Latest News | GJEPC Explores Trade Opportunities in Colombia

Mumbai, Nov 2 (PTI) Gem and Jewellery Export Promotion Council (GJEPC) on Monday said it is exploring export and business opportunities in Colombia.

"Under the India Global Connect, we are creating an opportunity for our members and participating countries to understand each other's strengths in the gems and jewellery business. Gem and Jewellery trade between India and Colombia are presently around USD 400 million," GJEPC Chairman Colin Shah said in a statement.

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There are already existing complementarities between the two countries. Colombia is into mining and producing rough metals as well as gemstones, and India is into making jewellery and polishing gemstones, he said.

"We see a great potential for enhancing trade between the two countries in the coming times," he noted.

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After the successful India Global Connect meet with the UK, GJEPC organised the second edition of India Global Connect with Colombia on October 28.

The objective of the meet was to understand the current business scenario with regard to the gem and jewellery sector and have discussions among manufacturers, exporters and importers of both the countries and initiate a dialogue, explore trade opportunities and project India as a viable sourcing destination.

"Gold mining is an important sector for the Colombian government, and it is placing a lot of emphasis on gold mining and production as a policy for economic recovery after the pandemic.

"Colombia is one of the largest producers of gold and India is one of the largest importers, so the conditions for developing a strong basis for trade in the sector is already established. I would like Indian businesses to explore the possibility of direct sourcing of gemstones from Colombia," Ambassador of India to Colombia Sanjiv Ranjan said.

The trade between the two countries is dominated by a few products, with India exporting motorcycles, textiles, chemicals, pharma products and, in turn, Colombia exports to India include emeralds, gold, petroleum, and other items, he noted.

"Our trade basket should now also include gems and jewellery in a significant manner," he added.

"India Global Connect – A Business Networking Meet is a great initiative by GJEPC. It provides a virtual platform to the manufacturers and retailers and wholesalers of gem and jewellery products of India and other countries to connect with each other for exploring the business opportunities," Commerce and Industry joint secretary Suresh Kumar said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)