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Indian Dealers Upbeat at Quiet Signature Show

The four-day gems and jewelry event begins in Mumbai.
Feb 22, 2013 7:01 AM   By Avi Krawitz, Dilipp S Nag
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RAPAPORT... Sentiment on the opening day of the Mumbai Signature show was fairly positive despite the lack ‎of visitor traffic on Friday. Diamond dealers in India maintained a positive outlook for the market as steady ‎demand and tight polished supplies helped raise expectations for improved prospects in ‎the coming weeks.‎

‎"The Indian market is strong compared with others. There is a shortage of polished goods in ‎the market as manufacturing has been low," said one exhibitor who requested anonymity. He added that rough prices have increased in the secondary market.‎

Exhibitors noted that buyers are seeking very specific types of stones with good demand for ‎dossiers, 0.30-carat to 0.50-carat, VS-SI diamonds. He added that more foreign buyers are ‎coming into the market.‎

Mitesh Gajera, the director at Laxmi Dia Jewel Private Ltd., said that the market has been positive ‎in the past two months, partly helped by the local wedding season. He noted that there is ‎good movement in the south and north India market, particularly for brown colored goods. ‎Gajera said that prices have remained stable in last few months.‎

Other exhibitors who spoke with Rapaport News agreed that sentiment has improved with ‎steady demand from both local and foreign buyers. Still, there expectations for the four-day ‎Signature show were low, particularly as visitor traffic was very light on the first day. Exhibitors ‎expect inquiries and buyer attendance will improve over the weekend.‎

‎"I am happy and greatly encouraged to note that Signature 2013 has received an ‎overwhelming response this year from across all countries," said Vipul Shah, the chairman of the ‎Gem & Jewellery Export Promotion Council (GJEPC), which organized the event. "It is indeed ‎noteworthy to see that 90 percent of the exhibitors have participated more than once over ‎the years. We look forward to see a greater quantum of business being transacted during the ‎Signature 2013."‎

GJEPC estimated that approximately $125 million (INR 6.8 billion) worth of business was ‎conducted at last years’ show with domestic exhibitors contributing 87 percent of the total. ‎About 450 exhibitors and 5,900 visitors participated in the event last year.‎

The show was inaugurated by Rita Menon, the chairperson and managing director of India Trade ‎Promotion Organisation (ITPO), along with other industry and government officials. Stephen ‎Lussier, the CEO of Forevermark Diamonds, was also present on the occasion.‎

More than 550 exhibitors are participating in the sixth edition of Signature show, with ‎delegations coming from Poland, Nepal, Turkey, Malaysia and Dubai. More than  6,000 visitors are ‎expected in the four-day business to business event for the gems and jewelry industry.‎
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Tags: Avi Krawitz, Avi Krawitz, Dilipp S Nag, diamond, Dilipp S Nag, GJEPC, India, Signature
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