One of the world’s largest gem and jewellery B2B exhibits, India International Jewellery Show (IIJS) Premiere 2024, organized by India’s peak trade body, The Gem and Jewellery Export Promotion Council (GJEPC), broke a new record by generating USD 12 billion in business over six days.
This year’s IIJS Premiere 2024 (40th edition) had the “Brilliant Bharat” theme and took place on August 8-12 at the JIO World Convention Centre in Mumbai and 9-13 at the Bombay Exhibition Centre, NESCO Goregaon in Mumbai. IIJS Premiere 2024 featured a total display area of 135,000 square meters (1.45 million square feet), which is significantly larger than that of renowned comparable events in the Western world. With over 3,600 stalls and 2,100 exhibitors, IIJS Premiere drew over 50,000 buyers. There were 15 international delegations from 13+ countries, including Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, the United Kingdom, and Uzbekistan.
Running concurrently with IIJS Premiere 2024 was IGJME Premiere, a prominent Machinery and Allied Expo held from August 9-13, 2024, at the Bombay Exhibition Centre, NESCO, Goregaon in Mumbai. This event featured over 220 companies and 320 stalls, showcasing the latest in machinery and technology. Notably, the expo included an Italy Pavilion, highlighting international participation and the global reach of the exhibition.
Mr. Piyush Goyal, Hon’ble Minister of Commerce and Industry, attended the IIJS Premiere at the Bombay Exhibition Centre on August 10th and participated in an interactive session with trade members. Piyush Goyal hailed the return of the Diamond Imprest Licence as a critical policy move for the gem and jewelry industry.
Mr. Goyal stated that the Union Budget had reduced duty rates on gold, silver, and platinum, which was harming the booming gem and jewellery industry and employment development.
“India’s domestic market is resilient and expanding rapidly to compensate for the loss of exports due to the global recession. “I urge gem and jewellery exporters to be optimistic,” he stated.
Mr. Goyal went on to say, “The Indian government is actively engaging with the G7, and several relevant Union Ministers are heavily involved in negotiations.” We have had extensive discussions with EU ministers and commissioners. There are concerns about openness, data privacy, and expenses. However, this is the first time India has negotiated from a position of strength with the G7.
“We are hoping that Mumbai or Surat will have a center similar to the one in Antwerp.” We are also in talks with De Beers and the Kimberley Process to sort diamonds and trace their origin. However, there is no technical mechanism or procedure in place for this, and we are working together to develop one,” Mr. Goyal explained.
“In terms of FTAs, we use a consultative procedure. Many discussions are taking place with developed countries and continents. However, predicting the timing is challenging because debates evolve over time. We were able to secure all of our sensitive sectors through ECTA agreements with Australia and CEPA FTAs with the UAE. We will conclude only once we have a fair, equal, and balanced approach, unlike in the past,” Mr. Goyal stated.
In the FTA with Australia, we eliminated double taxation for the Indian IT sector. The European Free Trade Association (EFTA) (Switzerland, Iceland, Norway, and Liechtenstein) has pledged to investing $100 billion in India and creating one million employment.
“Due to the recession in developed countries, Indian exporters must increase their value-added activities. The world is not searching for expensive things or jewelry, but rather sophisticated products with meticulous workmanship, excellent artistry, and bespoke handmade jewellery. “Discerning customers will always seek value for money,” Mr. Goyal stated.
Mr. C. P. Radhakrishnan, the Hon. Governor of Maharashtra, launched IIJS Premiere 2024 at the Jio World Convention Centre. Speaking at the event, Governor remarked, “GJEPC‘s IIJS is one of the most prestigious B2B gem and jewellery events in the world, and one day it will be the largest in the world. I commend GJEPC‘s most efficient team for expanding and improving IIJS with each passing year. If GJEPC‘s member gem and jewellery exporters can sell to Indian women, they can sell to everyone on the planet. I encourage GJEPC to continue showcasing and highlighting Brand India around the world, and through this endeavor, to bring India’s rich culture and legacy to the world.”
Dr. Harshdeep Kamble, IAS, Principal Secretary (Industries), Government of Maharashtra, who attended the IIJS Premiere at the Bombay Exhibition Centre, stated that he will include a new larger exhibition and convention centre, as well as’smart manufacturing’, in the new Industrial Policy, which will be announced in September 2024.
Mr. Vipul Shah, Chairman of GJEPC, stated, “IIJS Premiere 2024 was a huge success, earning more than USD 12 billion in revenue for our exhibitors. The show presented a stunning array of products that showcased the genius of design and clearly reflected the move toward catering to millennials and Generation Z. This year’s event set new standards for innovation and originality, bringing together the best talent in the industry.”
“With 2,000 foreign customers and 15 international delegations from over 13 countries, IIJS Premiere 2024 played an important role in increasing exports and growing our global reach. The presence of these international participants emphasizes the significance of IIJS as a leading platform for engaging with global markets and expanding trade prospects.”
“The enormous reaction from buyers and the passion of exhibitors reaffirms our determination to become IIJS the preeminent venue for the gem and jewellery sector. I want to thank everyone who helped make the show such a success. Together, we will continue to propel the industry ahead, setting new benchmarks for excellence and reaching new heights.”
Mr. Paul Rowley, Executive Vice President, Diamond Trading, De Beers Group, stated that “India is pivotal in the global diamond industry, and Indians understand the true value of natural diamonds.” Diamonds are widely regarded as symbols of enduring love in the Indian commerce and among customers. The new diamond origin advertising approach will focus on India in order to revive future generations’ intrinsic yearning for diamonds. The new category marketing strategy will include sharing various unique stories about diamonds.”
Former Miss World and actor Ms. Manushi Chhillar, Brand Ambassador, GJEPC, said, “It’s an amazing joy to be here at the IIJS Premiere. India has an unparalleled history of producing amazing jewelry. And this show represents the zenith of our talent and leadership in the sector. Every object you see here at IIJS is a small work of art.”
Manushi continued, “My experience as GJEPC‘s Brand Ambassador has strengthened my belief that ‘Jewellery’ is India’s most compelling emissary to the world. It nicely captures our country’s rich history and timeless charm. Similarly, IIJS is the driving force behind India’s jewellery sector, propelling it to new heights of global prominence.”
Mr. Nirav Bhansali, Convener of National Exhibitions, GJEPC, commented, “The ‘Brilliant Bharat’ theme for IIJS Premiere 2024 highlights our country’s vibrant traditions. This year, we used technology to improve the exhibitor experience and removed flex materials, which promotes sustainability. The Select Club now has 101 participating brands, exhibiting the best in luxury and design. Innov8 Talks featured industry professionals discussing trends and sustainability, while the 40 Under 40 project continues to recognize emerging industry leaders. “This year’s show was a huge success.”
The IIJS was inaugurated at the JIO World Convention Centre by Hon. Governor of Maharashtra, Mr. C. P. Radhakrishnan, and Hon. Minister of Skill Development and Entrepreneurship, Govt. of Maharashtra, Mr. Mangal Prabhat Lodha. Mr. Vipul Shah, Chairman, GJEPC; Mr. Kirit Bhansali, Vice Chairman, GJEPC; Mr. Nirav Bhansali, Convener-National Exhibitions, GJEPC; and the Committee of Administration (COA) welcomed several distinguished guests and dignitaries, including GJEPC’s brand ambassador, Ms. Manushi Chhillar; Mr. Paul Rowley, Executive Vice President, Diamond Trading, De Beers Group; Mr. Paul Alukka, MD, Jos Alukkas; and Mr. Dilip Gaur, Business Director – Novel Jewels, Aditya Birla Group.
Dr. Harshdeep Kamble, IAS, Principal Secretary (Industries) Govt. of Maharashtra, officiated at the inauguration at the Bombay Exhibition Centre (BEC) Goregaon, along with Honored Guests Mr. Emil Guzelis, Chairman, Zen Diamond; Mr. Sandeep Kohli, CEO – Novel Jewels, Aditya Birla Group; Mr. Varghese Alukka, Managing Director, Jos Allukas; and Ms. Stefanie Mandlein, Exhibition Director, Inhorgenta Munich.
The Select Club was a prominent feature at IIJS Premiere 2024, with 101 participating brands, up from 60 in the previous edition. This tremendous rise indicates that the Club has the potential to double its size in the near future. Nirav Bhansali spoke about the Select Club, saying, “Our primary focus remains on preserving great quality. A careful screening process guarantees that only brands that provide an ultra-luxurious experience and stunning designs are featured in the Select Club. Attendees praised this sector for its exceptional elegance and sophistication.
Here’s what the international delegates said about IIJS Premiere 2024.
MAHA AL SIBAI, Chairperson, Dubai Business Group for Gold and Jewelry Designers (DBGGJD), stated that India is well-known for its rich legacy and competence in jewelry design and craftsmanship. Attending the IIJS expo helps us to learn about the latest trends, innovations, and prospects for collaboration. It offers a platform for connecting with Indian designers, producers, and industry leaders, fostering ties that can lead to mutually beneficial collaborations.
Eiji Fuksawa, Senior Director of the Japan Jewellery Association and CEO of Kohsai Co. Ltd., stated, “This is my first time at IIJS, and the motivating element is that it is the world’s second-largest gem trade expo. I’m here to present my jewelry line, Kohsai. While Japan has a well-established diamond industry, we are eager to create ties with India to sell unusual colored gems.”
According to Naveen Sonkiya, President & CEO of Sekai Boeki Co. Ltd, “India’s unrivaled competence in gem cutting and rising ability to produce high-quality completed jewelry make it an enticing destination for Japanese customers. We are thrilled to examine the diverse offers at IIJS Premiere and form great ties with Indian firms.”
Atul Jogani of the Jogani Group of Companies, who is leading the Thailand Delegation at IIJS Premiere, stated, “Thailand caters to tourists from all over the world; the styles of jewellery being created are rather diversified. Even so, there is still of room for growth—Thailand, for example, lacks jadau jewellery. As a result, a market for jadau jewelry can emerge. My opinion is supported by several very large Indian enterprises operating out of Thailand, whose data indicates that more than 300 destination Indian marriages occur here each year, and they would naturally seek out Indian jewels. Can you image the market opportunity we’re talking about?!”
Alex Chernyshev, CEO of SB Jewels, stated, “While I have attended a few trade fairs in Jaipur, I have never seen anything on the scale and magnitude of IIJS.” I came here specifically to purchase emeralds, and they are of outstanding quality.
Elmira Khodjaeva, Director of the Uzbekistan Association of Jewelers, acknowledged the delegation’s excitement in attending the IIJS Premiere. She noticed comparisons between the meticulous artistry of Indian and Uzbekistani jewels, saying, “Being here at the IIJS makes us feel at home.” There are numerous similarities between Indian and Uzbek jewelry craftsmanship. Khodjaeva was equally amazed with the IIJS’s size and diversity. “The IIJS is so vast and has something fresh to offer every moment. “We discover something new every day,” she added.
DR. SARAK, Senior Advisor, Cambodia International Gems & Jewelry Fair, is pleased about his chances of meeting new suppliers at the IIJS Premiere. Dr. Sarak, a frequent visitor to the event, underscored Cambodia’s entire reliance on India for silver imports. “Cambodia never imports any silver except from India,” she says. Cambodian customers are becoming more interested in contemporary designs as a result of worldwide trends, particularly those popularized on Instagram.
Dr. Sarak indicated a strong desire to source these trends at the IIJS Premiere 2024. While applauding the “good quality” of Indian gems and jewellery, Dr. Sarak also mentioned Cambodia’s booming jewellery business. With a developing economy, the country’s demand for jewels is continuously expanding, indicating a healthy picture for the future year. Cambodia’s involvement in IIJS Premiere demonstrates the event’s global appeal and influence in shaping international jewellery trends.
With a delegation of 50, Nepal hopes to strengthen links with the Indian jewellery business at IIJS, according to Prasun Jalan, Director, Urja Ventures Pvt. Ltd. “As India’s neighbours, we have long supported IIJS and will continue to do so in the future. We are essentially here to find suppliers, which we have always done successfully. We’ve seen IIJS expand dramatically each year, and the gemmological innovations have been a treat to see!” He added.
Jalan went on to explain, “It is fair to say that Nepal’s trends are in line with what is going on in India, and we look to Indian pop culture for aesthetic inspiration, whether it is through Bollywood, your wedding business, or even Instagram! There is undoubtedly a trickledown effect, as it takes around two years for our jewelry sector to copy and make imitations before Nepal begins wearing them.”
IIJS Premiere comprised a series of events spaced out across six days of the exhibition.
During the IIJS Premiere 2024 Celebration Night, GJEPC recognized industry legends—individuals and companies whose unique achievements have influenced the landscape of gems and jewels. This year’s awardees included Cara Jewellers, D. P. Abhushan Limited, Hazoorilal & Sons Jewellers Private Limited, Hazoorilal Jewellers Pvt Ltd, Jos Alukkas, Joyalukkas India Limited, P. C. Chandra Jewellers, and Siroya Jewellers.
One of the highlights of IIJS Premiere 2024 was the GJEPC‘s 40 Under 40 initiative, which recognized the industry’s emerging talent. This coveted prize honors young visionaries who have exhibited extraordinary talent, ingenuity, and commitment to the jewellery industry. The prizes were awarded by Nirav Bhansali, Convener, National Exhibitions, GJEPC; Vaishali Banerjee, MD, PGI India; Sachin Jain, Regional CEO, India, World Gold Council; and Amit Pratihari, VP, De Beers Forevermark.
Kareena Kapoor Khan attended the 9th edition of Jewellers for Hope, a charity fundraiser presented by GJEPC in conjunction with the IIJS Premiere. This year’s charity dinner proceeds were donated to two non-governmental organizations (NGOs): MIAM, which is dedicated to the social upliftment of tribal, rural, and urban populations throughout India, and the Gem & Jewellery National Relief Foundation (GJNRF), which coordinates social interventions, particularly during major crises.