India International Jewelery Show: Expected business of 50000 crores, promotion of lab grown diamond
[ad_1]
Vipul Shah, Chairman, GJEPC said, “It is the second largest jewelery show in the world. In this, we are doing everything including marketing and branding. 3500 exhibitors have gathered here. During this 39th edition, delegations from more than 65 countries will participate in it and it is expected to generate a business of 50,000 crores.
Shah told that this business has been affected by the slowdown in America, Europe and China. Apart from this, the supply of rough diamonds reduced by the ban on Russia has also affected it. Now possibilities are being explored in many new markets including Vietnam, Cambodia, Thailand, Myanmar, Bangladesh and Sri Lanka to boost exports.
USA Consul General and Council General Mike Hankey and De Beers Executive Vice President Paul Rowley were also present at the opening ceremony of the show which will run till August 8 at the Jio Convention Center and Nesco.
Promotion of Lab Grown Diamond
The show has approximately 50% gold jewelery and 50% diamond exhibitors. This time, 25-30 percent of the exhibitors in Diamonds are of Lab Grown Diamonds. Sajil Shah of Lab Grown Diamond Maitri says, “Today, 50% of the diamond market in the West is covered by lab grown diamonds. As of now, diamond customers in India are less price sensitive, more religious sensitive. That’s why growth is slow.
Export improvement soon
According to Shah, the global geo-political situation affected exports in the last financial year. Exports are now expected to improve in the second half of this year following festive demand in the US and Europe. The Chinese market is also improving. This will also give a boost to exports. The council is hosting the Hong Kong show as well as the India show in September.
GJC will organize India Jewelery Shopping Festival
The All India Gems and Jewelery Domestic Council (GJC) announced the India Jewelery Shopping Festival on Thursday. It will be held from October 12 to November 17 in 300 cities across the country. 5000 jewelers will take part in it. In the B2C segment, 40 kg gold, gold coins with jewelery worth Rs 3 crore and many other gifts will be given as prizes.
GJC President Sanyam Mehra said that the festival is being organized to connect the youth with gold and to bring small retailers on a single platform with the elders. Director Dinesh Jain said that an increase of 35% in sales is expected during the festival. Convenor Manoj Jha said that it is expected to bring foreign currency of 3000 crores.
Vipul Shah
[ad_2]
Source link
