Time for Introspection
While the PNB-Modi-Choksi scam has undeniably upset industry leaders in India, it has dismayed industry observers around the world, too – more so since India is a global leader in the sector. Our Cover Story this month offers a platform to Israel-based strategic consultant and communications specialist, Ya’akov Almor, to put forth his views on the subject. He raises tough questions and also appeals to the new GJEPC leadership to take steps in the right direction by setting new standards and addressing future reputational, environmental and social challenges.
The after-effects of the scandal are plain to see with bank financing to the industry reportedly getting harder to come by. To overcome the crisis, Indian industry leaders have now gone into introspection mode with the aim of having an open dialogue with bankers and the government. One such initiative was the two-day Manthan conclave organised in April by the All India Gem & Jewellery Domestic Council (GJC), which called for a strict code of conduct to regularise the industry. Turn to Spotlight for a detailed report. The GJEPC, too, has planned a Banking Seminar later this month (see GJEPC News).
India’s gem and jewellery exports in the previous fiscal year 2017-18 fell by a marginal 5% to $40.9 billion owing to certain underperforming categories. While India’s annual exports were mainly driven by cut and polished diamonds, up 4% to $23.7 billion, and gold jewellery, up 11% to $9.67 billion, they were dragged down by the poor performance in silver jewellery, pearls, and gold medallions & coins. Find the complete annual trade statistics on page 32.
Solitaire International is India’s leading B2B magazine on the gem and jewellery trade. With more than 20 years behind it, the monthly publication is today recognised in India and the world over as a quality publication in trade journalism. The magazine is referred to by the global trade sector for information on India and its industry. Solitaire International has a readership of the entire organised sector in the Indian jewellery industry and is distributed to all 5500 members of the Gem & Jewellery Export Promotion Council, India’s apex body for the trade. In addition to fixed subscriptions, the magazine is also circulated in over 25 top international trade shows of repute. A personal copy reaches the management of leading jewellery retailers/chains/wholesalers in the US, Europe and the Far East; rough and polished suppliers; mining companies; and financial/industry institutions worldwide.