GJEPC organized an exclusive Virtual Business Meet on 28th September 2020. The meet aimed to connect Jewellery manufacturers from India and leading retailers /wholesalers of the UK.
Eminent personalities graced the occasion
Mr. Manish Singh, Minister (Economics) at the Indian High Commission, UK; Mr. Rohit Vadhwana, First Secretary (Economics)at the Indian High Commission, UK, Mr. Colin Shah, Chairman, GJEPC; Mr. Mansukh Kothari, Convener, Events, GJEPC; Sabyasachi Ray, ED, GJEPC and top jewelry manufacturers from India and leading Retailers/wholesalers of UK graced the occasion.
UK-based panelists
Andrew Hinds of F Hinds / Chappelle; Andrew Morton of Weston Beamor; Emmet Cummins of Master Jewellers; Gary Wroeof Hockley Mint, Gemma Murphy of Jack Murphy; Helen Dimmick, Independent Consultant and a representative of the National Association of jewelers; Mehul Lodhiya, a UK importer and honorary representative of the GJEPC; Pravin Pattni of Minar Jewellers; Paul Beesley, Baird & Co; Richard Hunt of Richard Hunt Jewellers; and Samantha Somers, Watches of Switzerland.
Kunal Mehta of Diatrends Jewellery Pvt.Ltd.; Milan Chokshi of Tanvirkumar & Company, Vikram Advani of Goldstar Jewellery Pvt. Ltd.; Puneet Verma of Hare Krishna Jewels; Bhaumik Gajera of Laxmi Diamond Pvt. Ltd.; Shrenik Lunawat of Lunawat Gems Corporation; Ornamentations India Pvt. Ltd.; Darshit Hirani of P. Hirani Exports LLP; RimeshShah of Sheetal Diamonds Ltd., and Aswini Agarwal of Vaibhav Global shared the Indian perspective.
Mr. Colin Shah, Chairman, GJEPC, spoke about the current trade between India and the UK.
Mr. Manish Singh, Minister ( Economics) remarked “It is essential to promote bilateral trade between India and the UK, especially in the gems and jewelry sector. There are some challenges in Customs duty and accounting aspects, but there are robust government-to-government mechanisms already in place to deal with such issues at the highest level.”
Rohit Vadhwana, First Secretary (Economics) at the Indian High Commission informed that gems and jewelry are one of the top 5 traded items between India and the UK.
Mansukh Kothari, Convener, Events remarked “ The jewelry segment is now matured and fully developed with highly talented designers and skilled artisans, creating the widest possible range of jewelry.”
David Brough of Jewellery Outlook magazine engaged both sides in a free-flowing discussion on the possible avenues for enhancing trade opportunities between the two countries.
The discussion touched the following points :
UK retailers and designers have had a long-standing partnership with manufacturers and the collaboration will further strengthen these ties.
One major challenge for UK retailers is the lack of consolidated shipping which makes individual orders from India prohibitively expensive compared to other overseas suppliers. If that could change, it would make a significant difference.
Indian manufacturers can do well to respond to the market opportunities in the UK to increase in demand for bespoke jewelry as it is the biggest growing category in recent times.
The UK can tap India’s phenomenal resources in handcrafted and technology-driven manufacturing processes.
UK retailers are looking to develop individual brands and Indian manufacturers could work together and develop brands under the umbrella of individual retailers.
The UK is seeing a pricing opportunity to purchase more platinum, but it is interesting that the increasing gold price has almost reaffirmed the value and preciousness of the yellow metal.
The UK is seeing a renewed interest in yellow gold set with colored gemstones for engagement rings. There is an increased mixing of metals, but platinum is still dominating the UK diamond engagement ring market.
Old-cuts, fancy cuts, salt pepper diamonds are popular, reflecting people’s choices of celebrating imperfections. Consumers are appreciating the importance and rarity of diamonds.
Rainbow colored gems are popular, with tanzanite, peridots, aquamarines topping the charts.
