Jeweller - April 2020

Addressing the inaugural session, GJEPC
chairman Pramod Kumar Agrawal said,
“IIJS Signature is now seen as an integral
part of Indian jewellers’ business cycle.
“Participants at each stage of the supply
chain – from raw material suppliers to
manufacturers, designers, wholesalers and
retailers – are growing and consolidating
their business.”
GJEPC is an organisation established in
1966 by the Indian Ministry of Commerce
and Industry with the aim to promote the
gem and jewellery industry and its products.
It regularly lobbies the government for
improvements in trade and exports
represents almost 7,000 exporters.
“We have been pursuing our government
constantly with a few concerns which
require immediate attention, like reduction
in import duty from 12.5 per cent to 4 per
cent on precious metals such as gold,
silver and platinum; reduction of import
duty on cut and polished diamonds and
gemstones from 7.5 per cent to 2.5 per
cent; and the amendment in taxation
laws enabling sale of rough diamonds
in Mumbai,” Agrawal said.
He believes these issues are critical
in creating a “level playing field” for
Indian businesses in the international
jewellery trade.
Evolving India’s trade shows
Agrawal announced the April Jaipur gem
show at IIJS Signature, however the GJPEC
recently advised the industry it will now take
place in July due to coronavirus concerns.
Elaborating on the reasons for the change,
the GJEPC said, “There are serious
concerns globally pertaining to the outbreak
of respiratory illness caused by coronavirus
adversely affecting everyone’s travel plans.”
It added that “considering the concerns and
sensitivities of the countries impacted, the
health and safety of exhibitors and visitors,
after much deliberation with buyers and
other stake holders” there was “no option
but to reschedule the IGJS show to the new
dates of 18–20 July 2020”.
In a message sent to all participants, GJEPC
noted that the exclusive export-oriented
show was targeted towards international
visitors and it had received a “fabulous
response from both exhibitors as well as
buyers” with 600 buyer companies from
56 countries having pre-registered.
Jaipur is the historic ‘Pink City’ and
capital of Rajasthan.
While Thailand and Sri Lanka are known
for ruby and sapphire cutting, treatment,
and trading – and Surat, India, is the centre
for diamond cutting and diamond jewellery
manufacturing – Jaipur has a reputation as
a centre for cutting, trading, and creating
jewellery with a wide variety of coloured
gemstones, particularly emeralds.
Its gemstone cutting and manufacturing
businesses employ thousands of artisans
with modern production facilities and
techniques.
The importance of this market is best
illustrated by the announcement late last
year of the plan to establish a Gem Bourse
in Jaipur. Said to be the first of its kind in
the world, and set up exclusively for
gemstones, it will house all trading activities
in one secure environment, catering to the
needs of local and international buyers.
The Bourse is envisioned to include 2,000
offices of gemstone manufacturers and
traders, brokers’ chambers, a trading hall,
customs clearance centre, exhibition hall
and display shops.
Other industry services such as banks,
insurance company offices, clearing
and forwarding agent offices, testing
laboratories and an export facilitation
centre are expected to locate within the
Bourse area.
While the postponement of the Jaipur show
could be viewed as a blow, it may work to
the GJPEC’s advantage, allowing more time
to promote it to international exhibitors.
In addition, the success of the recent
Signature show has added momentum
to the Indian industry.
After the event Agrawal, said, “Despite
business and environment headwinds,
India’s gem and jewellery exhibitors
participated wholeheartedly with energy
and enthusiasm.
“We witnessed an influx of international
buyers who are looking for alternatives
considering the emerging international
trade equations and China’s current
situation [relating to COVID-19].”
The gem-and-jewellery industry is a vital
sector of India’s economy, accounting for
7 per cent of gross domestic product.
Exports of gems and jewellery exceed
2019 Guinness
Record Breaker
‘Lotus Temple in Delhi’
7,777 set diamonds
Lakshikaa Jewels
2015 Guinness
Record Breaker
‘Peacock Ring’
3,827 set diamonds
Savio Jewellery
IIJS Signature
is now seen
as an integral
part of Indian
jewellers’
business cycle.
Participants
at each stage
of the supply
chain are
growing and
consolidating
their business
Pramod Agrawal
GJEPC
$US40 billion a year, with an official target
to achieve a lofty $US75 billion by 2025.
The Signature show also hosted a number
of concurrent events and seminars
including the Business Knowledge Forum
in association with EconomicTimes.com.
Speakers covered the importance of
modern-day information technology
and tools such as robotics, artificial
intelligence and digital marketing.
The Craft Pavilion promoted three
traditional Indian jewellery crafts:
temple, bidri and filigree.
The aim is to preserve the knowledge
of these crafts, as the skills are largely
passed down through the generations
by word of mouth or through practice.
Meanwhile, the Jewellery Start-Up Zone
allowed exhibitors to interact with B2B
buyers from across India.
A brighter future
The GJEPC is an extremely active
organisation and while its latest initiatives
– the new Jaipur Show and Gem Bourse –
are a demonstration of India’s recognition
of the importance of the gem and jewellery
industry, it has another large project
underway.
Last year it announced a new India Jewellery
Park, a 21-acre integrated industrial park
in Mumbai comprising manufacturing
units, commercial areas, and residences for
industrial workers and commercial support
services. It will be substantially different to
the Bharat Diamond Bourse (BDB) or any
other export processing zones.
It is expected that, when complete, more
than 4,000 jewellery businesses and
services companies will be located there.
The Indian jewellery sector is an engine for
employment and continues to develop both
in terms of technology and ambition. Despite
the challenges that 2020 has brought to
the international trade, the Signature show
– and the GJEPC’s upcoming initiatives –
reveal the true potential waiting to be tapped
in the coming years.
Coleby Nicholson attended IIJS Signature
courtesy of GJEPC. Upcoming events
include International Gem & Jewellery
Show in Jaipur from 18–20 July and IIJS
Premiere from 6–10 August 2020.
April 2020 | 29