Mumbai: The Gem and Jewellery Export Promotion Council (GJEPC) of India expects an improvement in the country's gems and jewellery exports during the second half of the current financial year. This anticipated growth is due to the recovering demand in key export destinations such as the US and Europe, particularly during festive periods. The council is also exploring new markets, including Vietnam, Cambodia, Thailand, Myanmar, Bangladesh, and Sri Lanka, to boost exports further.

The GJEPC chairman Vipul Shah expressed optimism about the improving market in China and the council's efforts to penetrate existing markets and explore new ones. To facilitate business opportunities and showcase Indian offerings to international buyers, the GJEPC is hosting the India show alongside the Hong Kong show in September.

During the ongoing five-day expo IIJS Premiere, which started on 3 August, delegations from over 65 countries are participating, and the event is expected to generate business worth over Rs 50,000 crore.

US consul general Mike Hankey highlighted the strong historical ties between India and the US, especially in the gem and jewellery sector, recognising India's potential to bring prosperity to its citizens and global partners.

De Beers Group executive vice president of diamond trading Paul Rowley said, “India's position as one of the world's top markets and the fastest-growing major market. He emphasised the growth potential, especially in India's middle-class segment, and advocated for collaboration to create impactful marketing campaigns that promote diamonds as symbols of love, beauty, and enduring value”.

“There is a growing interest in Lab Grown Diamonds (LGD), presenting a significant opportunity in the market” he added.