Jalisco jewelry industry will bet on Latin America to diversify markets

Guadalajara, Jalisco. The jewelry exports of the state will seek to conquer the Latin American markets and starting next year, they will carry out a commercial mission to Chile, anticipated the president of the Regional Chamber of the Jewelry and Silver Industry of the state of Jalisco (CRIJPEJ), Alvaro Azpeitia.

In interview with The Economistthe leader of jewelry sector in Jalisco -main jewelry manufacturer in the country- commented that the covid-19 pandemic complicated exports to countries in Europe and Asia, so the industry decided to make a turn and relocate its potential markets in Latin America.

“We are studying the market we have in Latin America and we are working together with the Ministry of Economic Development to be able to go to Chile next year; We see there the possibility of opening the range and positioning Mexican jewelry to diversify the percentage of exports”, commented Azpeitia Covarrubias.

He explained that in 2021 the jewelry exports from Jalisco amounted to 75 million dollars, of which 95% was sent to a single market; United States, so the sector’s commitment is to diversify its international markets.

By the end of this 2022, the Regional Chamber of the Jewelry and Silver Industry of Jalisco it projects to exceed the exports of the previous year and reach 80 million dollars sold abroad; however, concentration in the US market continues to be the foreign trade challenge for the jewelry sector.

According to Azpeitia, the closure of some countries for foreign visitors and the restrictions and quarantines that were imposed on international tourism due to the pandemic, prevented Jalisco manufacturers from taking their pieces to international exhibitions such as Hong Kong and Vicenza, Italy.

The jewelry industry in Jalisco annually transforms 20 tons of gold and 80 tons of silver, which translates into a 70% share of the total jewelry produced throughout the country.

Jewel Expo

Facing one of the most important seasons for the jewelry industry in the country, this Tuesday began Jewel Expo October 2022 with more than 350 exhibiting brands of gold and silver jewelry, accessories, supplies and tools.

According to the organizing committee, more than 15,000 wholesale and semi-wholesale buyers from entities such as Yucatán, Nuevo León, Mexico City and Quintana Roo are expected to attend.

According to the president of the Jewelry Chamber, the exhibition will leave Guadalajara an economic benefit of 105 million pesos, while the businesses that the exhibiting companies close in this edition represent up to 30% of their annual sales.

estados@eleconomista.mx

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