(Press Release)
MUMBAI, INDIA – The Gems & Jewellery Export Promotion Council (GJEPC) helped kick off the buying season with the ninth edition of Signature IIJS and the third edition of the India Gem & Jewellery Machinery Expo (IGJME). Each event was held from Feb. 5-8 at the Bombay Exhibition Centre.
Addressing the inaugural session, GJEPC Chairman Praveenshankar Pandya said: “India’s predominant leadership position in diamonds is known world over. Business expertise and craftsmanship in diamonds and jewelry is inherent to the trade, passed through generations, that makes it unique. With 3 million workforce employed directly, industry accounts for 13 percent to the merchandise exports. This is a true testimony of make in India. In spite of sluggish global demand, and rough diamond prices affecting the profitability, there is fair amount of optimism for the coming season. GJEPC has urged the government with recommendations in the policy to enhance ease of doing business, with special turnover tax regime for the trade, interest subvention scheme & MIES, sale through SNZ, VAT and state SEZ policy. GJEPC has been proposing for a convention centre in Mumbai, which is the need of the hour. The Council also aims to integrate the SME manufacturers of gold and diamonds under one roof in state-of-the-art Jewellery Park. We are committed to continue the market leadership both in diamonds and jewelry.”
Shri Subhash Desai, Hon. Minister of Industries, Maharashtra Government, said: “The gems and jewelry trade is a jewel in India’s crown and initiatives such as Bharat Diamond Bourse, the world’s largest diamond business hub, put Maharashtra in the forefront in the global gems and jewelry business. The new Government’s approach is different and progressive and we are serious about stimulating ease of business. We are engaging bureaucracy to reduce clearances/ permits, end Inspector Raj and harassment. Our strength is our skilled manpower and we are taking steps to enhance skill development and employability. We are working closely with bodies such as GJEPC to revise SEZ policies; create an Industrial Park soon and an international convention centre in the State.” Shri Manoj Dwivedi, Joint Secretary, Union Ministry for Commerce, said, “India’s gems and jewelry trade is dynamic, innovative and hardworking and that’s how it has achieved 70-80 percent of the world leadership in key business segments. The two events Signature IIJS and IGJME cover the entire gamut of the industry. The Government of India is very keen to promote the gems and jewelry sector because of the twin benefits of employment generation and enhancing export earnings. We hope Maharashtra State provides a good eco-system to the gems and jewelry businesses so as to help realize the potential.”
Shri Andrey Zharkov, President, Alrosa (Russia Federation), said: “It’s a great honor to jumpstart the annual buying season with Signature IIJS and IGJME 2016 in Mumbai, the world’s capital of the diamond business. Alrosa’s supply of diamonds to India has been growing steadily since 2010. Last year we did business of USD 1.5 bn in India, which is 45 percent of the total sales. The growth in our share of business was achieved in spite of the overall slowdown in demand. The number of long term buyers has increased to 12. The Special Notified Zone, initiated by GJEPC, has been a welcome move and will help in augmenting bilateral trade especially helping small-to-medium sized enterprises. Alrosa has been collaborating with GJEPC for various programs including exchange of information, Kimberley Process, natural & synthetic stones, etc., and we look forward to working with the new GJEPC team. One of the main challenges is stimulating demand for diamonds with a generic emotional and symbolic consumer campaign to target Gen-Next buyers. The diamond trade is looking at several initiatives starting this year.”
Thanking all the sponsors, partners and vendors, Shri Saunak Parikh, Convener, Exhibitions – National, GJEPC, said: “This is the first time that we are conducting two shows Signature IIJS and IGJME 2016 simultaneously in the beginning of the year. Signature IIJS caters to the sourcing needs of India’s leading jewelry retailers and provides them a platform to view future styles and trends and replenish their inventory. IGJME showcases the latest product innovation and technological advancements to boost the quality and quantity of production requirements. Trade can get access to the entire spectrum of the business, new ideas, cutting edge technology, innovation and networking. This helps identify various opportunities of growth and channelize energies to stimulate growth.”
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Signature IIJS features more than 580 of the country’s manufacturers and covers an exhibition area of 30,000 square meters. Signature IIJS visitors came from more than 375 Indian cities and about 55 countries. The visitor pre-registration has shown an approximate increase of 10 percent over last year, with more than 15,000 trade visitors and the top 2,000 retailers of the country. This year, the overseas visitor registration witnessed a steep increase of about 20 percent. The on-the-spot registration facility helped increase visitor traffic significantly.
The show featured well defined sections of diamonds, gemstones and studded jewelry in addition to an international section. This year, the gold section was extended to accommodate more exhibitors under this category. The main highlight of the show is the Signature Club, which showcases the most exquisite couture jewelry by the country’s leading manufacturers.Buyer delegations from countries like UK, Japan, UAE, Saudi Arabia, Oman, Sri Lanka, Uzbekistan, Bangladesh and Nepal were in attendance. Technology and education seminars were also organized for the first two days of the show.
Signature IIJS provides a platform for the country’s leading manufacturers and retailers to facilitate an exchange of market insights and knowledge, providing networking opportunities for business. In addition, an exclusive invitation-only Networking Evening was organized for exhibitors and buyers to further explore business opportunities and strengthen existing business ties.
Concurrently, the visitors had access to IGJME, Asia’s largest gem and jewelry technology fair. IGJME is a strategic initiative of GJEPC planned to help manufacturers witness new ideas, discover innovative technical know-how and learn cutting-edge techniques in production. The technology exhibited at the show is aimed at improving the quality of the products while minimizing the raw material wastage.
Covering an area of 7,000 square meters, IGJME provided an opportunity to interact with about 140 leading suppliers of machinery, tools, components, packaging accessories and allied products from around the globe, who showcased cutting-edge technology such as laser machines, computerized yield planning machines, advanced bruiting lathes, diamond impregnated scaife and more. For the first time, IGJME introduced an Italian Pavilion with 26 exhibitors along with a Turkey Pavilion, which had 10 exhibitors. Other overseas exhibitors included manufacturers from the USA, Germany, UAE, China and Israel.
For more details, visit www.gjepc.org/igjme.
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