements we have maintained. Through this first-hand experience, we aim to bridge the gap of trust and build stronger global partnerships. To promote.”- Vijay Mangukiya, Regional President, Gujarat – GJEPC

“The cornerstone of the Lab Grown Diamond (LGD) industry is sustainability and the pursuit of best practices. When US-based buyers witness the remarkable LGD growth process in Surat, they will not only get an experience of a lifetime, but will also get to see innovative Indian Capabilities of manufacturers and producers. This experience will help in building a positive and sustainable global image of the LGD industry.”- Smit Patel, Convener, LGD Committee – GJEPC

Eight factories have enthusiastically participated in this conceptually unprecedented BSM. During the event, buyers will have the opportunity to visit LGD’s growing units and witness the entire process from development to cutting and polishing, thereby gaining first-hand insight and confidence in the sustainable models and best practices adopted by Indian manufacturers. . This unique concept was spearheaded by Vijay Mangukiya, Regional President, GJEPC, who recognized the importance of showcasing the industry’s operations to potential buyers.

Notably, this is the second BSM by GJEPC in a span of less than 6 months. GJEPC conducted a significant BSM in April 2023, which received an overwhelming response from buyers, resulting in orders worth USD 4-5 million. The success of the event has created high expectations for the upcoming BSM, with the industry expecting an increase in orders and revival of gems and jewelery exports.

GJEPC is committed to promoting growth and ensuring sustainability of India’s gems and jewelery sector even in challenging times. By introducing innovative initiatives like Factory Visit BSM, they aim to rebuild confidence and stimulate demand, ultimately contributing to the revival of this important industry.

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