Glittering Stones News

MUMBAI: The domestic gems and jewellery industry is all ready to capture coming markets around the world. It might look at the Commonwealth of Independent States (CIS) for forthcoming growth and may generate a business worth $60 million.

"The total market size across the CIS countries along with Russia is predictable to be $6 billion and we plan to detain 10% of this market in the coming 2-3 years," Sanjay Kothari, who freshly led a delegation of eight members to seven CIS countries, said. Sanjay Kothari is actually a business development convener of the Gem and Jewellery Export Promotion Council (GJEPC) that represents more than 7,000 jewelers across the country.

Also, all the CIS countries allow duty drawback when the imported product is processed through the country. That would make Indian products more competitive and would also benefit the country that receives the semi-finished goods.