Saudi businessmen invited to Gem and Jewelry Show

India's global exports of gems and jewelry have increased dramatically from $20.92 billion to $43.04 billion over the last four years, Indian Ambassador Hamid Ali Rao said yesterday.
Rao was speaking at India's gems and jewelry presentation at the Riyadh Intercontinental Hotel.
Anil Sankhwal, regional chairman (Northern region) of the Gem and Jewelry Export Promotion Council (GJEPC), held the presentation for a large number of Saudi businessmen relevant to the trade. GJEPC Middle East Coordinator Ramesh Vora was also present at the ceremony.
A similar roadshow had been held previously in Jeddah earlier in the week was attended by leading Saudi jewelers, businessmen and executives. GJEPC, an autonomous body under the Indian commerce ministry, jointly with the Consulate General of India hosted the event. Sankhwal and Shakeel Ahmad, consul (commercial and culture), Consulate General of India, gave a joint presentation during which it was highlighted that India is the pioneer in the jewelry business with the largest skilled workforce and emphasis to adopt the latest technology. "Little wonder, the gem and jewelry industry accounted for exports worth about $ 43 billion (more than SR 160 billion) during the last year alone," Sankhwal said.
The demonstration was to invite the Saudi businessmen to the India International Jewelry Show (IIJS) in Mumbai from Aug. 23-27.
Of India's global exports, 45 percent is shipped to the United Arab Emirates (UAE). The largest share of that comes to the Kingdom through the UAE.
The envoy hoped that the Saudi businessmen would harness the opportunity the GJEPC was offering them to attend the event for mutual benefits.
"There is currently a good synergy between Indian and Saudi companies. Businessmen and companies are interested to conduct business and commerce with each other,” the ambassador said, adding that within the framework and the conductive atmosphere there is every reason to hope that the economic relationship between the two countries would rise to new and impressive heights in the times to come.
“Huge opportunities for the construction industry, petrochemicals and health and pharmaceuticals are available in the Kingdom, while similarly, attractive opportunities beckon Saudi businessmen and companies in sectors like infrastructure and real estate in India,” Rao said.
Saudi Arabia and India, he said, have established a number of institutional mechanisms for bilateral economic cooperation. “They include the Saudi-Indian Joint Business Council, the Indo-Saudi Joint Commission and the Joint Working Groups on Hydrocarbon.”
The two countries signed the Bilateral Investment Protection and Promotion agreement ( BIPPA) and Double Taxation Avoidance Agreement (DTAA) during the visit of the Custodian of the Two Holy Mosques King Abdullah to New Delhi in 2006.
In his presentation, Sankhwal said that India's gems and jewelry sector is the country's leading foreign exchange earner. “It accounts for 16.7 percent of India's total merchandise exports.”
India is the first in the world to mine, cut and use diamonds in jewelry, he said, adding that the country is the world leader in diamond manufacturing.
“The country alone employs 800,000 people, compared to thousands employed by Belgium and Israel, two other leading countries in the field.”
He also pointed out that 11 out of 12 diamonds set in jewelry worldwide are cut and polished in India.
The forthcoming trade show is the most coveted business-to-business trade event across the globe, Sankhwal said. It is also the third largest gem and jewelry show in Asia,” he added.
The show will have more than 800 exhibitors displaying their products on a 46,000 sq.m area in 1,200 stalls. It is estimated that there would be more than 30,000 trade visitors this year. There will be Country Pavilions from Belgium, Israel, Thailand, UAE and Turkey.
GJEPC will offer privileged facilities on a complimentary basis to trade visitors, which would include a two-nights / three-days stay at a luxurious hotel, airport pick-up & drop-offs, shuttle bus services between the hotel and the exhibition venue and factory visits would be arranged on requests.