US order on Hong Kong treaty to help boost India’s gems & jewellery trade: GJEPC
India’s gems and jewellery industry will get a significant boost in the American market with the US ending the preferential economic treaty with Hong Kong, GJEPC said on Friday. Without going into the nuances of the move, I feel this move will possibly create opportunities for India in gems and jewellery trade,” Gem and Jewellery Export Promotion Council (GJEPC) Chairman Colin Shah said.
He said that for the US, Hong Kong and China are the fourth largest importing destinations of gems and jewellery after India, France and Italy. Hong Kong and China exported gems and jewellery worth USD 980.85 million and USD 2.63 billion, respectively to the US in 2019. Shah said ending of the preferential treaty with Hong Kong as per the new order would open new business avenues for India.
The manufacturing facilities could shift to India from China after this move, he added. India possesses the natural benefit of ready availability of raw material, manpower and skill sets, a sector with 5 million workforce and a ready infrastructure to cater to the global demand. Indian gems and jewellery sector has an opportunity ahead to take a quantum leap to become the global leader and a trading hub in gems and jewellery,” Shah said.