The event was organized by the Indian consulate in Ho Chi Minh City. During the conference, Indian and Vietnamese gem and jewelry firmsdiscussed the possibility of greater collaboration since India is one of the world’s largest manufacturers and exporters of jewelry and polished diamonds.
The industry generated revenues of over 40 billion USD from exports for India last year. The country exports around 95 percent of the world’s diamonds. But Vietnamese industry insiders said the value of gold, gems and jewelry imported directly from India is not significant, with most of the imports being routed through middlemen in Hong Kong.
Chairwoman of Phu Nhuan Jewelry Joint Stock Company (PNJ) Cao Thi Ngoc Dung said most of her company’s diamonds are imported from India through a Hong Kong company.
She complained about the high import tariffs, saying it is as much as 50 percent including value added tax.
She urged Indian enterprises to sell gems, technologies and software for gem and jewelry trading management to Vietnam.
Chairman of the Saigon Jewelry Association Nguyen Van Dung also blamed the high import tariffs for hindering cooperation between Vietnamese and Indian companies.
Ho Chi Minh City has 3,000 manufacturers and traders of gold and jewelry, who produce and sell nearly 40 tons of finished gold products a year. Of them, 1,600 are members of the association.