Post Event Report on 1st India-Russia Gemstone & Jewellery Buyer-Seller Meet 2013

Name of the event: 1st India-Russia Gemstone & Jewellery Buyer-Seller Meet (BSM)

Date of BSM: 08th – 12th December 2013

Exhibit Profile: Coloured Gemstone & Jewellery Manufacturers

Organizers: The Gem & Jewellery Export Promotion Council

Venue: Hotel Lalit, Jaipur

GJEPC in the past has held several Buyer-Seller Meets for Diamonds & Diamond Jewellery with Russia in Mumbai & Surat. However given the growing demand for colored gemstones, which includes emeralds, tanzanite, rubies, tourmalines and an array of other precious & semi-precious stones along with the magnificently crafted studded Jewellery , the India-Russia Gemstones & Jewellery Buyer-Seller Meet was planned to provide the Russian manufacturers direct connect with the Indian companies who have the resources and capabilities to meet their sourcing requirements of Gemstones & Jewellery.

India’s trade with Russia has been constantly growing and Indian companies exported gem & jewellery worth US$ 10 million to Russia in 2012. Russia is one of the key emerging destinations for Gem & Jewellery and the Indian Industry focuses to forge partnerships & penetrate in the region with wide product varieties in gemstones & jewellery.

The exports figures of the Coloured gemstones for last three years from India have increased from Rs.1432.54 crore in the year 2010-11 to Rs.1647.20 crore in the year 2011-12 to Rs.3533.86 crore in the year 2012-13.

The event was strategically organized in Jaipur as the city is traditionally renowned for their unique cuts and manufacturing capabilities in Coloured Gemstones. The coloured gemstone sector is a fast growing segment of the Indian gem and jewellery industry. India is a leading source for a spectrum of Coloured gemstones, manufacturing a dazzling array of coluored gemstones of the highest quality in terms of cutting & polishing revealing unparalleled brilliance of the stones. The Indian gemstone industry has expanded enormously in recent years with Jaipur emerging as the major centre for the manufacturing of gemstones & gemstone studded jewellery. The manufacturers of Jaipur have been successfully applying modern technology to exceptionally brilliant craftsmanship to produce highest quality gemstones & jewellery

This Buyer Seller Meet is organized with the support of Council’s Russian Counterpart, Moscow Diamond Bourse (MDB). MDB has played a pivotal role in forging strong business relations between two nations.

Visitors’ details Jewellery Manufacturers, Retailers and Gemstone traders, wholesalers from Russia. Objective: The Buyer-Seller Meet was aimed at providing a platform to Indian Manufacturers for connecting with the Russian Companies and showcase their unmatched capabilities to create a masterpiece out of rough gemstone and make it even more magnificent by converting it in a piece of jewellery.

The BSM was attended by 14 Gemstone wholesalers & Jewellery retail giants from Russia who met 15 leading Indian gemstone & studded jewellery Manufacturers for their sourcing needs out of these 14 were from Jaipur and 1 from Kanpur. The buyers were provided with a complimentary return trip, hotel stay, F & B, & transportation facility for attending the meet. Below mentioned companies participated & displayed best of their products:

Sr. No. Participating Indian Companies Russian Buying Companies 1. Bhansali Trading Corporation, Jaipur Almaz Holding 2. Friends International, Jaipur Aloris LLC 3. Gem India Exports, Jaipur Arina LLC 4. Gem Plaza Jewellery Mfg. Co . Pvt Ltd.

Jaipur Art Jeweller Ltd.

5. Gemco Designs, Jaipur Briant 6. Heeralal Chhaganlal Tank, Jaipur Choron Diamonds 7. Kala Gems Exports, Jaipur Gold For You 8. Kays Jewels Pvt Ltd, Kanpur Kaletta Ind 9. Kinu Baba Gems (India) Pvt. Ltd. Jaipur MZSS 10. Kotawala Jewels, Jaipur NCM Trading Inc 11. RMC Gems India Limited, Jaipur Solum 12. Sambhav Gems Ltd. Jaipur Sothys Jewellery House 13. Sheru Gems, Jaipur Tulupov Jewellery House 14. United Gems, Jaipur Zolotov 15. Vinayak Jewels (India) Pvt Ltd. Jaipur

7th April 2013: Opening Ceremony The Council has organized a welcome evening of the BSM at Taj Jai Mahal Palace, Jaipur for the Invited Buyers, Representatives of Participating Companies & the Press / Media Personnel.

Mr. Pankaj Parekh, Vice Chairman – GJEPC, in his speech welcomed all the buyers & the manufacturers & wished them a successful event. In his speech, he mentioned “The colored gemstone sector is a fast growing segment within the Indian gem and jewellery industry. The gemstones produced in Jaipur, especially the emeralds, tanzanites, tourmalines and more are renowned for their unique and luminous cuts that bring out their true brilliance. The manufacturers of Jaipur have very cleverly and skillfully combined technological advancements and unparalleled skills and workmanship of their work force to produce some of the finest jewels of international repute. A concerted effort has been made over the years to not only ensure upgrade of machinery and investment in technology, but also efforts have been made to ensure that the craftsmen are trained to apply the benefits of technology to their innate art creating jewellery masterpieces. Jaipur gemstones are surrounded and inspired by its rich history and culture, the beauty and architectural marvels, the city has established itself as the hub for cutting, polishing & trading of all types of precious & semi-precious gemstones. The event is an effort to bring the two key players together and strengthen trade and business ties in this sector."

Commenting on participation, Mr. Alex Popov, President , MDB said “Moscow Diamond Bourse is proud to associate itself to the first ever India-Russia Gemstone & Studded Jewellery Buyer-Seller meet in Jaipur. India with its enormous potential to supply best quality gemstones can cater to the rising demand in the Russian markets. Along with GJEPC we have successfully conducted two fruitful Buyer- Seller Meets & this time too we hope to repeat the Success Story.”

The BSM was formally announced open with the lighting of the traditional lamp, wherein Mr Pankaj Parekh, Vice Chairman - GJEPC, Mr Alex Popov, President, Moscow Diamond Bourse, Mr. Rajiv Jain, Regional Chairman, Jaipur – GJEPC, Mr Nirmal Kumar Bardiya, Convener, CGS Panel - GJEPC, Mr. Sanjay Singh, Regional Director, Jaipur – GJEPC, Ms. Irina Litvinova, GJEPC International coordinator in Russia, Mr. Nitin Khandelwal, Assistant Director, Jaipur - GJEPC & Mr. Anurag Kumar, Assistant Director (International Exhibitions), Mumbai - GJEPC were present during the lamp lighting ceremony.

Coordinator of the India-Russia Gemstones & Jewellery BSM, Ms. Irina Litvinova says “It is a unique opportunity for us to meet a cross section of select gemstones suppliers & Jewellery Manufacturers from

India under one roof – an opportunity that may not have been possible if the Russian manufacturers, traders & retailers had come in their individual capacities to transact business. We hope this will go a

long way in forging trade relations and see stronger business alliances established at this forum.”

The Indian participants were introduced to the Russian buyers over networking dinner.

The Indian Participants were also provided dedicated interpreters who helped them in communicating with the Russian buyers throughout the event till the factory visit was over on 11th December, 2013.

The participants & the invited buyers interacted over networking dinner.

A group of folk artists presented a cultural tableau for the entertainment of the gathering. The Russian delegates participated & enjoyed the performance.

09-10 December, 2013 The Indian participants were allotted individual rooms in the hotel Lalit for one-on-one meeting with the buyers on 9th – 10th December 2013 where they were facilitated to show case their product also. The participants showcased best of their products during the meeting schedule. Each buyer was given an opportunity to meet each seller for their sourcing requirements. Each meeting slot was of the duration of 45 minutes.

11th December 2013 Based on the meetings on 9th – 10th December 2013, the buyers were asked for their preference for arranging their visits to the factory of participants, to get an overview of behind the scenes activity involved in the manufacturing process. Each buyer had an opportunity to visit 4 factories for further meetings. The business commitments strengthened further in the factory visits.

12th December 2013 A city tour was organised for the Russian Delegation to showcase the historic treasures of Jaipur City which is also known as “Pink City”. The buyers left for New Delhi on 12th December 2013 to return back to their respective destinations in Russia. Buyers Feedback: Attitude of Buyers for sourcing Gemstones & Jewellery from India “Before” BSM on 1-10 rating Scale (1 being the lowest):

Attitude of Buyers for sourcing Coloured Gemstones & Jewellery from India “After” BSM on 1-10 rating Scale (1 being the lowest):

0

2

4

6

8

10

12

14% 7% 14% 14% 7% 21%

Buyers' Rate

0

2

4

6

8

10

12

50% 14% 21% 7%

Buyers' Rate

% of Buyers

Buyer’s Ratings

% of Buyers

Buyer’s Ratings

The charts above depicts the positive shift in the attitude of Russian buyers regarding sourcing of coloured gemstones & jewellery from India which has been achieved by showcasing India’s Strength in the manufacturing of good quality coloured gemstones & jewellery. The overall experience of buyers was in congruence with their expectations with which they came to Jaipur. The majorities of buyers were satisfied with the products showcased in the Buyer-Seller Meet and are interested to participate again and use the business relations forged in this Buyer-Seller Meet to fulfill their sourcing needs for coloured gemstones & Studded Jewellery. Few snapshots of the feedback forms received from Indian Participants (10 Participants) are as under:

1. Reasons for Participation in BSM:-

2. Were the objectives achieved:

Yes80%

No20%

# 80% of the Participants were satisfied with the results of the BSM

40%

35%

25%

Promote Product/Company Information Market Research

To Get Orders

# 40% of the Indian Participants participated to divulge their company information & promote product

3. Services provided by the Council during the BSM

4. Interested to Participate in 2nd India-Russia Gemstones & Jewellery BSM in 2014 Conclusion: The event created a shining platform which hosted weaving of new business commitments that will surely translate in long lasting trade relations with Russia.

80%

20%

Yes No

# Most of the participants showed their willingness to participate again.

50%50% Excellent

Satisfactory

Not Satisfactory# All the participants were satisfied with the Services provided

by the Council during the BSM