The Gem & Jewellery Export Promotion Council (GJEPC) has expanded its European trade engagement through participation in the India-Greece Business Forum, as it seeks to develop export opportunities for India’s gem and jewellery sector in Southern Europe.
Shaunak Parikh, vice chairman of GJEPC, represented the Indian gem and jewellery industry as part of a business delegation accompanying India’s Minister of Commerce and Industry, Piyush Goyal, during the visit.
Trade Delegation Focuses on Market Development
Organised by the Athens Chamber of Commerce and Industry (ACCI), the forum brought together government representatives and business leaders from India and Greece to discuss trade and investment opportunities.
Among those addressing delegates were Ravi Shankar, India’s ambassador to Greece, alongside Greek ministers and industry representatives. The Indian delegation also included Sanjay Tugnait, president and CEO of Fairfax Digital Services.
During sector-specific roundtable discussions, Parikh discussed opportunities to increase jewellery trade between the two countries and highlighted Greece’s potential role as an entry point to Southern European markets. The programme also included meetings with Fokion Karavias, CEO of Eurobank, as well as discussions with representatives from Greece’s startup ecosystem, government bodies and industry to explore commercial partnerships and investment opportunities.
Trade Volumes Remain Modest
According to GJEPC, India’s gem and jewellery exports to Greece currently total US$1.65 million. By comparison, Greece imports more than US$93 billion worth of merchandise annually.
GJEPC said it sees opportunities to increase jewellery exports to Greece and to use the country as a route into wider Southern European markets. The initiative forms part of the organisation’s wider efforts to diversify export destinations across Europe.
Part of Wider European Strategy
The Greece visit follows GJEPC’s recent participation in the UK leg of the same trade mission and forms part of the Council’s wider European strategy.
GJEPC has previously stated that the proposed India-UK Free Trade Agreement could increase India’s gem and jewellery exports to the UK to US$2.5 billion and raise bilateral trade in the sector to almost US$7 billion. Alongside established European markets, the organisation is also seeking to develop trade relationships in other parts of the region.
