JCCI Evinces Interest in Gem & Jewelry Institute Setup – Oman
Arab News – 22/03/2006
JEDDAH, 22 March 2006 — The Jeddah Chamber of Commerce & Industry (JCCI) is keen on setting up an institution for gem and jewelry and the proposal is currently under discussion.
“We’re keen to setup a gem and jewelry institute here and this will be one of the proposals we’ll be discussing with a visiting Indian delegation,” JCCI’s Gem & Jewelry Committee President Jamil Farsi said on Monday night. “We’re aware of the Bombay-based Indian Institute of Gem & Jewelry and will discuss the possibility and feasibility of such an institute here,” he told Arab News on the sidelines of a presentation given to local businessmen by Gem & Jewelry Export Promotion Council (GJEPC) team leader Shailesh Sangani at Radisson SAS Hotel.
“We’ll be discussing the institute proposal with Farsi and other members of the JCCI,” said Sangani, head of a seven-member India’s Gem & Jewelry Export Promotion Council. The local institute will aim to train Saudis in skills like cutting, polishing and designing of precious stones and jewelry.
Sangani’s presentation focused on the rapid progress India has made in the gem and jewelry sector. The delegation is here to invite businessmen to participate in the India International Jewelry Show (IIJS) 2006 scheduled in Bombay from May 4-8. “The expo will showcase innovative design and fashion in a wide range of precious metal, studded and plain metal jewelry at the most competitive prices,” he said, adding that the strength of India’s gem and jewelry industry is its skilled, motivated and adaptive manpower.
It will also exhibit India’s prowess in technical expertise, design savvy craftsmanship, which is claimed to be among the best in the world.
India is acknowledged as the world’s largest consumer of gold and its gem and jewelry industry is one of the country’s leading foreign exchange earners and one of the fastest growing economic sectors accounting for 17 percent of total Indian exports during 2003-04.
The country’s gem and jewelry exports exceeded $15 billion in 2005-06, registering a growth of more than 29 percent over the previous year. The industry has set an export target of $20 billion for 2006-07.
“India is a leading player in cut and polished diamond sector and its share is 60 percent in terms of value, 85 percent in terms of volume and 92 percent in terms of pieces of the country’s total trade of gem and jewelry sector,” Sangani said. He also screened a film “India your first choice” for overseas gem and jewelry traders.
India’s export of cut and polished diamonds in 2005-06 (until February) stood at $10.62 billion, he said, adding that the country has also made a significant impact in the jewelry sector by emerging as one of the fastest growing jewelry exporters of the world.
India’s acting Consul General Dr. Suhel Ajaz Khan and Ashok Kumar, Consul (commercial) also referred to the importance of the upcoming expo and urged Saudi businessmen to take advantage of the country’s vast progress in the gem and jewelry sector by attending the event .
