The Gem and Jewellery Export Promotion Council (GJEPC), in collaboration with the Moscow Diamond Bourse (MDB), had organized the second edition of Indo – Russia Jewellery Summit at Hyatt Regency, Mumbai, from 29-30 October, 2012. This Summit concluded today followed by factory visits over the next two days. The Summit had served as a unique format for business between key players of the jewellery industry from the two participating countries.
Speaking on the occasion, Mr. Sanjay Kothari, convener, GJEPC, said: “The Summit is intended to create a powerful platform for cooperation between Indian jewellery manufacturers and their Russian counterparts. This Summit was second of its kind and this format has been adopted by us since the last few years to facilitate the participants to develop keen business relationships with each other. It is a successful event with 15 Indian key leading players comprising of wholesalers and retailers from Russia who collectively have over 5000 outlets across Russia and CIS countries. I think the participants have got around 5-6 buyers which is a very good sign in itself”. The Summit has been able to present tremendous opportunity for many of the visitors who came looking to India as a sourcing hub for the first time.
India's gem & jewellery industry has been witnessing a growth of 10-15% year on year. The industry registered a considerable growth in the volume of exports from US$ 25.4 billion in the 2009 to US$ 46.36 billion in 2011 thus indicating a net increase of an enormous 82.5 %. Exports to Russia for 2011 increased from US$3.13 million in 2009 to US$ 8.2 million in 2011 indicating a net increase of 162 % while Imports from Russia stood at US$639.48 million, up 408.65% from US$ 125.72 million in 2009. This increase can largely be attributed to market recovery post the 2008-2009 worldwide recession, besides various combative measures undertaken by the Indian Government as well as the Council to boost foreign trade.
The 15 members of the Indian contingent was represented by Gitanjali Gems Limited, Goldiam International Limited, Asian Star Jewels, K. P. Sanghvi International, Goldstar Jewellery, Core Jewellery, H.K. Designs, Kiran Jewels India, Kiran Jewelry, KBS Designs, Shrenuj, Uni-Design Jewellery , Patdiam Jewellery, Inter Gold Jewellery, Indigo Jewellery.
According to Ms. Irina Litvinova, Moscow Diamond Bourse, “I feel that the format of the Summit is very unique and very different from the trade exhibitions we are so much used to visiting. Unlike the exhibitions, this Summit is not at all hectic and we were able to do business in a quiet environment. We were able to speak to all the right people and I must say that this Summit has been as successful as the last one”.
According to Mr. Raj Parekh, Uni-Design Jewellery, “This Summit has been a well-organized event and so very relevant to the business. We were able to develop good contacts with Russian buyers which I am sure can be turned into long term business relationships. We were there last year as well but I feel compared to last year, this year we were able to achieve much more”.
Mr. Mikhail Potapenko from Art Jeweller said that he was quite impressed by the eight-level quality control which is being done in India. “The price levels are also quite acceptable to us compared to other markets in the world as Russia has its own peculiarities when it comes to jewellery. But the main job is to have a close relationship with manufacturers and designers to understand the pulse of the Indian market”.
The Russians have been on the lookout of light-weight European style mass market gold, white gold and rose gold jewellery in the daily wear as well as mid-level category. Though palladium is not all that popular in Russia currently, Art Jeweller has been trying to promote this metal in the Russian market in a big way.