IIJS opens in tight security, Indian export growth seen
MUMBAI, India, August 4, 2011 – The India International Jewellery Show (IIJS) opened in tight security on August 4 amid prospects for strong growth in Indian gem and jewellery exports into 2012.
Organisers held a minute’s silence at the start of the inauguration ceremony, to respect the memory of those who lost their lives in the recent terror attack in Mumbai, which struck the jewellery district.
Inauguration of India International Jewellery Show (IIJS), Mumbai, August 4, 2011
India has a bright future in terms of exports of gems and jewellery and is targeting potential growth markets such as the Far East and Latin America, said Rajiv Jain, Chairman of The Gem and Jewellery Export Promotion Council (GJEPC).
Jain said Indian gem and jewellery exports were set to rise by some 15-16 percent into 2012 after reporting 42 percent growth last year.
“We are focusing on more sales from India to China,” he said, speaking at a news conference attended by Guest of Honour Ahmed Bin Sulayem, Executive Chairman of the Dubai Multi Commodities Centre (DMCC).
China has had a strong appetite for diamond jewellery as its economy has boomed.
Indian authorities would increase security measures in the Mumbai gem and jewellery district after a recent terror attack struck areas including Zaveri Bazaar, where much of India’s gold trade is transacted, GJEPC and industry officials said.
The IIJS facility was protected by heavy security, including heavily armed soldiers standing behind tall sandbags at the perimeters, as the show launched. IIJS runs until August 8.
GJEPC officials said business would carry on despite the recent terror attack.
Sanjay Kothari, GJEPC Vice Chairman, who is based in Mumbai, said some people had asked if the IIJS would be cancelled because of the terror attacks, but the organisers were determined that it would take place.
He thanked the police and authorities for their support to beef up security for the record numbers of visitors and exhibitors expected at the event.
Guest of Honour, Ahmed Bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre (DMCC),
tours IIJS, August 4, 2011
Jain said the GJEPC was pushing forward “Brand India” jewellery to boost acceptance of Made in India jewellery around the world.
“The success of the branding can be gauged by the increase in the number of buyers coming to India, which is happening,” the GJEPC Chairman said.
One of the main difficulties faced by the Indian industry was sourcing sufficient supplies of precious materials such as diamonds, as well as uncertainty over prices, GJEPC officials said. Indian industry processes most of the world’s diamonds.
“The challenges are in terms of procurement of raw materials,” Jain said, referring to a surge in diamond and gold prices.