India to boost gem trade
Capitalising on India’s sparkling reputation in the coloured gemstone world, the Gem & Jewellery Export Promotion Council (GJEPC) is driving greater opportunities for Indian exporters through several virtual buyer-seller meets.
Vijay Kedia, convener, Coloured Gemstones and Pearls at GJEPC, commented, “India has always been a top player in gemstone cutting and polishing. Our expertise in emerald, tanzanite and morganite is well known, but we are also leaders in coloured gemstone jewellery design and production – be it in the couture, daily wear or bridal segment.”
India is the world’s 5th largest coloured gem exporter, with shipments amounting to US$320.82 million from April 2019 to March 2020. Among its major export destinations are the US, Hong Kong and Thailand. India produces market- and design-specific collections that cater to the diverse preferences of its clients.
Indian brands are famous for creating trendy coloured gem collections. In fact, Jaipur, also known as the Pink City, is a major hub for cutting and polishing emerald, tanzanite and morganite, among other gems.
Citing industry insights, GJEPC said US customers are partial to the arts and sculptures, so they generally prefer innovative designs and unusual gems, which bodes well for extremely creative Indian designers. Gems in pastel pinks, greens and blues are also highly desired in the US. Black diamond jewellery with emerald and ruby accents likewise fare well, with price points ranging between US$1,500 and US$5,000.
In comparison, jewellery pieces adorned with aquamarine, tanzanite or morganite fall within the US$5,000 to US$15,000 price range. In the Middle East, high-net-worth buyers seek diamond-centric jewellery pieces in contemporary styles while Japanese clients mainly go for floral jewellery designs.
To best cater to buyers’ ever-progressing needs, Indian exporters regularly do market research on emerging gems, new cuts and setting techniques. For instance, unconventional stones like vegetable ivory and meteorite are now processed into unique cuts by Indian lapidaries. Spinel and mandarin garnet meanwhile are fast becoming market favourites while designer jewellery featuring Russian and Zambian emeralds, Burmese and Mozambique rubies, and African tourmalines are gaining steam in global markets, revealed GJEPC.