The Gem & Jewelry Export Promotion Council (GJEPC) organised its seventeenth India World Join e-meeting on twenty ninth November 2022. This was first-ever India World Join with Mexico. The target was to discover commerce alternatives between Indian producers and Mexican jewelry retailers. The talks touched upon the significance of Mexico as a provider of gold and silver to India and the potential to extend Indian gold jewelry exports to the Latin American nation.
The digital occasion was graced by dignitaries HE Dr. Pankaj Sharma, Ambassador of India to Mexico, and Mr. R. Arulanandan, Director, Division of Commerce.
Representing the Indian trade had been Mr. Deepak Sheth, Associate, S Ok Seth Jewellers; Mr. Ashish Sand, Associate, Savio Jewelry; Mr. Anish Birawat, Director, Chain & Chain Pvt. Ltd; Mr. Ok. Srinivasan of Emerald Jewel Trade India Pvt. Ltd, and Mr. Manish Patwa, Associate, of Inexperienced Diamond Applied sciences LLP.
Providing the Mexican perspective had been Mr. Alvaro Covarrubias, President, Chamber of Jewelry of Jalisco, and Ms. Andrea Reyes, Advisor, Nationwide Affiliation of Importers And Exporters of The Mexican Republic. The occasion was moderated by Ms. Dolly Choudhary, Director, Promotions & Advertising, GJEPC.
HE Dr. Pankaj Sharma mentioned, “The India-Mexico bilateral commerce reached $8.7 billion, of which gems and jewelry is among the most traded commodities. Mexico’s prime exports to India are treasured metals like gold and silver. And Mexico’s shoppers have excessive demand for Indian gems and jewelry, however there may be room for development.”
Mr. R. Arulanandan mentioned, “India and Mexico already get pleasure from an incredible bilateral commerce relationship and I’m pleased to know that efforts just like the World Join are being taken to additional enhance these enterprise synergies by understanding the strengths of each international locations and leveraging the identical for mutual profit. We now have a wholesome funding of USD 300 million in Mexico, and Mexico has a USD 600 million funding in India.”
Mr. Vipul Shah, Chairman, GJEPC mentioned, “India is a serious shopper of gold, and Mexico being one of many ten largest producers of gold (100 metric tonnes of gold in 2021), a extra trade-rationalised obligation construction might be mutually useful for each international locations. The problem for the Indian gem and jewelry exporters vis-a-vis Mexico is the excessive obligation construction of 15% compared with a extra aggressive obligation of 6% within the USA. With immense potential for Jewelry, Diamonds and Silver Mexico is a potential marketplace for Gems & Jewelry for India.”
Key take aways from the assembly:
- India has to speak that we’re the most important provider of gems, diamonds and jewelry. It has superior technologically to supply excessive finish jewelry in numerous treasured metals. India must get right into a dialogue and commerce exhibits are an incredible alternative to discover what India has to supply.
- Filgree and embossing work is seen in Mexico with stones like amethyst and opal. India ought to collaborate with Mexican patrons and provide merchandise that they like.
- India is powerful in manufacturing jewelry and at par with Italy and Turkey. Delegates from Mexico ought to go to Indian corporations and witness first-hand our progress to grasp how we will improve exports.
- 14-karat gold jewelry is the predominant alternative for Mexican shoppers.
- India’s exports to the USMCA area (previously NAFTA) is nearly $15 billion and throughout the area, exports to Mexico are valued at $6.25 million accounting for a mere 0.04% share in India’s whole exports to the area.
- The one hindrance to development is the 15% obligation levied on jewelry exported to Mexico, whereas it’s only 6% to the US.
