CORTINA D’AMPEZZO, Italy, September 7, 2012 – India’s Gem and Jewellery Export Promotion Council plans to develop the India International Jewellery Week (IIJW) brand, possibly by hosting events in other Indian cities and internationally, GJEPC Chairman Rajiv Jain said.
Speaking to Jewellery Outlook in an interview on the sidelines of the September 5-7 about J luxury jewellery buying event in northern Italy, Jain said that IIJW, a show highlighting the talents of Indian jewellery designers, had received substantial media coverage in India and abroad last month.
“In the third year, IIJW has become a big brand of India now,” Jain said.
Bollywood is a big draw to the show, with crowds vying to get a glimpse of leading actresses on the catwalk, such as GJEPC brand ambassador Sonam Kapoor.
Jain said IIJW could in future years be held in Indian cities such as Kalkata, Bangalore and New Delhi, as well as in Mumbai where it has been staged so far.
He said the show could also be presented in other countries, such as in Dubai or Italy or at the JCK trade fair in Las Vegas in the United States, in order to showcase India’s skills in design and manufacturing of precious jewellery.
“That is a long term strategy,” he said.
Jain said the mood of the Indian jewellery industry had picked up after the latest edition of the India International Jewellery Show (IIJS) trade fair last month, which coincided with IIJW.
Jewellery demand in India had been subdued before IIJS, due to the combined impact of the high gold price, weak rupee, and an increased gold import duty.
However, Jain said that the order flow was encouraging at IIJS, auguring well for the festival seasons ahead.
“After IIJS, there was an upswing in sentiment,” Jain said.
He said consumers in India were buying gold despite the high price, and noted an increase in recycling of gold in India, which will ultimately benefit employment in the sector.
With more than 500 companies on the waiting list for IIJS, Indian authorities are looking for a new site in central Mumbai to host big events such as IIJS, Jain said.
“Maybe it can be on a public-private partnership model,” the GJEPC Chairman said.