Gem & Jewellery industry is looking for new markets after social unrest in Hong Kong and trade war between the US and China hit the economy, says the Economic Times.
“At this juncture, the trade has to explore newer markets. For cut and polished diamonds countries like Russia, Brazil, UK, Vietnam, Singapore, France, Germany and others can be explored. For gold jewellery countries like UK, France, Qatar, Australia and Thailand are emerging as new destinations,” Colin Shah, vice chairman, Gem and Jewellery Export Promotion Council, was quoted as saying.
He added that the G&J sector has to be transformed and has to change to meet the interests of younger generations.
From April-November 2019 the G&J exports declined by 4.66% year-on-year and the trend is likely to continue in 2020, according to the report.
India, the world's largest diamond cutting center, is one of the largest importers of rough diamonds and an exporter of cut and polished diamonds.
Previously, it was reported that gross diamond exports from India in November continued to decline year on year. It showed a decline of 25.13% to $1.17 billion compared with $1.56 billion in November 2018.
Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg
