Gem and Jewellery Export Promotion Council (GJEPC)

Introduction: Gem and Jewellery Export Promotion Council (GJEPC) #

The Gem and Jewellery Export Promotion Council (GJEPC) is an apex body for the promotion and development of the Indian gem and jewellery industry. Established in 1966, GJEPC has played a significant role in promoting Indian gem and jewellery products in the global market. The council has over 8,000 members, including manufacturers, exporters, importers, retailers, and others involved in the gem and jewellery industry. In this article, we will discuss the various functions of GJEPC and its contribution to the growth of the Indian gem and jewellery industry.

Functions of GJEPC: #

1. Promoting exports: The primary function of GJEPC is to promote exports of Indian gem and jewellery products in the global market. The council organizes trade shows, exhibitions, and buyer-seller meets to showcase the Indian gem and jewellery products to international buyers. GJEPC also undertakes promotional activities, such as advertising and publicity campaigns, to increase the visibility of Indian gem and jewellery products in the global market.
2. Providing market intelligence: GJEPC provides market intelligence and information to its members on the latest trends, designs, and demands in the global gem and jewellery market. The council also provides information on trade policies, regulations, and tariffs of various countries, which helps Indian exporters to plan their export strategies accordingly.
3. Training and skill development: GJEPC provides training and skill development programs to its members to enhance their skills and knowledge in gem and jewellery manufacturing and design. The council also offers courses on international trade, finance, and marketing to help members understand the global business environment and improve their competitiveness in the global market.
4. Quality certification: GJEPC provides certification and quality assurance services to its members to ensure that their products meet international quality standards. The council has established a system of grading and certification for diamonds, which is recognized worldwide.
5. Policy advocacy: GJEPC represents the interests of the Indian gem and jewellery industry in various national and international forums. The council works closely with the government of India to develop policies and programs that support the growth of the industry. GJEPC also represents the industry in various trade negotiations and agreements to protect the interests of Indian exporters.

Contribution of GJEPC to the Indian Gem and Jewellery Industry: #

1. Increasing exports: GJEPC has played a significant role in increasing the exports of Indian gem and jewellery products in the global market. The council’s efforts have helped Indian gem and jewellery exports to grow from US$ 1.4 billion in 1985 to US$ 41.5 billion in 2019. India is now the world’s largest exporter of cut and polished diamonds and the third-largest exporter of gold jewellery.
2. Promoting innovation and design: GJEPC has encouraged innovation and design in the Indian gem and jewellery industry by providing training and skill development programs to its members. The council has also established design institutes and centers of excellence to promote innovation and design in the industry. GJEPC has collaborated with leading design institutes and organizations worldwide to bring the latest trends and designs to the Indian gem and jewellery industry.
3. Providing quality assurance: GJEPC’s certification and quality assurance services have helped Indian gem and jewellery manufacturers and exporters to enhance their credibility and reputation in the global market. The council’s certification system for diamonds has established Indian diamonds as a symbol of quality and trust worldwide.
4. Creating employment: The Indian gem and jewellery industry is one of the largest employers in the country, providing direct and indirect employment to over 5 million people. GJEPC’s efforts to promote exports and innovation in the industry have contributed significantly to the growth of the industry and the creation of employment opportunities.

Challenges faced by GJEPC: #

1. Competition from other countries: The global gem and jewellery industry is highly competitive, and Indian exporters face competition from other countries such as China, Thailand, and Vietnam. These countries offer lower labor costs and tax incentives, which makes their products more competitive in the global market. GJEPC has to continuously innovate and improve the quality of Indian gem and jewellery products to stay competitive in the global market.
2. Fluctuations in exchange rates: The Indian gem and jewellery industry is highly dependent on exports, and fluctuations in exchange rates can impact the competitiveness of Indian exporters. The Indian rupee has been volatile in recent years, which has affected the profitability of Indian exporters. GJEPC has to constantly monitor the exchange rates and take appropriate measures to minimize the impact of fluctuations.
3. Impact of COVID-19 pandemic: The COVID-19 pandemic has had a significant impact on the global gem and jewellery industry, with many trade shows and exhibitions being canceled or postponed. This has affected the ability of Indian exporters to showcase their products in the global market. GJEPC has adapted to the new normal by organizing virtual trade shows and buyer-seller meets to promote Indian gem and jewellery products.

Facts and Figures: #

1. India is the world’s largest exporter of cut and polished diamonds, accounting for 75% of the global market share.
2. The Indian gem and jewellery industry accounts for 7% of India’s GDP and 15% of India’s merchandise exports.
3. The Indian gem and jewellery industry employs over 5 million people directly and indirectly.
4. In 2019-20, the total exports of gem and jewellery products from India were US$ 36.67 billion.
5. The major export destinations for Indian gem and jewellery products are the USA, Hong Kong, and the UAE.

Examples: #

1. GJEPC organized the first virtual buyer-seller meet in June 2020, where Indian gem and jewellery exporters showcased their products to international buyers through video conferencing.
2. GJEPC organized the India International Jewellery Show (IIJS) in February 2021, which was a hybrid event, with a physical exhibition and a virtual platform for international buyers who could not travel to India due to COVID-19 restrictions.

Conclusion: #

GJEPC has played a significant role in promoting and developing the Indian gem and jewellery industry. The council’s efforts have contributed to the growth of the industry and the increase in exports of Indian gem and jewellery products in the global market. GJEPC’s focus on innovation, design, and quality assurance has helped Indian gem and jewellery manufacturers and exporters to stay competitive in the global market. However, the industry faces challenges from other countries and fluctuations in exchange rates. GJEPC has to continuously innovate and adapt to the changing business environment to ensure the growth and sustainability of the Indian gem and jewellery industry.