INDIAN CHAMBER OF COMMERCE HOSTED THE BIMSTEC GEMS & JEWELLERY FORUM

14th June 2023

Indian Chamber of Commerce hosted the BIMSTEC Gems & Jewellery Forum that conducted a session about “Enhancing Cooperation in the Gems & Jewellery Sector “on Wednesday, 14th June at the Hyatt Regency, Kolkata. The forum served as a venue for the discussion of ways to improve intra-regional trade and commerce in this burgeoning sector. The BIMSTEC nations, which are renowned for having a rich cultural legacy, have a lot of knowledge and resources in the gem and jewellery industry

The worldwide Gems & Jewellery sector is estimated to reach $608.1 million by 2030, and the online Jewellery Market is expected to be valued at $92.7 billion by the same year. To tap into this lucrative market, many dignitaries from the BIMSTEC member nations, key stakeholders, policymakers and others were present like Mr. Vinod Bamalwa, Chairman, ICC National Expert Committee on Jewellery & Lifestyle and Director, Nemichand Bamalwa & Sons Pvt. Ltd., Mr. Sumesh Wadhera, Managing Director, The Art of Jewellery, Mr. Myint Han, Chairman, Myanmar Gems & Jewellery Entrepreneurs’ Association, Mr. James Jose, Managing Director, CGR Metalloys & Past Secretary, Association of Gold Refineries & Mints, Mr. Suresh Man Shrestha, Founder President, Nepal Gold, Silver, Gems & Jewellery Association (FNGSGJA), Mr. Dilip Kumar Agarwala, Director, MD, Diamond World Ltd. & Director, Federation of Bangladesh Chamber (FBCCI), Mr. Atul Jogani, Vice President, The Gems and Jewellery and Precious Metal Confederation of Thailand (GJPCT), Mr. Kewal Duggal, Director, Policy & Trade, Gems & Jewellery Export Promotion Council (GJEPC), Mr. Samar Kumar De, COA Member, GJC and Director, Guinea Emporium and Mr. Soumik Roy, Director, MP J Jewellers (GB) Pvt. Ltd. attended the forum.

The BIMSTEC Gems & Jewellery Forum explored the enormous potential for intra-regional trade and commerce in the gems and jewellery sector. The event encouraged collaboration and discussed strategies for advancing the growth of this industry, which would increase regional economic development and prosperity. The BIMSTEC Gems & Jewellery Forum investigated the immense potential of intra-regional trade and commerce in the gems and jewellery industry by leveraging the knowledge and resources of BIMSTEC member states. The event encouraged collaboration and discussed strategies for advancing the growth of this industry, which would increase regional economic development and prosperity.

Delegates analyse the potential and accomplishments of retail and manufacturing:

• The gems and jewellery industry has emerged as a substantial contributor to these nations’ economic growth, making it critical to strengthen commercial relations between them.
• One of the BIMSTEC nations’ primary assets is their abundance of natural resources, particularly valuable gems and minerals. These resources form a firm basis for the region’s growing gems and jewellery sector, opening up countless options for trade and manufacture. BIMSTEC member nations may greatly improve their economic prospects by capitalising on these resources.
• Furthermore, the BIMSTEC nations have a trained workforce that has gained knowledge in the gems and jewellery business through time. This seminar showcased the local workforce’s talents and examined strategies to improve their skills via collaboration and knowledge exchange. The BIMSTEC nations may increase their position in the global gems and jewellery sector by developing talent inside the area.
• The conference also addressed methods for growing the gem and jewellery markets in BIMSTEC member nations. Identifying possible new markets, expanding product offerings, and exploiting e-commerce platforms to reach a larger consumer base are all part of this strategy. By implementing market development measures, the BIMSTEC countries may open up new growth opportunities and boost their position in the global economy.
• Trade facilitation measures will be a significant point of discussion during the conference. Simplifying and streamlining the movement of gems and jewellery products within the BIMSTEC member countries would foster trade growth, decrease obstacles, and boost the region’s industrial competitiveness. The BIMSTEC states may establish a favourable environment for smooth commerce in the gems and jewellery sector by implementing efficient trade facilitation measures.
• Quality assurance and certification methods are critical for establishing customer trust and encouraging international gem and jewellery commerce. To fulfil global market needs, the conference underlines the necessity of adhering to quality assurance standards and certification processes. The BIMSTEC nations may establish themselves as trusted providers of gems and jewellery by verifying the authenticity and quality of their products.
• The conference also provided a chance for BIMSTEC member countries to collaborate on joint projects. The nations may collaboratively boost the gems and jewellery sector by engaging in knowledge-sharing, technological transfer, and coordinated marketing initiatives. Such agreements will stimulate innovation, broaden market reach, and contribute to the region’s industry’s long-term success.
• The gem and jewellery industry places a premium on sustainability. The seminar addressed environmentally sustainable practices, responsible material procurement, and ethical industrial techniques. By implementing sustainable practices, BIMSTEC member nations can secure the long-term prosperity and reputation of the gems and jewellery sector.
• The conference shed light on investment potential in the gems and jewellery business in BIMSTEC member nations. It highlighted the beneficial economic climate, government policies, and infrastructural assistance that made these countries appealing to both domestic and foreign investors. By emphasising the investment possibilities, the BIMSTEC nations may attract money and encourage future industry expansion.
• Finally, the conference provided numerous possibilities for networking for industry players such as manufacturers, retailers, exporters, and policymakers. These stakeholders may stimulate innovation, assist market expansion, and support long-term success in the gems and jewellery sector through forming partnerships and collaborations.