At a time when the Indian economy has got slowdown signals, with the Reserve Bank of India (RBI) raising interest rates frequently in the last three months, the country’s gold and diamond jewellery retailers are preparing to attract customers with their latest innovations. at the five-day India International Jewellery Show (IIJS).
Scheduled to be held from tomorrow to Monday at the NSE ground here, the show is fully booked, with 1,600 stalls in eight international pavilions. The most surprising thing is the demand of extra space from existing customers and waiting list of 200 exhibitors, says Rajiv Jain, chairman of the Gems & Jewellery Export Promotion Council, organiser of the event.
Jewellers have started preparations to showcase their innovations in the event. For example, India's leading branded jewellery manufacturer, Gitanjali Gems, is planning to introduce four new brands to add to its existing 20 brands of jewellery on the occasion. The company expects Rs 800-crore to Rs 1,000-crore orders from the show.
“The new brands are going to fill the gap created by the exit of many players over the past two years,” said Mehul Choksi, chairman of Gitanjali Gems, the producer and retailer of India's leading brands such as Nakshatra, Gili, Asmi, Sangini, and D'Damas. Abhishek Gupta, head (corporate strategy), Gitanjali Group, says: “The new brands are different in design, cuts, target audience and markets from the existing ones from our group.” Similarly, Silver Emporium, a Mumbai-based silverware and jewellery manufacturer, has designed a BIS-hallmarked silver fountain with 35 kg of weight, the biggest artifact by any jeweller in India.
The company, which processes 10 tonnes of silver annually and plans to double this by next year, has also designed a 40-kg silver cow, besides many such expensive silver articles. Silver Emporium mainly targets upper-end customers. Rahul Mehta, managing director, Silver Emporium, says: "The annual event — IIJS — offers a good platform to tap opportunities in the domestic and international space. We have designed our products with 100 per cent buyback guarantee, along with price appreciation.” Last year, this show saw business worth Rs 4,000 crore. This year, the figure is estimated to double, especially with Indian consumers’ rising interest in gold and diamond jewellery items.