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Indian Jewelers Eye New Business in Bangladesh

27 december 2012

Jewelers participating in the India Show in Bangladesh reported improved relationships with buyers from the country, according to India’s Gem & Jewellery Export Promotion Council (GJEPC), cited by Rapaport.
“The show has been extremely successful for our participants as we have been able to forge new relationships and establish new contacts within this market,” said Pankaj Parekh, GJEPC’s vice chairman. “Indian gem and jewelry received an overwhelming response from local buyers and we look forward to a successful business relationship ahead.”
GJEPC participated with 18 Indian jewelers in the show, which was held at the Bangabandhu International Convention Centre in Dhaka from December 3 to 5, 2012. The product offerings included affordable jewelry, medium- range and high-end designer products aimed at high-net-worth individuals.
Parekh noted that exhibitors foresee strong opportunities for business with Bangladesh, provided that import formalities and tariffs are relaxed from the current stringent policies adopted by the country.
GJEPC stated that India's gem and jewelry trade with Bangladesh has increased in the past five years, even though the value doesn't represent a major part of the total. The council noted that Bangladesh is an ideal destination for the Indian jewelry industry given its strategic location and that it has a low-cost and industrious workforce, among other factors.
The India Show was organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) with the support of the Ministry of Commerce and Industry, India as well as being promoted and supported by the Ministry of Commerce of Bangladesh.