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Designer Jewelry Popular at IIJS 2014

Market demand centered on exclusive designs rather than mass production sets.
Jul 21, 2014 8:43 AM   By Zainab Morbiwala
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RAPAPORT... Exhibitors observed less foot traffic for the first two days of the India International Jewellery Show (IIJS); however, as is often the case, traffic picked up somewhat on the third day. "That has always been a trend, whereas on weekends a majority of the retailers come down since they are busy with their stores on weekdays," an exhibitor stated.

As for jewelry orders during the show, exhibitors were busy fielding client inquiries on the third day. According to another exhibitor, "We have been keeping busy responding to queries and having meetings. How much of this shall convert into actual business can be confirmed only after the show when these visitors go through all the information they have collected and then narrow down on their choice of business partners."

A prominent diamond jewelry player said,  "I feel the crowd this year is less as compared with last year, but then we have managed to meet with all the retailers who we invited. So I am definitely not complaining."

Designer jewelry appeared to be of strong interest to buyers at IIJS, which is a clear indication that market demand is centered on exclusive designs rather than mass production sets. One visitor noted,  “I have come here to attend the show specifically to find out the new trends in bangles. There is a huge demand for bangles and chains in India almost throughout the year and I am sure my industry colleagues will agree that bangles are one of the most sold items at these shows.”

This year, show organizers created a full-service business center that was equipped with computers, Internet access, meeting rooms and other services all of which were available for a fee. Pankaj Parekh, the vice chairman of IIJS's show host the Gems & Jewellery Export Promotion Council (GJEPC), said,  “Due to the various challenges that the industry has been grappling through – the import duty on gold, the issue of synthetic and natural diamonds, prices of rough, etc. -- the expectations from the show were a bit less this season but then the show has managed to meet with the expectations and has in fact the smile that you see on the exhibitors list is broader. This talks about the success of the show, doesn’t it?”

On the sidelines of IIJS, the GJEPC unveiled new  initiatives to help the industry, such as a diamond buyer and seller meet in New York for August 11 to 14 and the Indian Gems and Jewellery Machinery Expo (IGJME), which is expected to be bigger and better than last year and be held in Surat, although plans are in place to rotate locations each year.

Seminars during IIJS included one titled "China: The Future Global Luxury Jewellery Destination," by Sandeep Barasia, a partner at Bain & Company, which drew strong interest. The seminar expressed how China was fast becoming a global luxury consuming nation and it would prove to be a "cardinal sin" if India's exporters ignored China. He also shared that, while the U.S. and Europe account for the largest demand for luxury goods, China has emerged as a key player accounting for 29 percent of the global demand for luxury goods, followed by the U.S. at 22 percent and  Europe with 21 percent.

Parekh said, “We received a house-full for all the seminars we held. To take care of the space constraint and avoid having non-serious participation, the attendance is charged either on the basis of per seminar or a block ticket that was issued for those who want to attend all the seminars.”

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Tags: IIJS, India, jewellery show, retailers, trends, Zainab Morbiwala
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