Jewellery exporters shifting to growing domestic market

Jaipur: The rising domestic demand coupled with uncertainty in the overseas markets is nudging the jewellery exporters to shift some of their business. Representatives of Jaipur Jewellery Show, which started on Friday, said that they see new opportunities in the growing domestic market as the India story is playing out despite global concerns.
Rajiv Jain, convener of JJS said, “These are early trends but exporters are certainly testing the waters in the domestic market which looks buoyant. He said exports are expected to reach $48 billion which the Centre had planned. But growing domestic market is certainly attracting exporters.”
He said even though the number is small, more exporters are likely to diversify into the domestic market as that would help them in de-risking their global business. Additionally, he said, the entry of exporters into the domestic market will improve the quality of service and customer satisfaction.
“The SOPs exporters put in place for making products are of international quality. When they make products for the domestic customers, they would use the same infrastructure and systems. That’s why, their entry will improve the quality and transparency in the domestic market,” said Jain.
With regard to the current Covid pandemic in China and other countries, Jain said they are keeping their fingers crossed. “Nobody knows how the pandemic is going to behave. If it happens, the trade will take a hit. If variants causing havoc do not create severity both in spread and illness, India will be in a better place. We are likely to see orders getting shifted to India. That would be a windfall for industry. But only time will tell what will happen,” added Jain. With regard to the show that started on Friday, Jain said that the participation of exhibitors, visitors who include retailers, buyers both from India and abroad and the atmosphere is living up to the occasion for celebrating the show’s 20th year.
In fact, the show is complete with all ecosystem players participating. From security safe retailers to coloured stone merchants, from jewellery to machinery for making them, designers to miners of stones, all have come together under two huge pillarless halls in JECC, which has become a conference hub in the state.