36th India International Jewellery Show 2019 Opens in Mumbai

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The 36th edition of the prestigious India International Jewellery Show (IIJS Premiere) was inaugurated this morning in Mumbai by Chief Guest, Hon’ble Minister of School Education, Sports & Youth Welfare, Government of Maharashtra, Shri Ashish Shelar along with the Guests of Honour Mr. Paul Rowley, Executive Vice President, Diamond Trading & Distribution, De Beers Group; and Mr. Evgeny Agureev, Director, United Selling Organisation, Alrosa.

Also present on the dais were Pramod Kumar Agrawal, Chairman, GJEPC; Colin Shah, Vice Chairman, GJEPC; Mansukh Kothari, Convener, National Exhibitions, GJEPC; Kirit Bhansali, Co-Convener, National Exhibitions & member, CoA, GJEPC) and Sabyasachi Ray, ED, GJEPC.

The show is now larger than ever before, with 1,300+ exhibitors, 2,500+ booths spread over 65,000 sq m and 40,000 global buyers from 800 cities and 80 countries.

Welcoming the guests and the exhibitors, Agrawal said, “The GJEPC has set a target of achieving exports of US$ 75 billion and creating an additional 2 million jobs by 2025. The main emphasis will be to promote small and medium jewellery companies and help them enter the export market and to increase value addition. The IIJS is one of the many initiatives taken by the Council towards this aim.”

Agrawal expressed thanks to the Hon’ble Minister of Commerce & Industry, Shri Piyush Goyal and his team for their support to the industry in multiple ways including the recent clarification on the non-applicability of IGST to reimport of goods after international exhibitions. He also welcomed the introduction of a separate 8-Digit HS Code for Lab-grown/ Synthetic Diamonds, making India one of the early adopters of distinct HS Codes for both rough and polished synthetic diamonds. “This is a consumer-friendly and trade-friendly initiative that enhances the ease of doing business.”

Calling on the industry to adapt to the changing world scenario, Agrawal said, “With the US putting a 10% duty on Chinese imports of gem & jewellery, India has an opportunity to increase its market share in the world’s largest diamond jewellery market.”

He added that the ongoing trade negotiations with the Eastern world, with the imminent signing of bilateral and multilateral trade agreements with RCEP, which accounts for about 1/3rd of world trade, provides another opportunity that could be tapped.

In this context, he urged the government to fast track implementation of the recent recommendations of an official relating to SEZ polices, which would help jewellery exporters in SEEPZ in Mumbai, Sitapura in Jaipur, Noida in Delhi, Surat in Gujarat, etc, which are the main hubs for gem and jewellery exports.

Shri Ashish Shelar said, “Maharashtra has always supported industry and enterprise and we have extended our support to the gem & jewellery business too. At the central level, the Prime Minister and the Commerce Minister are planning for the industry. The Jewellery Park in Navi Mumbai is one of these steps.”

Stating that the project is expected to attract investments of around Rs. 14,000 crore and create 1 lakh jobs, the Minister added, “Maharashtra will be at the forefront of giving requisite infrastructure and benefits to MSME jewellery manufacturers and exporters who are looking to invest more in their facilities and factories.”

He also congratulated the Council for “investing for the welfare of gem & jewellery sector workers in terms of Mediclaim and subsidized health insurance plans.”

Congratulating the organisers of the show, Paul Rowley, said, “In the face of external and internal challenges facing the global gem & jewellery business, we are inspired by the energy, enthusiasm, enterprise and entrepreneurial spirit displayed by Indian gem & jewellery exporters. The present challenges are not intrinsic to our industry but a result of larger macro-economic forces. India is the pulse and the heartbeat of the global g&j trade. Within a few years, two thirds of the millennial population of the world will be in India.”

He also announced that De Beers was investing both in short term marketing (adding US$ 10 million to its existing budget of US$ 175 million) and in long term projects to develop new sources of diamonds (US$ 10 billion over the coming decade). “We shall work collectively and in collaboration with the Council to tap various opportunities and enhance demand.”

In a similar tone, Evgeny Agureev said that the IIJS was especially important for the industry which was currently facing a serious and difficult situation. While the miners were adjusting rough supply to the market keeping this reality in mind, external factors such as the US-China trade war were also impacting the industry.

He however, reassured the gathering that this “was not the first crisis the industry had faced” and that if all players acted responsibly keeping the long-term, larger picture in mind, it could also be overcome.

Mansukh Kothari proposed the Vote of Thanks.

New Source : gjepc.org

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Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.

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