Fashion Jewellery makes India a wedding destination for world: Goyal
FinTech BizNews Service
Mumbai, January 4, 2024: Union Minister Piyush Goyal inaugurated the New Year’s first and largest-ever India International Jewellery Trade Show --- IIJS Signature Gem & Jewellery Trade organised by the country’s apex trade body, the Gem & Jewellery Export Promotion Council (GJEPC). The 16th edition of GJEPC's IIJS Signature will witness 30,000+ visitors (including international buyers) from 800 Indian cities and 60 countries. The show boasts of 1,500+ exhibitors occupying 3,000+ stalls across a sprawling 1.25 lakh sq. mt. of exhibition area.
For the first time ever, the New Year’s first top-of-the-line design centric jewellery trade show along with the India Gem & Jewellery Machinery Expo (IGJME) is being held at two venues in Mumbai: JIO World Convention Centre, BKC (4-7 January) & Bombay Exhibition Centre, NESCO, Goregaon (5-8 January). This expansion aims to offer exhibitors and visitors more space, fostering a relaxed environment conducive to productive business interactions.
Gracing the momentous occasion along with Chief Guest Shri Piyush Goyal were Shri Joy Alukkas (Chairperson, Joyalukkas); Shri Vipul Shah, Chairman, GJEPC; Shri Kirit Bhansali (Vice Chairman, GJEPC); Rajesh Kumar Mishra, IRS Zonal Development Commissioner, SEEPZ-SEZ; Shri Anoop Mehta, President, GJEPC; Shri Nirav Bhansali (Convener, National Exhibitions, GJEPC); Shri Sabyasachi Ray (ED, GJEPC), along with others.
Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution & Textiles, Govt. of India, said, “Under Prime Minister Narendra Modi’s guidance India can become the global epicentre of the gem & jewellery industry with a holistic ecosystem encompassing all diverse constituents and elements. Massive investments are being made to create a world-class infrastructure including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai with most modern machinery and equipment. The infrastructure impetus can empower MSMEs in the gem & jewellery industry to build global competitiveness and expand their business in a very modern and efficient environment. After the success in Dubai post the India-UAE CEPA, we are planning to open a new India Exposition Centere in Hong Kong to gradually spread our wings to capture world markets across borders. Jewellery design should become our next big export. Our young, talented and skilled workforce and help us merge fashion and jewellery into an unbeatable & desirable combination. The emphasis has to be on making India the design destination of the world for fashion and jewellery. The fashion+jewellery combination can make India a coveted and preferred wedding destination for the world. The Surat Diamond Bourse has already become a benchmark globally and this competitive spirit that will take Indian industry to greater heights. India has the potential to become the world’s largest gem jeweller, proficient lab grown diamond maker, impeccable design centre and technologically advanced machinery manufacturer all under one platform. It’s time we embark on the journey to realise our true potential and show our prowess to the world.”
Shri Vipul Shah, Chairman, GJEPC, said, "India is today a powerhouse of jewellery manufacturing and the domestic gem & jewellery market, which is currently valued at USD 44 billion will grow to USD 134 billion by the year 2030 with CAGR of 17.35%. The Indian gem & jewellery industry shares our beloved Prime Minister’s dream of becoming a USD 5 trillion economy by 2030 and a first world nation by 2047. To take part in that Sankalp to be “Viksit Bharat”, GJEPC on behalf of the gem & jewellery sector recently submitted the work plan to the Ministry of Commerce to touch USD 75 billion exports by the year 2030 and USD 100 billion by 2047."
“Union Minister Shri Piyush Goyal, following the success of the India-UAE CEPA bilateral trade agreement, the gem & jewellery sector is looking forward to trade agreements with GCC, the UK, EU and Canada to happen soon under your leadership. And we will grow India's share in world exports of gems & jewellery from 4.6% to more than 10% by 2030," added Shah.
Shah said, “Building world-class infrastructure in the gem & jewellery business will entail an investment of more than Rs. Two Lakh crore within the next five years. As an industry, we are doing our bit in nation building and creating national assets. We are investing heavily in infrastructure through finance from trade members only, be it commissioning the largest diamond bourses in the world like Bharat Diamond Bourse at Mumbai and now Surat Diamond Bourse in Surat or recently announced Gem Bourse in Jaipur or the largest Jewellery Park in the world, the India Jewellery Park, Mumbai. Govt. is also investing to create mega Common Facility Centre (CFC) at SEEPZ and NEST 1 and NEST 2 restructuring of SEEPZ. The IIBX at Gift City is another such endeavour which is bringing landmark changes in the industry. Thank you Hon. Minister for your active involvement in all of these facilities, which will help bring back the Indian G&J businessmen back from foreign destinations of Belgium, UAE, Thailand, USA and other countries.”
Mr. Joy Alukkas, Chairperson, Joyalukkas Group, said, "We should be very proud the way India is progressing as one of the top economies in the world. Thanks to the very efficient leadership of our country. Honourable Union Minister Shri Piyush Goyal is doing everything for our gem & jewellery trade. The initiatives of GJEPC is also worth mentioning and commendable. Over a period of time the IIJS Signature has become a significant jewellery exhibition in the world. I am very optimistic about the future of our industry and I feel very proud to be a part of this."
Shri Nirav Bhansali, Convener-National Exhibitions, GJEPC, said, " As the first show of the year, IIJS Signature plays a crucial role in gauging demand from both domestic and global buyers. It also offers vital insights into the trends in different markets as per the buying behaviours. These insights, particularly at the year's outset, prove invaluable for manufacturers. The dual-venue expansion is intended to provide exhibitors and visitors with additional space, creating a conducive and spacious atmosphere for productive business interactions.”
The IIJS Signature show alone is set to enable a staggering Rs. 35,000 crore worth of business. When considering the collective impact of all three IIJS shows, the total business generated will amount to an impressive Rs. 1.25 lakh crore. This establishes the IIJS as a truly unparalleled platform within the global gems and jewellery industry, added Bhansali.
IIJS Signature is strategically positioned in the beginning of the year. Following a phenomenal festive season that witnessed double-digit sales growth for retailers, this platform gives buyers to stock up inventory for the weeding and festivities placed in the first half of the year.”
GJEPC has successfully enlisted the IIJS Signature 2024 Exhibition under the “Procurement and Marketing Support” scheme of the Ministry of MSME. The scheme provides financial assistance to micro and small enterprises for participating in domestic and international trade fairs and exhibitions. As a result, the eligible exhibitors can now avail themselves of a grant of ?1.50 lakh each, which will help them cover costs and enhance their visibility and competitiveness in the global market.
Along with IIJS Signature, the India Gem and Jewellery Machinery Expo (IGJME 2024) is held simultaneously at BEC, featuring over 100 companies and 150+ stalls. This edition promises an enhanced experience, presenting a wider array of compelling business opportunities.
Additionally, GJEPC has introduced a dedicated section for luxury connoisseurs and couture jewellery buyers called “The Select CLUB” at IIJS Signature 2024 in the Jio World Convention Centre. This exclusive section allows Couture jewellery manufacturers to showcase their extensive collection of high-end, exclusive jewellery designs to a curated audience.
The Select CLUB’ for Couture Jewellery manufacturers at IIJS Signature 2024, aims to bring forth a unique blend of traditional craftsmanship and contemporary designs that will resonate with the discerning taste of patrons at the luxurious JWCC venue. ‘The Select CLUB’ at IIJS Signature 2024 is poised to empower Couture jewellery manufacturers, providing a platform to showcase their diverse array of exclusive high-end jewellery designs to our discerning audience."
This IIJS Signature edition brings not just a showcase of the latest trends and innovations but also a forum for knowledge exchange. Innov8 Talks, seminars designed to inspire and educate, and the networking evenings foster connections that go beyond business transactions.
Salient Features that Define IIJS Signature 2024:
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Concurrent Show: (IGJME 2024)
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