The India International Jewellery Show (IIJS), the gems and jewellery industry’s premier event got underway today with an inauguration ceremony at which Ms. Rita A. Teaotia, Commerce Secretary, Ministry of Commerce & Industry, Government of India was Chief Guest and Paul Rowley, Executive Vice President, De Beers’ Sightholder Sales was Guest of Honour.

Sabyasachi Ray, ED, GJEPC, making the introductory remarks dwelt upon the immense growth of IIJS from the first show to this the 32nd edition. “IIJS holds the aspirations of the industry,” he said. “If the show does well, the entire festive season goes well.”

Vipul Shah, chairman IIJS, said this year the show has 1,100 plus exhibitors spread over 2,000 stalls, with more than 35,000 trade visitors expected from 800 cities in India; and another 2,000 International visitors from more than 60  countries. 

Expressing his confidence in the long-term prospects of the industry Shah said, “Last year IIJS contributed to orders getting booked of over Rs. 40 billion or US$ 631 million to be precise. This year we are looking at least to increase this by 10%-20%.”

While Shah congratulated the Government for putting the policies in place for the Special Notified Zone, he stressed that noted that the pending matter of taxation should be resolved.

Shah asked the Government for a 2% interest subvention for the sector; ECGC policy for whole turnover against ECIB covers taken by banks to help exporters in availing of cheaper finance; implementation of the presumptive taxation system and introducing separate IT HS Code at the 8 digit level for synthetic diamonds.

In his address, Paul Rowley acknowledged that “Recent times have been challenging times, tough times for all”.

Elaborating on the measures taken by De Beers to tackle the situation, he said that they had cut their 2015 production guidance from 32-34 million carats to 29-31 million carats in response to reduced Sightholder demand; they had   provided increased deferral flexibility in Global Sightholder Sales; and over the first half of 2015, they had continually adjusted their rough prices based on prevailing market conditions whilst taking a long term, sustainable view on pricing.

He said that according to De Beers estimates global diamond jewellery sales at the retail level, would likely remain flat at about $81 billion seen in 2014.

Rowley expressed the hope that the IIJS would prove to be a bright spot on this scenario. “India provides the heartbeat of the modern diamond world and the ability to maintain consumer confidence, the ability to innovate with technology and the ability to grow diamond value will play a central role in reviving the fortunes of the diamond industry, “ he said. 

Chief Guest, Ms. Teaotia said that looking at the Indian economy it was clear that the gems and jewellery industry played a very important part within it, contributing as it does to about 13.5% to the country’s merchandise exports.

Teaotia exhorted the sector to work with financial institutions to build confidence and conduct genuine business to safe guard the industry’s image. She assured the industry that the Government would speedily resolve the SNZ taxation issue and that the demand for an 8-digit code for synthetics was being considered. 

 Siddharth, Joint Secretary Ministry of Commerce, had spoken earlier saying that the IIJS was extremely significant in the gems and jewellery industry’s calendar of events and it not only builds businesses but builds relationships.

Nirav Bhansali, Convener IIJS presented the Vote of Thanks.

Pic Caption: Mr. Paul Rowley, Ms. Rita Teaotia and Mr. Vipul Shah at the inauguration of IIJS 2015