Italian Scientists and Scholars of North America Foundation
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THE "FANTASTIC FOUR" OF ITALIAN JEWELLERY AT THE INDIA INTERNATIONAL JEWELLERY SHOW 2007
The "Fantastic Four" are out to conquer the Indian market: the foursome in question are the Italian jewellery-making districts of Valenza, Vicenza, Arezzo and Torre del Greco, which will participate, under the aegis of the Italian Trade Commission (ICE), in the 2007 edition of the India International Jewellery Show (www.iijs.org) to be held in Mumbai from 30 August to 3 September.
The India International Jewellery Show is one of the most important jewellery trade fairs in Asia and is considered a privileged meeting point for traders interested in the Indian and surrounding markets.
For the past three years the ICE has contributed to the Indian trade fair by setting up a pavilion and bringing together a group of Italian companies that have shown a consistent interest in the event. The ICE initiative has a twofold objective: promoting Italian products and supporting the exports of small and medium enterprises. Despite the growing competition from Chinese and Indian competitors, a recent conference on the re-launch of the jewellery sector highlighted that 47% of Italian companies are reacting to the crisis of the past few years - also thanks to the entrepreneurship of small brands which are increasingly turning to export thanks to promotional strategies (design, advertising and marketing).
Against this backdrop, opportunities in India look particularly promising: the increase in average per capita incomes and the declining average age of the population (half the population is between 23 and 27 years of age, investing 60-70% of their income in consumer goods) are gearing consumers' tastes towards more "fashion" jewellery products. Therefore the market is moving from traditional 22-carat gold jewellery to 18-carat gold. It is no coincidence that sales in the latter sector have increased by more than 400% in the past two years.
India is currently held back only by its customs policies, which are penalising a country that remains a global leader in this sector with an estimated 17% global market share (turnover in 2006 was 6.5 billion euro, of which 4.4 billion euros came from exports, with an increase in foreign markets of 9.7%). A recent proposal by the government in New Delhi, however, envisages the reduction of import duties on jewellery from the current 17.62% to 10%, in line with ASEAN levels, over the course of two to three years. The Indian market, therefore, is preparing for a greater opening which may offer, thanks to a dynamic economy and to the size of the Asian country, an ample range of opportunities for Italian operators.
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