Latest news with #Gem&JewelleryExportPromotionCouncil
Time of India
06-06-2025
- Business
- Time of India
GJEPC to reduce ecological impact through reduced carbon emissions
Representative Image MUMBAI: The Gem & Jewellery Export Promotion Council (GJEPC), operating under India's Union Ministry of Commerce & Industry, highlighted its sustainable initiatives at the India International Jewellery Show (IIJS), a premier global B2B trade exhibition, coinciding with World Environment Day. Aligning with this year's theme of "Land Restoration, Desertification and Drought Resilience," GJEPC demonstrated its environmental initiatives. The organisation detailed its strategy to reduce ecological impact through decreased carbon emissions and environmentally beneficial activities. GJEPC Chairman Kirit Bhansali emphasised the essential nature of sustainability. "We are integrating sustainability throughout our exhibitions—from vendor selection to ecosystem practices. We aim to guide the industry towards environmental responsibility. This represents our ongoing commitment to innovation and accountability." The Council implements various eco-friendly measures at IIJS exhibitions, including eco-conscious modular exhibition stalls and complete renewable energy usage. Their 'One Earth, An IIJS Initiative' has resulted in planting over one lakh trees, corresponding to registered visitor numbers. The organisation has adopted biodegradable alternatives to single-use plastics and implemented digital solutions like facial recognition systems. Additional measures include fabric-based branding with non-toxic inks, replacing PVC materials, and promoting public transport usage. The exhibitions feature sustainable structures built with reusable materials. GJEPC prioritises environmental education, incorporating sustainability training within the exhibition programme. On World Environment Day, GJEPC confirmed its practical approach to environmental responsibility, encouraging industry participants to embrace sustainable practices for environmental preservation. The upcoming 41st IIJS Premiere 2025 and IGJME Premiere will take place at Mumbai's Jio World Convention Centre (BKC) from July 30 to August 3, and Bombay Exhibition Centre (Goregaon) from July 31 to August 4. Occupying over 135,000 sq. mtrs., the event will feature 2,100+ exhibitors across 3,600+ stalls, welcoming 50,000+ visitors from 1,300+ Indian cities and 80+ countries, demonstrating its international significance and sustainable growth commitment. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
13-05-2025
- Business
- Time of India
Gems and jewellery exports fall in April amid rising gold prices and geopolitical tensions
The overall gross exports of gems and jewellery in April stood at USD 2037.06 million (Rs. 17428.480 crores), showing a decline of 4.62% compared to USD 2135.7 million (Rs. 17814.87 crores) for the same period last year, according to data released by Gem & Jewellery Export Promotion Council ( GJEPC ). On the other hand, the overall imports of gems and jewellery for April 2025 stood at USD 1569.13 million (Rs. 13419.63 crores), showing a decline of 17.61% compared to USD 1904.4 million (Rs. 15880.47 crores) for the same period last year. Demand and supply economics have continued to be subdued for a long time, against the backdrop of geopolitical tensions and the recently introduced Trump tariffs . The overall gross export of cut and polished diamonds declined by 6.12% in April 2025 at USD 1108.74 million (Rs. 9486.88 crores) compared to USD1180.99 million (Rs. 9851.2 crores) for the corresponding period last year. The major consumer markets for this product category, including the USA and China, are witnessing a slowdown in demand as people are increasingly moving towards investing in gold as a safe haven during times of uncertainty, thus resulting in a decline in Indian diamond exports . The parallel strengthening of lab-grown diamonds is also posing as a hurdle for the natural counterpart. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Would you like to know more? Undo Also Read: De Beers secretly sells discounted diamonds to selected traders Similarly, the overall gross imports of cut and polished diamonds saw a decline of 45.95% in April 2025, which stood at USD 47.64 million (Rs. 407.51 crores) when compared to USD 88.13 million (Rs. 735.1 crores) for the same period last year. Live Events Gross Imports of rough diamonds stood at USD 1200.06 million (Rs 10265.19 crores) in April 2025, showing a marginal growth of 0.56% as compared to USD 1193.32 million (Rs 9949.57 crores) for the last year. This can be attributed to the industry's need for a continued supply of rough diamonds to cater to the demand for finished diamonds, as India is known to be a global leader in diamond cutting and polishing. Along with this, the domestic demand for rough diamonds looks as traditional jewellery styles like polki witnessed a rise this wedding season. The provisional gross export of polished lab-grown diamonds during April 2025 stood at USD 110.74 million (in Rs 946.85 crores), showing a minimal growth of 0.41% as compared to USD 110.29 million (Rs 919.96 crores) for the previous year. Lab-grown diamonds are gradually but steadily picking up pace in the international market and are largely preferred by the younger age groups, given the factors of affordability and sustainability at play. The total gross export of gold Jewellery in April 2025 stood at USD 684.51 million (Rs. 5856.15 crores), showing a decline of 5.41% as compared to USD 723.63 million (Rs. 6036.07 crores) for the same period of last year. The affinity towards the yellow metal continues to shine globally, however, the rising prices owing to geopolitical scenarios and economic instability make it an uphill climb for buyers, thus reflecting poorly on the buying trend. Provisional gross export of coloured gemstones in April 2025 stood at USD 27.76 million (in Rs. 237.18 crores), witnessing a growth of 11.95% compared to USD 24.8 million (Rs. 206.91 crores) for the same period last year. The market for this product category is a niche by itself, and the demand at large remains unaffected, with probably some minor ups and downs in the demand-supply graph. Commenting on the same, Colin Shah , managing director of Kama Jewelry said, 'The exports witnessing a decline in April 2025 can be viewed as a direct impact of the tariffs levied by President Trump, which had shaken the global market, thereby creating a ripple effect in the domestic market as well. Secondly, the prolonged geopolitical tensions in the Middle East and Russia-Ukraine and the US-China trade war continue to spread a wave of uncertainty across the globe, thereby impacting the demand-supply dynamics. Going forward, we expect trade activities to see some momentum following the recent talks between the two major markets of the world- the US and China, regarding tariffs, which is expected to ease the situation in the coming months.'
Fashion Network
08-05-2025
- Business
- Fashion Network
GJEPC expects India- UK trade deal to double bilateral gem and jewellery trade
The Gem & Jewellery Export Promotion Council expects the newly concluded India-UK Free Trade Agreement to double bilateral trade in the Indian gem and jewellery sector, projecting a rise to $7 billion in the coming years. 'Heartiest congratulations to honourable Prime Minister Shri Narendra Modi on the successful conclusion of the India-UK Free Trade Agreement- a landmark milestone that will further deepen and strengthen bilateral trade ties,' said the GJEPC's chairman Kirit Bhansali, the traders' body announced on its website. 'This agreement will open up fresh opportunities for growth, investment, and collaboration, strengthening the trade between the two nations." The trade agreement, welcomed by Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is aimed at deepening trade ties, enhancing investment, and fostering innovation between the two countries. It covers trade in both goods and services under a broader India-UK comprehensive strategic partnership. The UK is a key market for India's gem and jewellery exports, with outbound trade valued at $941 million and imports at $2.7 billion in 2024. Bhansali said the FTA is expected to boost exports to $2.5 billion within two years. UK Prime Minister Starmer highlighted that easing trade with major economies is part of the country's 'Plan for Change,' aimed at building a stronger, more resilient economy.
Time of India
07-05-2025
- Business
- Time of India
Gem and jewellery sector optimistic about India-UK FTA
Surat: With India's export to the UK projected to grow, the gem and jewellery sector is upbeat about the India-UK free trade agreement. Industry leaders see the possibility of growth in jewellery exports of up to $1 billion from the current $400 million per Gem & Jewellery Export Promotion Council called it a landmark achievement that will significantly deepen and strengthen the economic and cultural ties between the two nations. For India's gem and jewellery sector, this agreement is a game-changer, unlocking potential for growth, investment and employment generation. It comes at a pivotal time when Indian craftsmanship is gaining global recognition and demand for responsibly sourced, well designed jewellery is rising in mature markets such as the UK, GJEPC 2024, India's exports of gems and jewellery to the UK stood at $941 million, including $400 million in jewellery alone, while imports from the UK reached $2.7 billion, bringing the total bilateral trade in this sector to $3.6 billion. With the implementation of the FTA — especially the relaxation of import duties on jewellery in the UK — India's jewellery exports are projected to rise to $1 billion and total gem and jewellery exports to $2.5 billion over the next two years. Bilateral trade in this sector is expected to double to an impressive $7 billion," said Kirit Bhansali, chairman, officials further said that the India-UK FTA is a monumental moment for India's gem and jewellery sector. It not only enhances India's access to one of the world's most valuable markets but also celebrates the spirit of Indian artistry and entrepreneurship. This agreement will spur export growth, attract investment, and most importantly, create thousands of jobs across India's jewellery FTA will reduce trade barriers, streamline logistics and ensure that Indian jewellers can serve global consumers with greater agility and competitiveness. It will also foster deeper design collaboration and cultural exchange between Indian and UK jewellers, reinforcing India's position as a global hub of excellence in jewellery manufacturing and design.
Time of India
07-05-2025
- Business
- Time of India
India eyes $2.5 billion jewellery exports to UK after FTA
The India-UK Free Trade Agreement is set to significantly increase India's gems and jewellery exports. Exports to the UK are expected to reach $2.5 billion within two years. This agreement could double the total bilateral trade in gems and jewellery to $7 billion. The FTA will provide new opportunities for growth and investment. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The India-UK free trade agreement (FTA) will give a fresh fillip to gems and jewellery exports from India at a time when exports to the two major consuming nations – the US and China -- are on the decline. Exports to the UK are expected to touch $2.5 billion within the next two years, signifying a more than twofold increase, according to industry executives.'The UK remains a pivotal market for India's gem and jewellery sector, with exports reaching $941 million and imports at $2.7 billion in 2024. This landmark FTA is poised to significantly accelerate our export growth, with projections indicating a rise to $2.5 billion within the next two years,' said Kirit Bhansali , chairman of Gem & Jewellery Export Promotion Council ( GJEPC ).'As a result, total bilateral trade in gems and jewellery is expected to double, reaching $7 billion. This agreement will open up fresh opportunities for growth, investment and collaboration strengthening the trade between the two nations,' he UK annually imports jewellery products worth $3 billion from the global markets.'As London-based jeweller with roots in India, this agreement honours tradition while opening doors to innovation and deeper collaboration with artisan partners,' said Jayant Ranige, chief executive of UK-based PureJewels by Bhanji said the pact would bring Indian artistry to the global stage with greater agility. 'We're excited for the possibilities this brings—not just commercially, but in celebrating the shared legacy and future of Indian and British jewellery craftsmanship,' he said.
