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Gem and jewellery orders worth Rs 30,000 crore booked, Retail News, ET Retail

IIJS Signature 2023: Gem and jewellery orders worth Rs 30,000 crore booked

The recently concluded five-day long IIJS Signature 2023 has booked gem and jewellery orders worth Rs 30,000 crore, as per the initial estimates by the Gem & Jewellery Export Promotion Council (GJEPC).

Vipul Shah, Chairman, GJEPC, said, “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 the 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 Rs 2,369.74 crore (10.97% in dollar terms to US$ 287.46 million) as compared to Rs 1,953.46 crore (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 Rs 24,242.91 crore (12.81% in dollar terms to US$ 3,041.93 million) as compared to Rs 20,038.33 crore (US$ 2,696.50 million) for the same period last year.

Kirit Bhansali, Vice Chairman, GJEPC, said, “The government’s recent initiatives to boost exports of gem and jewellery exports and make the country a global hub are helping to attract more and more international buyers. India is in the limelight, thanks to initiatives such as the UAE CEPA and the Australia ECTA coupled with the China Plus One strategy. Boosting infrastructure such as Jewellery Parks, Mega CFCs and Training institutes, which promise job creation and skill development are making India more attractive to international buyers.”

The entire show floor of IIJS Signature 2023 and IGJME 2023 was spread across six halls of the Bombay Exhibition Centre (NESCO), Goregaon, Mumbai, encompassing 65,000 sq. ft. IIJS Signature accommodated more than 1,300 exhibitors displaying in 2,400+ booths. IIJS Signature had 20,000 visitors from 10,000 domestic companies attending the show. GJEPC introduced a new section for lab-grown diamonds. IGJME had 90+ companies displaying across 115+ booths.

In spite of the continuing Russia-Ukraine strife and pandemic scare, IIJS Signature saw record number of 800+ foreign visitors from 60 countries. Delegations came from 10 countries including: the U.S., Canada, United Kingdom, Malaysia, Sri Lanka, Iran, Bangladesh, Nepal, UAE, Bahrain and Russia. For the first time a delegation had come from Saudi Arabia with 18 prime buyers.

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