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Mumbai fair off to an upbeat start

9 August 2019

• IIJS 2019 opens doors to thousands of visitors • Industry stakeholders cast light on business opportunities in the Indian gem and jewellery sector


Inauguration of the 36th India International Jewellery Show in Mumbai

 

The 36th edition of the India International Jewellery Show (IIJS Premiere 2019) started on a positive note, with industry leaders reinforcing India’s relevance in the global gemstone and jewellery sector. 

The show, organised by the Gem & Jewellery Export Promotion Council (GJEPC), opened its doors to 40,000 buyers from 800 cities and 80 countries at the Bombay Exhibition Centre, Goregaon, Mumbai on August 8. 

The fair, which runs until August 12, features more than 1,300 exhibitors.

Pramod Kumar Agrawal, chairman of GJEPC, highlighted the need for India’s gem and jewellery sector to adapt to the evolving global scenario such as the US government’s decision to impose a 10 percent tariff on US$300 billion worth of Chinese imports starting September 1. With this new import duty, "India has a potential opportunity to grab a market share worth US$6 billion. India is also engaged in trade negotiations with the east,” noted Agarwal. 

India is about to sign bilateral and multilateral trade agreements under the Regional Comprehensive Economic Partnership, which controls a third of the global trade, added the GJEPC official. 

The council's main goals and projects include, among others, boosting India’s gem and jewellery exports to US$75 billion; creating two million additional jobs by 2025; promoting small jewellery exporters; providing medical insurance; and pushing infrastructure development.

GJEPC also plans to work with the Jewellers Association of Jaipur in setting up a gem bourse in Jaipur. The bourse will have more than 2,000 offices to house coloured gemstone manufacturers and traders. There will also be facilities for other service providers such as banks and customs. 

Paul Rowley, executive vice president of Diamond Trading & Distribution at De Beers, said, “India is the pulse and the heartbeat of the global gem and jewellery trade. IIJS Premiere 2019 will jumpstart the shift to a new order in the global trade. We shall work collectively and in collaboration with GJEPC to tap various opportunities and enhance demand.”