MUMBAI, 4th JANUARY, 2024 (AMN): The Largest Ever 16th edition of GJEPC's IIJS Signature (India International Jewellery Show | Signature) 2024 was inaugurated by Union minister Piyush Goyal today at JIO World Convention Centre in BKC. It is expected to have over 32,000 visitors (including international buyers) from 800 Indian cities and 60 countries and over 1,500 exhibitors occupying 3,000 stalls.
Union minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector.
"We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased.
"If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports," Goyal said while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show.
The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start giving exporters credit cover.
Meanwhile, he said, India has the potential to become the global epicentre of the gem and 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," he added.
The minister also urged the industry to promote 'Wed for India', which will help India become a destination wedding centre and boost the domestic textile, gem and jewellery, tourism and hospitality sectors.
"Destination weddings in India are going to be the next big opportunity for economic value addition, particularly for the tourism, hospitality, gem and jewellery and textile sectors. I will urge all of you to market the concept 'Wed in India', which will be great for our business and domestic gold jewellery, which has grown by 20 per cent in the current year," Goyal said.
Gem Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah said India is today a powerhouse of jewellery manufacturing and the domestic gem and jewellery market, and after the India-UAE CEPA bilateral trade agreement, the sector is looking forward to trade agreements with GCC, the UK, EU and Canada.
"And we will grow India's share in world exports of gems and jewellery from 4.6 per cent to more than 10 per cent by 2030," he added.Building world-class infrastructure in the gem and jewellery business will entail an investment of more than Rs 2 Lakh crore within the next five years."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 or recently announced Gem Bourse in Jaipur or the largest Jewellery Park in the world, the India Jewellery Park, Mumbai," Shah said.
The government is also investing to create a mega Common Facility Centre (CFC) at SEEPZ, NEST 1 and NEST 2. The government's active involvement in all of these facilities will help bring back the Indian gem and jewellery businessmen from foreign destinations of Belgium, UAE, Thailand, USA and other countries," Shah added.
GJEPC Convener - National Exhibitions, Nirav Bhansali 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.
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.Ends
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