IIJS Signature opens in Mumbai

by eyetee | January 16, 2012 1:43 pm

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Healthy demand for coloured gemstone and diamond jewellery is helping to offset a decrease in the purchase of gold jewellery in India.

That’s the message from Gem and Jewellery Export Promotion Council (GJEPC) chair Rajiv Jain as he welcomed the industry to the opening of India International Jewellery Show (IIJS) Signature 2012 in Mumbai.

“The recent spurt in gold prices has given rise to speculation and increase in the sale of gold as bullion for investment amongst consumers, which is not a good sign for jewellery, as the consumers cutting down their traditional purchases of jewellery to purchase bullion does not help our sector and results in job losses of the jewellery artisans down the line,” he added.

More than double the size of previous years, the show is designed to present the best in Indian design, craftsmanship, and quality, gathering more than 10,000 visitors and 450 exhibitors.

Diamond Trading Company (DTC) chief executive officer (CEO) Varda Shine helped inaugurate the show.

“[Signature] shows us, supports the idea, and also gives us insights into the signature of Indian society, as it currently is: innovative, exciting, and confident,” Shine said. “Alongside the innovation and creative nature, there is also appreciation for the legacy of diamonds in this beautiful country.”

Jain said the economic slowdown in India and China is taking its toll on the jewellery industry, pointing out consumer income levels are not growing.

“The future growth of the jewellery sector will depend upon how we can target the entire segment and get the purchase from the noveau rich consumers of India and China,” he added.

According to IDEX Online, the show closed on an optimistic note, as the wedding season is helping to boost sales of manufactured goods. Sales of loose diamonds, on the other hand, were slower than expected.

Source URL: https://www.jewellerybusiness.com/news/iijs-signature-opens-in-mumbai/