By David Brough
MUMBAI – A record number of visitors, in excess of 45,000, attended India’s number 1 jewellery trade show IIJS Premiere, signalling strong orders by both the domestic and export markets and prospects for further growth this year in the value of the country’s gemstone and jewellery exports.
Big crowds at the show
Visitors, mainly from India, as well as from overseas markets including the US and the UK, crammed into the NESCO venue in Mumbai, despite intense traffic. The show was mainly held in dry weather despite the monsoon season, although a downpour struck in the afternoon of day 3.
Hotel rooms in Mumbai were fully booked during the show, which runs until August 8, 2022.
Antique jewellery, like this magnificent piece from P.R. Jewellers, featured at the show, as well as a wide selection of the latest designs
The event was one of the first in-person industry gatherings in India since the lockdowns. Trade members were delighted to network again.
Networking with old friends
Colin Shah, Chairman of state-backed organiser GJEPC (Gem & Jewellery Export Promotion Council), said he expected the value of Indian gem and jewellery exports to touch $45 billion this year, up from around $40 billion last year, after buoyant growth in the US and other key markets.
Indian jewellers anticipated strong business during the upcoming Diwali and other festive and wedding seasons.
Shah forecast that annual exports could meet an official target of $75 billion in the next 3-5 years, driven by a growing appetite for gemstones and jewellery around the world.
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, Shah 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, Shah said.
Jewellery Outlook Editor David Brough, pictured with designer Nehal Shah
A recent rise in the gold import duty had not hurt business, the GJEPC Chairman added.
Indian exports of manufactured lab-grown diamonds were seeing particularly strong growth, with margins holding up well, show organisers said.
In light of the healthy market, the GJEPC plans to stage a full-scale show at IIJS Signature in Mumbai in January 2023.
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