The Hindu Business Line : US jewellers seek export sops from India

Mumbai, Sept. 11 The gold jewellery exporters’ demand for reviving the Generalised System of Preferences (GSP) status conferred by US to India seems to have taken an interesting twist with US demanding similar sops from India.

Speaking on the sidelines of second Indo-US Jewellery Business Relationship Development Conference, Mr Vasant Mehta, Vice-President, Gem & Jewellery Export Promotion Council, said the Manufacturing Jewellers and Suppliers of America (MJSA) has been demanding GPS status for American exporters to India.

“India is represented by New York-based Indian Diamond & Colorstone Association in the talks with MJSA. Even without the export sop India’s exports to US has been growing steadily,” he added.

However, exports to US were down 27 per cent in FY’08 from 35 per cent registered last year due to slowdown in the US economy. Of India’s total exports, US accounts for about 10 per cent.

Confirming the US demand for GSP, Mr Whitney Sielaff, Editorial Director, National Jeweller Network, a trade magazine from US, said with the demand in US softening, jewellers are eager to tap the Indian market.

A large quantity of jewellery is now being bought on the internet leading to closure of many retailers. Recently four leading retailers – Friedman’s, Crescent, Fortunoff and Whitehall Jewellers, who source mainly from India, – have filed for bankruptcy as the consumers are turning to internet for shopping.

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