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The first major trade show of the year, the 2023 IIJS Signature in India, has been hailed as a success by organisers.
The 15th edition of the IIJS Signature was attended by 20,000 people with 1,300 exhibitors occupying more than 2,5000 stalls across six halls in the Bombay Exhibition Centre in Mumbai.
The fair began on 5 January and concluded on 9 January and while it fell well short of the anticipated 32,000 visitors, the event still attracted international participants from more than 60 countries.
Despite the miscalculation event organisers Gem & Jewellery Export Promotion Council (GJEPC) has confirmed that the total value of orders booked exceeded Rs. 30,000 crore ($AU5.22 billion).
Beyond the focus on business, another highlight to draw the attention of many on-lookers was the unveiling of a Lord Ganesha golden pendant weighing 1.3 kilograms and featuring 36,000 diamonds.
GJEPC chairman Vipul Shah said the fair had many positive indicators for the year ahead.
“IIJS Signature got an encouraging response from domestic gemstone and jewellery business entrepreneurs as well as international buyers despite several global headwinds. International buyers showed keenness to source gemstones and jewellery from India after the recent successful free trade agreements with the UAE and Australia,” Shah said.
He continued: “Genuine serious buyers added to the momentum of business generation even as enthusiastic Indian jewellers presented their best-ever creations of the past two years. Overall, the sentiment is quite bullish.”
On 29 December the Australia-India Economic Cooperation and Trade Agreement came into effect, providing preferential access to Indian gemstones and jewellery exports for Australian retailers.
Australia imports plain gold jewellery, studded jewellery, and cut and polished diamonds from India. Australia exports precious metals, including gold and silver, to India.
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