ARMENIAN-INDIAN COOPERATION HAS GOOD PROSPECTS IN GEM AND
JEWELLERY INDUSTRY
31-08-2006 19:40:00 | Armenia | Economy
YEREVAN, AUGUST 31, NOYAN TAPAN. The Armenian-Indian
cooperation in the gem and jewellery industry can produce good
results, especially in terms of setting up joint ventures. Gagik
Mkrtchian, Head of the Gem and Jewellery Department of the RA
Ministry of Trade and Economic Development, stated this in
Yerevan on August 31 during an event to present the gem and
jewellery sector of the Indian economy. According to him, such
an attempt has already been made: an Armenian-Indian jewellery
design institute will be founded in Yerevan by late 2006. He
said that the Armenin legislation on gem and jewellery industry
is one of the best in the world, which is also evident from the
large amount of foreign investments in this sector.
The event was organized by India's Gem and Jewellery Export
Promotion Council's (GJEPC) delegation that arrived in Armenia
on August 31. The delegation is headed by Sanjay Kothari who
expressed confidence that out of the delegation's visits to
Ukraine, Kazakhstan, Azerbaijan, Georgia and Armenia, the last
one will be the most successful. He noted that the delegation is
composed of businessmen representing all sections of India's gem
and jewellery industry.
In the opinion of Emil Grigorian, Chairman of Armenia's Gem
and Jewellery Makers Association, a body to perform the
functions of GJEPC should be established in Armenia. He noted
that Armenia should use the Indian experience of jewellery
marketing, thanks to which Indian businessmen sell about 1,000
tons of jewellery a year in India, and approximately the same
amount is sold abroad. Most of Indian jewellery is manufactured
by small and medium enterprises (the GJEPC represents some 7,000
Indian jewellers).
In 2004-2005, production of the gem and jewellery industry
accounted for 18% of India's industrial production exports.
According to some forecasts, in 2005-2006 fiscal year, the
sector's production will amount to 16.7 billion USD. 11 out of
every 12 diamonds used in the world are produced in India. In
2005, the production of Armenia's gem and jewellery industry
made 220 million USD.