Solitaire International - June 2019

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The Gem & Jewellery Export Promotion Council (GJEPC) congratulated Prime Minister Narendra Modi for his thumping win in the Lok Sabha elections and pledged to support his dynamic vision of creating a New India. As one of the biggest contributors to India’s GDP and merchandise exports, the gem and jewellery industry will naturally pay a huge role in supporting the government’s vision of India becoming a $5 trillion economy.

In his reciprocatory message to the GJEPC, the Prime Minister stated: “We will continue to make development a mass movement and provide progressive, development-oriented and corruption-free governance to build a strong, prosperous and inclusive India.” Read the PM’s full letter in the GJEPC News section (page 35).

The previous financial year 2018-19 witnessed its share of economic challenges, tightening liquidity, IGST on re-import consignments, and higher import duties on cut & polished diamonds and precious stones. Despite this difficult scenario, India registered only a 3% fall in gross exports of gems and jewellery, in dollar terms, at $39.68 billion.

The relatively subdued JCK Las Vegas, Couture and Luxury shows may have dashed the hopes of exporters who were expecting a much better response from the world’s biggest jewellery consuming market. Our US-based correspondent Cynthia Unninayar reports that perhaps the lower attendance and sales levels indicate the new reality of trade shows, which may need to up their game to stay relevant. Read her first-hand account in the Cover Story.