The Gem and Jewellery Export Promotion Council (GJEPC) recently hosted a webinar on 22 August as part of its Global Market Insights series, focusing on the UK jewellery market.
The event, led by GJEPC’s Research Division, attracted over 130 participants and featured key industry experts and aimed to provide Indian businesses with valuable insights into the UK market, offering strategies to capitalise on its growth potential. Speakers emphasised the importance of sustainability, ethical sourcing, and transparency to meet evolving consumer expectations.
UK Market Vital to India’s Export Ambitions
Dr. Rashmi Arora, an economist with GJEPC, highlighted the critical role the UK plays in India’s broader export strategy. With India targeting $1 trillion in total exports by 2030, the UK market, with its demand for unique and high-quality products, represents a significant opportunity for Indian jewellery exporters. Arora stressed that the UK’s focus on luxury items, bespoke designs, and ethical practices aligns well with India’s potential to supply these products.
According to Arora, understanding these market dynamics is essential for Indian exporters to penetrate the competitive UK sector, where the demand for responsibly sourced materials is growing.
Shifting UK Consumer Preferences
The webinar featured insights from Mr. Jayant Raniga, CEO of Pure Jewels, and Mr. Lennox Addo, Co-founder & Event Director of the Jewellery Show, London. Both speakers pointed to a notable shift in UK consumer behaviour, where there is an increasing demand for brands that champion sustainability, transparency, and ethical sourcing. Raniga and Addo underscored that UK customers are now more inclined to support brands that align with these values, presenting both a challenge and an opportunity for Indian exporters.
Mr. Raniga discussed how the rise of ethical consumerism is influencing purchasing decisions, noting that brands that commit to fair trade practices and environmentally conscious production are gaining favour. He encouraged Indian jewellers to consider these factors when planning their entry into the UK market.
Opportunities at the Upcoming Jewellery Show, London
The webinar also touched on the Jewellery Show, London, set for 1-2 September 2024, as a key event for Indian exporters seeking to connect with UK buyers. The show was described as a useful platform to showcase products and engage with UK retailers and wholesalers.
In addition to physical events, the speakers highlighted the growing importance of digital engagement. Leveraging e-commerce and blockchain technology to improve transparency in sourcing and production was recommended as a strategy to build trust with UK consumers, who are increasingly buying online. Digital tools can help exporters ensure traceability in their supply chains and communicate these efforts directly to consumers.
Emphasis on Sustainability
Sustainability was a central theme throughout the webinar, reflecting the rising demand for environmentally friendly products. The speakers noted that UK consumers are increasingly willing to pay a premium for jewellery that meets ethical and sustainable standards, particularly in areas like responsibly mined gemstones and reduced environmental impact.
Toned down: “Emphasis on sustainability” replaces “The emphasis on sustainability throughout the webinar reflects the rising trend.”
The speakers advised Indian jewellers to adopt sustainable practices across the supply chain, from sourcing to manufacturing, to meet these preferences. The potential for improved profit margins for brands that align with these criteria was also mentioned.
Roadmap for Indian Exporters
The GJEPC outlined a roadmap for Indian gem and jewellery exporters looking to enter or expand in the UK market. The strategy focused on understanding specific market demands, adapting business practices to align with ethical and sustainable standards, and using technology like e-commerce and blockchain for transparency.
