Indian gems and jewelry exporters are shifting their focus to China as the country’s fixed export markets such as the US and Europe got adversely impacted by the huge global slowdown, said Executive Director at the Gems and jewellery Export Promotion Council (GJEPC), Sabyasachi Ray, in New Delhi on Monday.
He said, “The total marketplace is shifting at present. We can see that the US market can go down from 42 percent to 34 percent in upcoming, and Europe from 11 percent it will come down to 7 percent. This is how the shift is occurrence.”
“The marketplace is shifting to China. For India, it does not matter whether it is Europe or China. So, we have been marketing in China in a big manner. So, China can replacement whatever we are having in the European or US markets.
He also feels that the European market because of the global financial crisis will choose for cheaper products, which can likely be an opportunity for India as it is shifting market base to other markets (especially in China).
In fact, India’s share of exports is also rising globally as compared to other destinations such as Italy, Turkey, Germany, etc..
However, the markets such as China, Russia and Middle-East are some countries where India is demanding to expand in terms of its exports at present, he said.
On the export front he also mentioned, “Sell overseas growth is very positive. We are witnessing growth in the jewelry section of around 12 percent. In fact, diamond exports have grown up by 30 percent.”
“We expect of approximately 20 percent growth by the end of this fiscal”.
During the period from April-October this financial, total exports of gems and jewelry rose 41.64 percent in dollar terms at $21.39 billion as compared to $15.10 billion in the corresponding period of the previous year.