One of the top Indian jewellery brand, Gitanjali, known for introducing gem designing on latest techniques, has announced plans for starting its franchise in Pakistan. The first city where the jewellers have decided to begin their business is Karachi, a huge place for foreign investors. Indian jewellers came to a decision of starting up their own stores in Pakistan after they received a visit from Pakistan’s gems and jewellery industrialists.
According to All Pakistan Gems Merchants and Jewellers Association, the negotiations of setting up a franchise in Pakistan are in the final stage and soon Gitanjali will become the first brand to enter. The idea of having to set up their own branch in Pakistan is an old one. The only thing which the Indian jewellers were seeking was the status of Most Favoured Nation (MFN) from Pakistan. The MFN status brings with it special compensation for foreign investors and drives foreign exchange into the country.
Indian jewellers will not only utilise the gem market in Pakistan, but will also transfer technology and expertise in gems and jewellery business. It will also modernize Pakistan’s own jewellery market. Considering the fact that Pakistan is a very rich country with resources of precious stones and gems, it will bring a tremendous boost to the economy. The traditional jewellery designing has been left in the hands of a few artisans only, but with the help of latest technology, the art of Polki, Kundan, Kolkata, Jaipur and Rajistan could be spread amongst greater manpower.
There is also a plan of sending trainers from Pakistan to India to learn the art of jewellery designing. If the exchange happens as expected, Pakistan’s jewellery export to India can reach $3 to $4 billion within a couple of years. Currently, Pakistani designed jewellery reaches India via Dubai and same is the case for Indian jewellery in Pakistan. The jewellers from Pakistan have a strong market presence in the US, Europe and the Middle East, but within South Asia, India will be a greater market to capture.