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Gem & Jewellery exporters bank on India International Jewellery Show 2022 to sustain post-Covid growth

Considered to be the largest such show in India, and the third largest in Asia, IIJS 2022 is the 38th edition of the show and is expected to have more than 40,000 visitors. Previous year's show did $6.75 billion worth of business.

August 04, 2022 / 02:59 PM IST
Representative image

Representative image

Exporters in the gems and jewellery sector are banking on the India International jewellery show 2022 to secure export orders from key markets and further generate business which has been booming since the Covid-19 pandemic waned.

This year's 5-day long show in Mumbai is expected to have nearly 1800 exhibitors and 2900 booths spread across 6 halls. Considered to be the largest such show in India, and the third largest in Asia, IIJS 2022 is the 38th edition of the show and is expected to have more than 40,000 visitors.

It is organized annually the Gems and Jewellery Export Promotion Council (GJEPC), the apex industry body for the sector representing 7000 exporters, and an autonomous body under the Commerce and industry Ministry.

Buyers from 885 cities, spread  across 50-plus countries are schedule to arrive at the show, GJEPC said. It witnesses the industries biggest gathering of domestic and international bias and serves as the primary platform for Indian jewellery manufacturers to network with retailers.

The gems and jewellery sector depends on closely held partnerships between buyers and sellers, and industry shows such as these are prime hunting grounds for deal seekers and those looking to expand there inventory, industry insiders said.

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IIJS Premiere 2021 had generated $6.75 billion worth of business. 1,300+ exhibitors and over 21,000 visitors, including more than 300 international buyers. Meanwhile, another show held earlier this year - IIJS Signature 2022 - generated an estimated business of Rs 5,000 Crore.

The rise in diamond prices by almost 50 percent since September 2021 had the left both domestic and foreign buyers sceptical about purchases. According to GJEPC, IIJS Signature turned out to be a testing ground for buyers, who wanted to compare rates between exhibitors on the show floor.

The rising price of gold has pushed manufacturers to rethink their product lines by marrying economics and aesthetics. Minimising the weight of gold has been a priority.

According to government figures, the Indian Gems and Jewellery sector is one of the largest in the world, contributing around 29 percent to the global jewellery consumption. The sector employs over 4.64 million employees and is home to over 3 lakh gems and jewellery players. The sector contributes 7 percent to the Gross Domestic Product (GDP) of the country.

India is today the world’s largest diamond cutting and polishing centre. India has been adding modern techniques to its traditional knowhow that are more in tune with global market trends.

Commerce department official said that the centre is banking on the industry to deliver nearly $45 billion in exports in the current. The Centre is also pushing for a Rs. 11,000 crore Jewellery Park project to be set up in Navi Mumbai.

Surat remains the hub for diamond polishing in India, and Jaipur is home to a large number of units making jewellery from gold and precious stones. However, Mumbai remains the premier destination for international buyers going to the city hosting the entire value chain of the sector.

The SEEPZ special economic zone under the Commerce and Industry Ministry was home to the largest concentration of major export oriented gems and jewellery making units in the country.
Subhayan Chakraborty has been regularly reporting on international trade, diplomacy and foreign policy, for the past 7 years. He has also extensively covered evolving industry issues and government policy. He was earlier with the Business Standard newspaper.
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