MUMBAI, February 20, 2015 – IIJS Signature trade fair opened in Mumbai against a tough economic backdrop in the domestic and international markets as the Indian trade pinned its hopes on a possible cut in the gold import duty.
Indian jewellers attending IIJS Signature told Jewellery Outlook that they were hoping that the Indian authorities would cut the gold import duty from 10 percent later this month. They said a cut in the duty would reduce gold smuggling.
Expectations are high that Narendra Modi's government will reduce the duty, set at the current record level by the previous government as part of efforts to cut the current account deficit.
“Many people in the trade are pinning their hopes on a cut in the gold import duty,” said Rajiv Jain, a former chairman of the Gem and Jewellery Export Promotion Council (GJEPC.)
Turning to the export market, he said Indian gem and jewellery exports had been hit by the impact of the recent slide in oil prices, as Middle Eastern buyers were now more cautious.
European markets had been subdued, but the United States was expected to be a growing market for Indian gem and jewellery exports this year because the U.S. economy was recovering well, Jain said.
IIJS Signature, which takes place at the Bombay Exhibition Centre and runs from February 20-23, 2015, is now in its 8th year and is a platform for showcasing India’s manufacturing capabilities.
The trade event has 540 exhibitors, and 1,000 booths spread over an area of 30,000 square metres.
IIJS Signature reported over 10,000 pre-registered trade visitors and over 400 international trade visitors.