MUMBAI, India, February 8, 2017 – Exhibitor halls were packed in the jewellery and machinery sections at the latest Signature edition of the India International Jewellery Show (IIJS).
The event, which runs until February 9, was well attended by retail buyers from India and beyond, against a backdrop of expectations for growing Indian gem and jewellery exports in 2017.
Praveenshankar Pandya, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), told reporters that he expected to see growing demand for Indian gem and jewellery exports in key markets such as the United States and China, as well as the EU.
He said smaller operators in Indian gem and jewellery production had moved to create bank accounts for workers since the surprise demonetisation policy introduced late last year, and that he expected cash-based activity to shrink.
| Jewellery Outlook Editor David Brough with Vivek Kabra and Phani Garish |
of Indian trade magazine Jewel Buzz
Also addressing concerns over non-disclosure of synthetic diamonds mixed up in natural melee, Pandya said authorities were acting vigorously to combat fraudulent activity, adding that he favoured bringing in even stiffer penalties.
Those who are found to be in possession of non-disclosed synthetics, are subject to ejection from a diamond bourse.
At a news conference at Bharat Diamond Bourse on February 8, Ernest Blom, President of the World Federation of Diamond Bourses (WFDB), said the WFDB was taking stringent steps to counter the practice of mixing undisclosed synthetic diamonds in natural melee.
“If you are selling a synthetic as a natural, it is a fraudulent act,” he said.
Blom also said the Diamond Producers’ Association (DPA) was set to expand its consumer-facing generic diamonds marketing campaign to India, supported by expectations for a sharply increased budget in 2017.
The DPA, led by Jean Marc Lieberherr, has spearheaded the “Real is Rare” campaign, focusing strongly on internet and video marketing in the United States, the number 1 market for diamond jewellery.
Blom told the WFDB Presidents’ meeting earlier that the organisation would work closely with the DPA to help boost its generic diamond marketing efforts.
An increased budget would enable the DPA to invest in more sophisticated and long-term programmes.