Can IIJS Revive Fortunes of India's G&J Sector?

India’s gem & jewellery (G&J) sector has not been progressing with a desired pace during last several years. One must have learnt the fact that it largely depends on the government’s policy which during last two years of the Narendra Modi regime has not shown the sign of support as it was expected.

Secondly, the sector’s performance is dependent on monsoon. Unfortunately, even after more than 6 decades of the its independence, India’s economy is still dependent on monsoon which has miserably failed during last two seasons. This has affected its domestic performance badly. This year the monsoon season which has just begun in June, is expected to be normal.

Thirdly, India’s G&J exports are dependent on European markets which including the US are still riling under the effect of sluggishness. (We have discussed all these issues several times in my earlier posts).

There is still one factor that affects the moods of Indian G&J sector and that is the India International Jewellery Show (IIJS). The 33rd edition of the show (4th to 8th August, 2016) is strategically placed during August every year. By that time 2/3rd of the monsoon season is over and that is the period when every stakeholder of the sector gets an idea of progress of the monsoon. If it is good, IIJS gets good response.

Immediately after monsoon is over in September, India’s festive and wedding seasons begin. Same is the case in foreign countries. So domestic as well as global retailers place their orders during IIJS in August to take advantage of the seasons. With some signs of improvements in foreign markets and forecast of good monsoon season in India, Gem & Jewellery Export Promotion Council (GJEPC), the organizer of the show expects IIJS to revive India’s fortunes to a great extent.

Over 1,200 exhibitors will showcase their high quality products to expected 35,000 visitors from 800-plus cities in India as well as overseas buyers from 80-plus countries from around the world. GJEPC has introduced some new features to the show this year. “Hall of Innovation” product gallery and a dedicated section for MSME sector are being introduced to encourage highest levels of craftsmanship and provide equal opportunities to manufacturers to become exporters.

“Hall of Innovation” is intended to empower budding designers, start-ups, women entrepreneurs, skilled goldsmiths and small entrepreneurs with an opportunity to market their skilled craftsmanship to 35,000+ trade visitors,” says Mr. Saunak Parikh, Convener of the National Exhibitions.

Mr. Praveenshankar Pandya, Chairman of GJEPC says, “An additional inclusion is the Special clusters in the form of pre-fabricated gallery wherein preference will be given to MSME sector. This initiative will be In line with the recent Govt. initiatives to boost this particular sector and with a view to introduce new micro, small and medium companies in the show and present them with a parallel business opportunity.”

Over time, we have experienced growing interest in the machinery section and therefore we have created an exclusive space for machinery at The Lalit hotel from 5th to 8th August this year. More than 120 exhibitors from India and some leading companies from China, Turkey, USA, Italy and others will take part in this edition of the show, which will be held concurrently with the IIJS,” Mr. Pandya adds.

So, the moods are ecstatic here among the stakeholders of G&J sector and they expect to ‘harvest good crop’ of business this year.

Posted by Suresh Chotai