Page 13 - Bullion World Volume 4 Issue 4 April 2024

Bullion World | Volume 4 | Issue 4 | April 2024

possible. Hence the small and medium exporters are about the growth prospects for India's silver export
deprived of participating in these show. By providing industry. He suggests several strategies for overcoming
direct grant to these MSME, silver exporters can these challenges and seizing export opportunities:
promote their craft and increase exports. 1. Government Support: Indian exporters advocate for
Silver being a low value but heavy in weight attracts government support, such as making duty-free silver
higher shipping cost. This is a challenge in industry available for exports through nominated agencies, to
growth. ensure competitiveness in the global market.
2. Innovation: Exporters should focus on creating
Online platforms and E commerce is a new era and innovative and trendy designs that cater to diverse
a great business tool. Most of the payments received customer preferences across different regions and
on these platforms are through secured gateways cultures.
like PayPal etc. The compliance part of getting these 3. Technology Adoption: Embracing new technologies
payments knocked off is a lengthy process. This should can enhance the quality and efficiency of production
be eased off. while reducing wastage.
4. International Standards Compliance: Ensuring that
The security/ BG is being asked is upto 40% of the products comply with international standards of
sample value being carried for sales promotion or for the quality, safety, and sustainability is essential to meet
participation in trafe shows. This is an additional burden the expectations of global consumers.
for MSME. The process, cost and BG must be eased of 5. Market Participation: Increasing participation
for the silver exports to grow. in trade fairs, exhibitions, buyer-seller meets,
and online platforms can help showcase Indian
Navigating trade barriers and ensuring regulatory products to a wider audience and attract potential
compliance pose significant challenges for Indian buyers. Furthermore the GJEPC has organised
exporters. From customs procedures to product a number of exhibitions which are both domestic
certifications, exporters must navigate a complex web and international in nature. The recently concluded
of regulations to facilitate seamless trade transactions. buyer-seller meet was successfully conducted to
Overcoming these hurdles requires meticulous planning showcase the varied jewellery sector of India.
and collaboration with regulatory authorities.
Projections and Growth Factors:
Understanding Market Trends and Preferences: Looking ahead, projections for India's silver export
To succeed in the global silver export market, Indian market are promising, with the government targeting
exporters must stay abreast of changing market trends $70 billion in jewellery exports by 2025. The signing of
and consumer preferences. This entails conducting free trade agreements with countries like the UAE and
thorough market research and leveraging data analytics Australia is expected to lower trade barriers and boost
to identify emerging opportunities and tailor product export volumes.
offerings accordingly. Additionally, understanding
geopolitical dynamics and trade relations is essential for Future Outlook:
navigating international markets effectively. Looking ahead, Mr Goyal predicts significant growth
opportunities for India's silver export industry, driven
Government Support and Innovation: by factors such as government initiatives, free trade
Government support plays a pivotal role in facilitating agreements, and evolving consumer preferences.
the growth of India's silver export industry. Initiatives However, success will hinge on the industry's ability
such as duty drawbacks and free trade agreements to address challenges effectively and capitalize on
can bolster the competitiveness of Indian exports and emerging trends.
expand market access. Additionally, fostering a culture of
innovation is crucial for driving growth and differentiation In conclusion, while challenges abound in India's silver
in the export market. Indian exporters must embrace export industry, strategic planning, market research,
new technologies and adopt sustainable practices to and government support can pave the way for sustained
enhance product quality and efficiency. growth and success. By embracing innovation and
seizing export opportunities, Indian exporters can
Strategies for Growth: position themselves as leaders in the global silver
Despite these challenges, Mr Goyal remains optimistic market.

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