Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC) presented the trade with two wonderful opportunities to commence the Year’s buying season with the 11th edition of Signature IIJS and the 5th edition of India Gem & Jewellery Machinery Expo (IGJME). Mr. Arunkumar Mehta (Chairman, Rosy Blue (India) Pvt. Ltd. & B. Arunkumar & Co.) inaugurated Signature IIJS 2018 in the presence of Mr. Pramod Agarwal (Chairman, GJEPC), Mr. Colin Shah (Vice Chairman, GJEPC), Mr. Shailesh Sangani (Convener–National Exhibitions, GJEPC), Mr. Kirit Bhansali (Committee of Administration – Diamond Panel, GJEPC) and Mrs. Veena Wadkar (Executive Director – Operations, GJEPC).
SIGNATURE IIJS unveiled the most coveted premium jewellery and jump-started the new buying season from 9th – 12th February, 2018 at Bombay Exhibition Centre. The event hosts more than 670 exhibitors and 1,500 plus stalls and is expected to attract 16,000 visitors from pan India and more than 55 countries. Buyer delegations are from countries such as Kuwait, Qatar, Bangladesh, Nepal, the UK, Bahrain, Iran, Uzbekistan, Kenya, Malaysia, UAE, Saudi Arabia, Sri Lanka & Singapore amongst others.
Addressing the inaugural session, Mr. Pramod Agarwal, Chairman, GJEPC, said, “We are proud and privileged to have a father figure and an institution – Shri Arunkumar Mehta to inaugurate the 11th Signature IIJS and 5th IGJME to set the tone for a very significant buying season and reaffirm our leadership. We met Hon. Union Minister Mr. Suresh Prabhu and his officials, who showed keen interest in taking measures such as Jewellery Parks, Common Facility Centres, promotion of jewellery, especially hand made jewellery. The Council will soon present a plan to make India a global manufacturing hub for the gem & jewellery business.” He added, “We appreciate the recent Government’s initiatives such as reducing GST on cut & polished diamonds and precious stones from 3% to 0.25%; reducing corporate tax from 30% to 25% on companies having turnover of up to Rs. 250 crore; and Government’s move to contribute 12% to Employee Provident Fund (EPF) in wages of new employment for three years in all sectors.”
Mr. Agarwal added, “GJEPC has been proposing the world diamond industry for generic promotion of diamonds continuously in the last few years and this has seen an effective solution in the form of Diamond Producers Association’s recent campaign, which will help create a strong top of mind recall value for diamonds in the luxury segment. The points raised in the last India Gold & Jewellery Summit on comprehensive Gold Policy, Gold Exchange and reframing of the gold monetization scheme has been announced in the Union Budget. GJEPC has the view that import duty on precious metal should be reduced and we have recommended the same to the Government.”
“We have requested the Government to roll back the recent increase in import duty on cut & polished diamonds and colored gemstones. Our efforts on presumptive tax for diamonds and colored gemstones will continue. GJEPC has requested Government to allow exporters for procurement of precious metals on bond instead of advance payment of GST,” Mr. Agarwal said.
“We have requested Government to review FTAs with countries for giving level playing field to Indian industry and sign new trade agreements with countries such as the US, Canada & Russia amongst others where our exports can grow. Coundil will work on making our exhibitions world-class. We have to upgrade our manufacturing continuously to keep up with technological development to maintain our leadership position in diamonds and colored gemstones. We have to promote Brand India by focusing on increasing value addition of the sector,” Mr. Agarwal said.
“GJEPC will promote costume and fashion jewellery, which has great potential due to its cheap raw material and higher value addition,” he said.
Mr. Agarwal added, “GJEPC is setting up Common Facility Centres in 13 identified clusters of the gem and jewellery in India with Government Grant. This will increase productivity and quality of small and medium players and kaarighars who are the backbone of our industry. The Government is willing to give grant for more CFCs in future. GJEPC will start a helpdesk, where members can seek guidance for increasing their exports. The infrastructure of the laboratories of GJEPC will be strengthened and we will make their certificates at par with the best international ones. We have gem and jewellery institutes in Mumbai, Delhi, Jaipur and Surat; we recently inaugurated IIGJ Varanasi and the Council will soon open another one in Udipi. We shall be doing Buyer-Seller meets in overseas markets for all gem & jewellery products.”
Mr. Arunkumar Mehta, Chairman, Rosy Blue (India) Pvt. Ltd. & B. Arunkumar & Co. said, “I am honoured to inaugurate the 11th Signature IIJS and I remember my days as the young member of the diamond panel in the 1960s when the Council was formed. India’s gem & jewellery business made a lot of progress and growth in the 50 golden years from 1960-to-2010. We have seen challenges emerging in the last decade due to lack of a global diamond promotion campaign. If a product is not promoted and rough production increases then every player in the value chain pipeline are squeezed. GJEPC has to help attract young talent to the gem and jewellery sector as well more trade constituents to world-class infrastructure such as Bharat Diamond Bourse, Mumbai.”
Mr. Colin Shah, Vice Chairman, GJEPC, said, “Signature IIJS 2018 is important as the tides are slowly but surely changing and I foresee better times ahead for the gem & jewellery industry. GJEPC continuously fosters a holistic environment to conduct business by organizing buyer-seller meets and dedicated diamond weeks. Trade shows such as IIJS and IGJME facilitate growth at every stage of the pipeline. GJEPC is leaving no stone unturned to ensure that the gem & jewellery industry continues to thrive and prosper.”
Mr. Shailesh Sangani, Convener–National Exhibitions, GJEPC, said, “Signature IIJS and IGJME achieve the dual goal of presenting India’s finest jewellery creations to the world as well as providing Indians and international visitors with a comprehensive showcase of all the latest updates in technology and machinery. We need to continue to stay relevant in the luxury world with high quality designer jewellery and finishes. The gem & jewellery industry is regaining traction after GST regime has ushered in a new era and increased demand. The number of booths at 11th Signature IIJS has increased by 200 nos to accommodate the waiting list of new sellers. New features have been added to this show, which is the perfect opportunity for retailers to replenish inventory for the coming buying and festive season. GJEPC is facilitating guidance in various avenues of growth.”
Signature IIJS provides a perfect platform for the country’s leading manufacturers and retailers to facilitate an exchange of market insights and knowledge, providing networking opportunities for business. In addition to that, an exclusive ‘By Invitation Only’ Networking Evening has been organised for exhibitors and buyers to further explore business opportunities and strengthen existing business ties.
This year, the overseas visitor registration too has witnessed a steep increase when compared to last year indicating the growing importance of the show across the globe to source exquisite jewellery. The ‘on the spot’ registration facility is expected to increase visitor footfall significantly. The show, which features well defined sections of Diamonds, Gemstones and studded Jewellery in addition to International, this year, the Gold section will be further extended to accommodate more number of exhibitors under this category. The main highlight of the show is the Signature Club which showcases the most exquisite couture jewellery by the leading Manufacturers of the Country. Signature IIJS provides a perfect platform for the country’s leading manufacturers and retailers to facilitate an exchange of market insights and knowledge, providing networking opportunities for business. In addition to that, an exclusive ‘By Invitation Only’ Networking Evening has been organised for exhibitors and buyers to further explore business opportunities and strengthen existing business ties. For more details, logon to:www.iijs-signature.org/www.gjepc.org/igjme
Concurrently, the visitors will get to witness IGJME, Asia’s largest gem & jewellery technology fair. IGJME is a strategic initiative of GJEPC planned to help manufacturers to witness new ideas, discover innovative technical know-how and learn cutting-edge techniques in production. The revolutionary technology exhibited at the show is expected to drastically improve the quality of the products while minimizing the raw material wastage at the same time. IGJME will provide an opportunity to interact with leading suppliers of machinery, tools, components, packaging accessories and allied products from all over the globe, who will showcase cutting edge technology, such as laser machines, computerized yield planning machines, advanced bruiting lathes, diamond impregnated scaife, etc.