The two major silver jewellery players of the world are looking to work together to promote silver jewellery in the global market! The decision of India and Thailand to join hands comes at a time when the overall global gem & jewellery business is passing through a tough time, owing to the ongoing pandemic. Thailand’s Ministry of Commerce, Department of International Trade Promotion (DITP) with support from Thailand’s gem & jewellery delegates and the Thai Trade Centre, Mumbai, has conducted the ‘Silverline Trade from Bangkok to Bombay Roadshow’ in Mumbai. The Thai government has invited the representatives of the Indian gem & jewellery industry, particularly the silver jewellery sector, to participate in the 66th Bangkok Gems & Jewelry Fair (BGJF) to be held during 23-27 February 2021 in Bangkok. Last year, on the sidelines of 35th ASEAN Summit in Bangkok, Prime Minister Narendra Modi and his Thai counterpart Prayut Chan-o-Cha had reviewed the progress made in bilateral relationship and expressed their desire to further boost the bilateral trade between the two countries. There is unanimity in opinion within the two countries that the silver jewellery industries of both India and Thailand can collaborate on various fronts for mutual benefits. During the last few years, silver has been drawing the attention of buyers because it was more affordable than its counterpart, the yellow metal, and also because of its easier availability and better jewellery designs. In fact, India’s jewellery exporters are now focussing on silver, along with lab-grown diamonds, to offset the overall demand contraction in the gem & jewellery sector. As per the data available with the Gem & Jewellery Export Promotion Council (GJEPC), the Indian silver jewellery industry saw the exports more than doubling to $1.7 billion in 2019-20 – up from $832 million 2018-19 –while India’s gross exports of gems & jewellery dipped by 10.19 per cent to $35.53 billion. During the first half of the current year (April-September 2020), there has been an 80 per cent growth in exports of silver jewellery to about $865 million, while India’s overall gross exports of gems & jewellery during the period declined 43 per cent to $8.48 billion. “Silver jewellery is a sector where, despite the pandemic, the recovery has been fast,” affirmed Suresh Kumar, Joint Secretary, ministry of Commerce & Industry, during GJEPC’s three-day Virtual Buyer-Seller Meet (VBSM) for Silver and Fashion & Costume Jewellery held recently. “At $865 million, India’s silver (plain and studded silver jewellery) exports from April to September 2020 is almost 50 per cent of the last one year. Silver is comparatively cheap, and so, consumers are inclined to buy more, as it is the best performing commodity. However, the costume & fashion jewellery segment requires more attention, as India’s share is just 2-3 per cent of the $7 billion world market. GJEPC is expected to take initiatives to further the growth of this potential segment”. “India is known as one of the top players in international gems & jewellery business dealing in quality diamonds and coloured stones, as also silver & gold jewellery,” remarked Somdet Susomboon, Director General, DITP, Thailand’s Ministry of Commerce, in a video message, during the ‘Silverline Trade from Bangkok to Bombay Roadshow’ in Mumbai. “DITP looks forward to welcoming India’s gems & jewellery players to join our BGJF platform.” Keeping in mind the ongoing pandemic, the DITP will provide the event with a hybrid platform for all attendees both offline and online, while also ensuring that the highest levels of safety, security and public health precautions are in place for the benefit of attendees.
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Indian silver jewellery exporters, like their Thai counterparts, have a strong handcrafting orientation and a design database
