One of the world’s largest gem & jewellery B2B shows - India International Jewellery Show (IIJS) Premiere 2024 organised by India’s apex trade body, The Gem & Jewellery Export Promotion Council (GJEPC) – set a new staggering record by generating a staggering USD 12 billion of business over 6 days.
Showcasing “Brilliant Bharat” theme this year, IIJS Premiere 2024 (the 40th edition) show dates were: 8-12 August at JIO World Convention Centre, Mumbai and 9-13 August at Bombay Exhibition Centre, NESCO Goregaon, Mumbai. IIJS Premiere 2024 had a total exhibition area of 135,000 sq. mt. (1.45 million sq. ft.), which is much higher than that of the prominent comparable shows in the western world. With over 3,600 stalls and 2,100 exhibitors, IIJS Premiere attracted over 50,000 buyers. There were 15 International delegations from 13+ countries including Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, United Kingdom, Uzbekistan.
Running concurrently with IIJS Premiere 2024 was IGJME Premiere, a prominent Machinery and Allied Expo held from August 9-13, 2024, at the Bombay Exhibition Centre, NESCO, Goregaon in Mumbai. This event featured over 220 companies and 320 stalls, showcasing the latest in machinery and technology. Notably, the expo included an Italy Pavilion, highlighting international participation and the global reach of the exhibition.
Mr. Piyush Goyal, Hon’ble Minister of Commerce & Industry visited IIJS Premiere at the Bombay Exhibition Centre on 10th August and had an interactive session with the trade members. Piyush Goyal announced the reintroduction of the Diamond Imprest Licence as a key policy initiative for the gem and jewellery industry.
Mr. Goyal said that the Union Budget had cut duty rates of Gold, Silver and platinum, which was hurting the vibrant gem & jewellery industry and job creation.
“India’s domestic market is resilient and growing fast to compensate for the loss in exports due to global recession. I urge gem & jewellery exporters to be positive,” he said.
Mr. Goyal further added, “Indian Government is engaging with G7 actively and several relevant Union Ministers are very much involved in negotiations. We have been having extensive discussions with EU Ministers and Commissioner. There are issues of transparency, data protection and costs. But this is the first time that India is negotiating from a position of strength with the G7.”
“We are hoping that Mumbai or Surat can have a centre similar to the one in Antwerp. We are also in talks in De Beers, Kimberley Process to segregate diamonds and trace their origins. However, there is no technical mechanism and no protocol in this regard and we are jointly working towards this,” Mr. Goyal said.
“In terms of FTAs, we follow consultative process. Many discussions are happening with developed countries and with continents. However, it is difficult to predict timeline as discussions evolve over a period of time. In the case of ECTA with Australia and CEPA FTAs with the UAE, we were able to protect all our sensitive sectors. We conclude only once we have a fair equitable and balanced approach unlike in the past,” Mr. Goyal said.
In the FTA with Australia, we got double taxation removed for Indian IT sector. In case of Europe’s EFTA (Switzerland, Iceland, Norway and Liechtenstein), they have committed to invest $100 bn in India and create 1 million jobs.
“Indian exporters need to create greater degree of value addition due to recession in developed countries. The world is not looking for high cost products or jewellery but intricate products with diligent workmanship, exquisite artistry and bespoke handmade jewellery. Discerning customers will always seek value for money,” Mr. Goyal said.
IIJS Premiere 2024 at Jio World Convention Centre was inaugurated by Hon. Governor of Maharashtra Mr. C. P. Radhakrishnan. Speaking on the occasion Governor said, “GJEPC's IIJS is one of the most prestigious B2B gem & jewellery shows in the world and the day will come when it will be the largest in the entire world. I congratulate GJEPC's most efficient team for making IIJS larger and better with each passing year. If GJEPC's member gem and jewellery exporters can sell to Indian women, then they can sell to anyone in the world. I urge GJEPC to continue to showcase and highlight Brand India across the world; and through this endeavor, take India's rich culture and heritage to the world.”
Dr. Harshdeep Kamble, IAS, Principal Secretary (Industries) Govt. of Maharashtra, who was part of the inauguration of IIJS Premiere at Bombay Exhibition center said that he will include a new bigger exhibition and convention centre as well as ‘smart Manufacturing’ in the new Industrial Policy to be announced in September 2024.
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