The Gem and Jewellery Export Promotion Council of India (GJEPC) on Wednesday said it will host the industry's first virtual buyer-seller meet (VBSM) on August 27 and 28 amid the COVID-19 pandemic.
"The demand for gems and jewellery is slowly recovering in markets like the US, China and other parts of the world. We need to make sure that we reach out to these buyers and meet their requirements," GJEPC Chairman Colin Shah said in a statement.
"This is the time to explore the digital world, and make the best use of it to showcase our products through a virtual medium and help buyers make informed decisions," he added.
GJEPC, he said, has therefore planned to hold a VBSM for loose diamonds on August 27-28.
"We intend to follow it up with VBSMs for coloured gemstones, costume jewellery, diamond-studded jewellery, gold-studded jewellery, platinum jewellery, among others. I am hopeful that with the support of the exhibitors and buyers, the VBSM initiative will be a successful one," Shah said.
Buyers from Australia, Bangladesh, China, Colombia, Europe, Middle East, Russia CIS (Commonwealth of Independent States), South Africa, South Asia, the UK, and the US are expected to participate in the VBSM.
Gem and jewellery exports during the first quarter registered a 54.79 per cent decline to USD 2.75 billion as compared with USD 6.07 billion during April-June 2019.
"GJEPC is hosting VBSMs at a very crucial time of the year. We are likely to see demand for gems and jewellery increase from August, owing to the upcoming holiday season in the western counties," GJEPC Vice Chairman Vipul Shah said.
"The VBSM will be a platform that will give our exhibitors in India as well as buyers from across the world an opportunity to interact and make decisions in a similar way as they do at a physical show," he added.