INTERNATIONAL FAIR
INTERNATIONAL FAIR
A brave stance when it matters most The economic slowdown has prompted entire industries to be extra cautious and almost withdraw from traditional activities, fearing meltdown. For the Indian Gem and Jewellery Export Promotions Council (GJEPC), however, this is not the case: aggressive marketing is still vital. This was witnessed by Rui Victor Chirindja at IIJS Signature 2009. The second edition of IIJS Signature was held in Goa in February and lived up to its promise of showcasing some of the finest Indian jewellery whilst positioning India as a preferred sourcing hub. Held at the tourism capital of India, the Fair comprised an exhibition of exquisitely crafted jewellery, discussions with trade delegations from 10 countries and presentations to educate the local industry. This year saw 72 of some of India’s most illustrious professionals exhibiting at the By Invitation Only Show and close to 1 000 serious buyers coming through the halls, the majority being domestic but a sizeable portion coming from abroad. The attendance of the international visitors was, in part, owing to the location which exudes a multicultural and contemporary feel that makes it a tourist hot spot. Located at the confluence of the Mandovi River and the Arabian
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Sea, the venue has scenic surroundings and is easily accessible by road and via its own riverside jetty. The essence of the coastal town has helped the organisers achieve what has now become an underlying motto of the show, mixing business with pleasure. They have again confirmed that the next edition of IIJS Signature will be held at the Kala Academy, regardless of economic conditions. Bedecked in hues of orange and pink, the ambience at the venue was vibrant and lively. The jewellery on display was impressive, from culturally-inspired pieces to those that are guaranteed to catch the eye of the Western consumer. All showed a superior level of craftsmanship and a wide selection in materials. The Indian heritage was highly evident: impressive, oversized necklaces and earrings with coloured stones set on white or yellow gold in intricate designs, priced
from $US20 000 upwards. These are obviously more appropriate for special occasions rather than everyday use. While the use of white gold and diamonds is still dominant, coloured gemstones are being used to bring life to a design that could otherwise be rather dull. Manufacturers are showing a more definite preference to semiprecious gemstones and alternative metals. This trend has been apparent worldwide for some time now and the GJEPC has released data that shows an increase of 3,29% of its coloured gemstone exports from April 2008 to January 2009.
SA JEWELLERY NEWS – APRIL 2009
The global economic downturn has definitely affected the Indian gem and jewellery industry, which registered a 2,29% decline of its total exports from April 2008 to January 2009 when compared with the previous year. The export of cut and polished diamonds for the same period declined by 2,85%. The impact was also felt by the show, as there were fewer exhibitors (down 26,5%) than last year. According to Vasan Mehta, chairman of GJEPC, there is no need to panic or lose hope over these figures. “Better products, designs, quality, innovation, creativity and leveraging of our costs will continue to enable our industry to offer more to the world,” he said. The message that came out of IIJS Signature is that Indian gem and jewellery industry is working together to find solutions to the current economic situation. Strong collaboration by the government and the Council with the private sector is paramount to the success of future developments such as further relaxation of regulations that may be hampering the industry. Speaking at the opening ceremony, Shri Digamber Kamat, Chief Minister of the Government of Goa, said, “I congratulate the GJEPC for taking the bold decision to go ahead with the exhibition despite the recession. This shows the industry’s keenness to come out of the recession.” Adding to the sentiment, Shri Pratap Singh Raoji Rane, Speaker of the Goa Legislative Assembly, said, “India’s gem and jewellery industry has a 5 000 year heritage and I am confident the industry will continue to grow from strength to strength. Consumption in India remains high, despite the recession and we all know that hard times don’t last for long. Innovative jewellers across the country will take the industry to new heights.” India’s ambitious plan to become a superpower by 2020 has further compelled its government to become more involved. “The current position of the government is welcomed by the Council. This makes it easier
SA JEWELLERY NEWS – APRIL 2009
for the Council to perform its advisory role and work with a government which is willing to listen,” said Sanjay Kothari, former chairman of GJEPC. The Council’s efforts have also been recognised by the private sector. “GJEPC is doing all it can to allow business to take place,” said Monil Metha, sales manager at Hammer Star. “It has brought buyers and sellers together at IIJS Signature, setting up the best conditions for negotiations and, ultimately, sales to take place.” Access to new markets is also a priority on the GJEPC list. Through shows such as this, GJEPC hopes to augment India’s market in countries like China, Syria, Uzbekistan, Hungary, Azerbaijan, Poland, UAE, Russia, Iran and Ukraine. Talks between India and China have resulted in a Memorandum of Understanding (MoU) and the two countries will now collaborate their resources and skills in the fields of technology, human development and goods procurement. China sees India as a country that has a competitive labour and skills advantage, particularly in the diamond beneficiation of smaller carats, whilst India acknowledges that China has more superior expertise in dealing with larger goods and technologies. The MoU makes provision for joint generic diamond promotions that will ultimately benefit the global industry. However, it does not limit the diamond sourcing options. According to Caroline Yaun, leader of the Chinese delegation and MD of the Shanghai Diamond Exchange, the MoU will not affect China from sourcing diamonds in other hubs. “We welcome every supplier,” she added, when asked if China would procure its diamonds from South Africa. Whilst SA is not a priority market for India, exhibitors showed interest in finding contacts
and possibly partnering with SA companies. However, many complained that the lack of promotion and information is affecting commerce between SA and India. The formation of IBSA, the tri-lateral development initiative between India, Brazil and SA, represents an opportunity to address this and other problems and boost trade between the countries, but it is, as yet, not clear how the gem and jewellery sector will be involved. According to Kothari, efforts are being made to find avenues to promote Indian goods to the SA market and he affirmed that raw materials have – and will – continue to be sourced from this country. In closing, IIJS Signature 2009 was an exciting event, benefiting both local members as well as the visitors. It was an amazing promotional exercise, displaying courage and a fighting spirit at a time when it matters most: when the odds are against you. Make a date to visit it next year. All pictures courtesy of Gem and Jewellery Export Promotions Council (GJEPC).
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