Wednesday, June 5, 2024
Advertisements

Buoyant Turnout at IIJS Premiere Heralds Prosperous Diwali and Wedding Season for Indian Jewelry Sector

Mumbai, August 7, 2023 – The grandeur of India’s largest jewelry trade show, IIJS Premiere, was witnessed as an enthusiastic throng of buyers filled the stands, setting an optimistic tone for an upcoming vibrant Diwali celebration and a bustling wedding season.

Advertisements
Advertisements

From the onset, the exhibition halls witnessed a significant surge in footfall, underscoring the robust demand for 22-karat gold jewelry, along with exquisite diamond- and gem-set pieces, within India. The nation, ranking as the world’s second-largest consumer of gold, demonstrated its insatiable appetite for these precious adornments.

Advertisements

Spanning from August 3 to 8, the event was hosted at the prestigious Jio World Convention Centre and the Bombay Exhibition Centre in Mumbai. The organizers projected a staggering business valuation of INR 500 billion ($5.9 billion) and the participation of over 42,000 registered buyers.

Eminent figures from the Indian jewelry domain spoke optimistically about the forthcoming Diwali festivities, a pivotal juncture for gold jewelry acquisitions, and the impending wedding season extending from late 2023 to early 2024.

Vipul Shah, the chairman of the Gem & Jewellery Export Promotion Council (GJEPC) and the driving force behind IIJS Premiere, confidently shared his outlook during a press briefing, stating, “We are foreseeing a promising Diwali season.” His sentiments echoed those of fellow jewelers present at the event.

C K Venkataraman, the CEO of Titan Company, the parent organization of renowned Indian jewelry brand Tanishq, envisioned India’s ascent to becoming the global epicenter of the jewelry market within the next decade. Highlighting the nation’s steady march toward prosperity, Venkataraman alluded to the cultural significance of jewelry as an intrinsic part of Indian identity, suggesting that Indian consumers dedicated a greater portion of their income to jewelry compared to other regions.

Paul Rowley, Executive Vice President of Diamond Trading at De Beers, brought to light the recent deceleration in diamond demand within the United States. This slowdown followed a surge in interest observed in 2022. Rowley shared this insight during the press briefing, reflecting the challenges faced by the US market. The US market accounts for approximately $20 billion, constituting a third of India’s gem and jewelry exports.

Chetan Kumar Mehta, Chairman and Managing Director of the prominent South Indian diamond jewelry brand Laxmi Diamonds, expressed his confidence in a robust demand for Indian jewelry during the upcoming wedding seasons. Mehta observed a heightened focus on larger jewelry pieces, particularly bridal sets, indicating a shift in consumer preferences.

Despite the elevated prices of the revered 22-karat gold, Indian buyers remained undeterred, drawn by the allure of these ornaments as a repository of value.

Anticipating opportunities beyond traditional markets, Vipul Shah elaborated on GJEPC’s aspirations to enhance exports in burgeoning regions such as Cambodia, Vietnam, and Sri Lanka. This vision was articulated during his address at the inauguration ceremony.

As IIJS Premiere continues to captivate attendees, it becomes evident that India’s enduring affection for jewelry remains undiminished, poised to set new benchmarks in the global jewelry landscape.

Advertisements
Advertisements

Related Articles

Latest Articles