ARMENIAN-INDIAN COOPERATION HAS GOOD PROSPECTS IN GEM AND JEWELLERY INDUSTRY

Noyan Tapan
Aug 31 2006

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.