eBay Announces its Association with the International Gemological Institution for its Seller Community

With an objective to drive precedence in one of the most significant categories in Indian exports, eBay in India announced its association with the International Gemological Institute (IGI).The largest organization of its kind, IGI is a highly trusted name in certifying the widest variety of gemstones and jewelry in the world.

The Gems and Jewelry Certification program (GJCP) introduced by eBay for Indian sellers primarily aims to support the country’s jewelry industry in the global market and establishing eBay as an ultimate destination for fine jewelry products.  The sellers can now get their products certified from IGI at the most competitive pricing available exclusively to the Indian domiciled eBay seller community.

Commenting on the launch, Mr. Vidmay Naini, India Country Manager at eBay said, “At eBay our aim is to provide our sellers avenues to win more customers across the world and to get global customers the best quality of products. Our association with IGI is a step in that direction. Transparency and authenticity are the topmost considerations while making a purchase for fine jewelry. In the current scenario, with most of the purchases happening on the e-commerce platforms, it is only fair to say that consumers expect authenticity in what they purchase. The certification of Diamond Jewelry and loose stones will foster that confidence in the buyers and sellers alike on eBay.”

He further added, “Loose Diamonds & Gemstones category has witnessed a healthy push in the previous quarter with the introduction of GJEPC certification program. Meeting the demand for higher priced gemstones along with building trust amongst the buyers globally through certification has been the strategic approach at eBay INCBT, and we will continue to build upon the same in 2020 and onwards.”

Mr. Tehmasp Printer, Managing Director at IGI said,” We at IGI, consider the association with eBay as the beginning of a revolutionary consumer experience. With IGI certification, customers can now purchase their jewelry online, validated as per internationally acclaimed grading standards and practices. We look forward to empowering buyers on eBay with our services.

eBay Sellers domiciled in India can avail Gems and Jewelry Certificate Program benefits in three simple steps:

1.      Sell the Gemstone and Fine Jewelry Items on eBay marketplace

2.      Apply and obtain IGI certification for such Fine Jewelry items

3.      Ship the certified Fine Jewelry items with the IGI certificate to buyers

For more details, check https://bit.ly/GemsAndJewelryCertification

The Indian jewelry industry holds prominence on the platform and has shown a steady growth in recent years, providing a shining example of achieving international competitiveness. With real-time insights into the global market demands, eBay- INCBT has enabled some of India’s top diamond jewelry manufacturers and exporters who offer latest designs best quality diamonds and free customization at aggressive price points to the world.

eBay is committed towards understanding the concerns of both the buyers and sellers alike. The IGI certification provides a global standard of excellence to the diamonds and loose stones exported from India and gives much needed impetus to this commitment.

About eBay:

eBay Inc. is a global commerce leader that connects millions of buyers and sellers across 190 countries around the world. eBay has over 1.4 Billion live listings. eBay marketplace boasts of $90.2 Billion GMV (FY2019), $10.7 Billion revenue (FY2019)

eBay in India is focused on driving cross border trade and providing Indian MSMEs and artisans a platform to expand their reach to global customers. The cross-border trade business has more than 1,00,000 sellers registered on the website with over 16.8 million product listings. eBay is working towards building a robust ecosystem for Indian sellers and facilitating with the requisite skills and knowledge to undertake retail exports and provide them with an opportunity to expand their reach out to millions of buyers across the globe.

Over 65,000 jems and jewellery workers may be laid-off

The cgems and jewellery industry has already laid-off 65,000 workers and might be forced to lay-off a like number in the next two months, an industry official said on Tuesday.

"The Indian gems and jewellery sector was forced to lay-off 65,000 workers between August-October. Due to the ongoing economic slowdown and slump in demand, there could be a further lay-off of 65,000 workers in the next two months," Gems and Jewellery Export Promotion Council's (GJEPC) Chairman, Vasant Mehta, told reporters here.

The sector has also been afflicted by a significant dip of 34.25 per cent in exports in November, Mehta said.

There was a danger of many units shutting down, he warned, adding that by January, the exact number of units closing down would be known.

India's gems and jewellery sector contributes 55 per cent of the world's export in terms of value and over 75 per cent by carats and number of pieces.

In November, the sector witnessed a decline in exports by 34.25 per cent at USD 987.10 million from $1,501.27 million during the year-ago period, he said.

"At the manufacturing level, exports of cut and polished diamonds are down by 20.18 per cent as compared to the same period last year," he said.

The gems and jewellery industry witnessed a drop of over 20 per cent in its order books during April-October as compared to the same period last year.

The situation could be much worse in November and December, he said.

Source: Agencies