MAN ON THE MOVE - Attendance hits record high at India’s biggest jewellery trade show
10 Aug 2022
MUMBAI – A record number of visitors attended India's largest jewellery trade show, IIJS Premiere (August 4-8), amid expectations for strong demand during Diwali and upcoming wedding and festive seasons.
IIJS (India International Jewellery Show) is one of the largest jewellery trade fairs in the world with more than 1,790 exhibitors showcasing their gems and jewellery, spread over 74,497+ square metres.
The event was one of the first in-person industry gatherings in India since the lockdowns.
IIJS Premiere presented a wide selection of the latest cutting-edge designs from Indian manufacturers, in gold, diamond- and gem-set jewellery, as well as loose diamonds and gemstones, and machinery.
Visitors, mainly from India, as well as from overseas markets including the UK, braved intense traffic to reach the NESCO venue in Mumbai. Despite the monsoon season, the weather during business hours was mostly dry throughout the event.
Exhibitors showed off the latest technologies, such as a machine from SGL, which has a lab in Hatton Garden, identifying natural and lab-grown diamonds in loose stones and jewellery.
UK DELEGATES MEET GJEPC
A delegation of UK-based wholesalers and retailers met with the show organisers, the state-backed Gem & Jewellery Export Promotion Council (GJEPC), on Saturday (August 6) to discuss pressing bilateral trade issues, such as delays in imports of goods to the UK.
“The UK delegation meeting with the GJEPC and the Indian authorities focused on issues relating to imports and the time consumed in the bureaucratic process,” said Shankar Ramnathan, director of LaMarquise Diamonds and a member of the NAJ who joined the delegation.
“The GJPEC has promised to work on resolving this.”
“It was great to sit down with fellow UK delegates to discuss trade issues arising since the easing of restrictions linked to the pandemic,” said Arun Chopra, a gold jewellery wholesaler who headed the UK delegation.
EXPORT OUTLOOK
GJEPC Chairman Colin Shah said he expected the value of Indian gem and jewellery exports to touch USD $45 billion this year, up from around USD $40 billion last year, after buoyant growth in the US and other key markets.
Fears of recession in the United States and Europe, linked to rising inflation and the war in Ukraine, may dent growth in these markets, but Indian export values would likely remain well-supported, he said.
All key categories of goods offered at IIJS Premiere, including Indian-manufactured diamond jewellery, gem-set jewellery and coloured gemstones, silver and handcrafted jewellery, had performed well, he added.
A recent rise in India’s gold import duty had not hurt business, the GJEPC Chairman said.
Indian exports of manufactured lab-grown diamonds were seeing particularly strong growth, with margins holding up well.
IIJS Premiere was the backdrop for wider industry events, such as the Jewellers for Hope dinner, sponsored by industry leaders including De Beers, benefiting disadvantaged industry members; and the well-attended IIJS fashion show, showcasing inspired new jewellery designs worn by Indian models on the runway with a Bollywood influence.
At the Retail Jeweller India awards on the sidelines of IIJS, UK-based Shankar Ramnathan, representing LaMarquise Dubai, received a gong for the Natural Diamond Council (NDC) Trends Award.
“Lamarquise is honoured to be part of the Natural Diamond Council recognising the inherent value of natural diamonds,” Ramnathan said.
“We are overwhelmed to receive this NDC trends award which epitomises our commitment towards using natural diamonds and creating trend setting jewellery.”
In light of the healthy market conditions, the GJEPC plans to stage a full-scale show at IIJS Signature in Mumbai in January 2023.
Source: David Brough (Jewellery Outlook)