INDIAN NEWS & TIMES

Monday, January 30, 2023

The recently concluded, IIJS Signature 2023, this year’s first & largest jewellery trade show, has booked orders worth Rs. 30,000 crore, as per the initial estimates by The Gem & Jewellery Export Promotion Council (GJEPC). The 15th edition of IIJS Signature, the biggest-ever and first-ever ‘Green Expo’ saw several brilliantly designed gem & jewellery creations from diverse parts of the country over the course of five days.

The highlight of IIJS Signature 2023 was a masterpiece creation of a magnificent Lord Ganesha gold pendant weighing 1.3 kg and specially carved and embellished with 36,000 diamonds. GJEPC Chairman Vipul Shah and Tushar Agarwal, MD, Shiv Narayan Jewellers launched this spectacular piece that is all set to smash its way into the Guinness Record Book.

While some participants hailed IIJS Signature as the Best Platform for spearheading B2B growth in the gem & jewellery industry, others said that they were putting their best foot forward post the pandemic to enhance their growth trajectory. Still others pointed out that IIJS Signature bridges the gap between the manufacturer, wholesaler, retailer and other trade constituents. Many from remote parts of the country said that IIJS Signature gave them a voice and an opportunity to match as well as compete with others to catch the eye and attention of domestic and international buyers. Participants catered to different benchmarks such as trendsetters, quality, innovation, hand-made craftsmanship and mass manufacturing in jewellery. 

Vipul Shah, Chairman, GJEPC, said, “The year’s first, Green Expo and biggest-ever IIJS Signature got an encouraging response from domestic gem & jewellery business entrepreneurs as well as international buyers despite several global headwinds. International buyers showed keenness to source gem & jewellery from India after the recent successful FTAs with the UAE and Australia.” He added, “Genuine serious buyers added to the momentum of business generation even as enthusiastic Indian jewellers presented their best-ever creations of the last two years. Indian trade was buoyed by strong double-digit growth posted in Plain Gold jewellery exports in December 2022 y-o-y and for April-December 2022 period. Overall, the sentiment is quite bullish.”

For December 2022, the total gross export of Plain Gold Jewellery grew 21.31% to ₹2,369.74 crores (10.97% in dollar terms to US$ 287.46 million) as compared to ₹1,953.46 crores (US$ 259.05 million) for the same period last year. In the financial year-to-date (April to December 2022), provisional gross export of Plain Gold Jewellery grew 20.98% to ₹ 24,242.91 crores (12.81% in dollar terms to US$ 3,041.93 million) as compared to ₹20,038.33 crores (US$ 2,696.50 million) for the same period last year.