As the India International Jewellery Show (IIJS 2015) drew to a close, exhibitors across segments were positive that it had provided a boost to business confidence and given serious indications that the recovery from the slack demand which the jewellery and diamond segments had experienced over the last few months, may be slowly taking shape.

Many of the exhibitors said that they had come to the show prepared for the worst. But the visitor turnout had been extremely good and this had buoyed sentiment across the industry.

“The market had been slow in the past few months,” said Mansukh Kothari of Vasupati Jewellers, “but the drop in gold prices in the weeks preceding IIJS has seen a revival of sorts. This was reflected at IIJS where many of the jewellers have done good business.”

Kothari’s company had launched a new nature inspired Zahra collection in gold, kundan and coloured stones with a 3D effect. “We now do theme based collections and the designs are created after detailed research,” said Kothari, “and this was well received by retailers.”

Sudeep Sethi of YS18 too concurred that IIJS has been good. “We have met all our regular clients and introduced new collections to them, and also met some potential new customers.”

YS18’s design-led jewellery has been growing in popularity across the country and the floral necklaces studded with graded fancy colour diamonds or gemstones have a unique appeal. The jeweller also had an amazing range of large chandeliers in various precious and semi-precious gemstones and some interesting geometric designs as well. “Orders have been coming in steadily, and while the size of an individual order may be somewhat smaller this year when compared to the past, this is only a reflection of the overall situation,” he concluded.

While the gold jewellery segment reaped the benefits of the decline in prices of the yellow metal, diamond jewellery manufacturers are also satisfied with the results of the show. “The show has been good,” said Sachin Bhadreshwara, Manager, Sales & Marketing of Shrenuj & Co’s jewellery division. “Smaller jewellery pieces in the more affordable ranges have sold well, and the drop in gold prices has given a push to slightly larger pieces too.”

He added that considering that the market has been slow in recent months the business at the show was positive, and the company expects that demand will pick up as the festival and wedding season begins.

Though the loose diamond segment perhaps reported the slowest movement compared to other sections, here too many exhibitors were positive about the overall results. One diamond exhibitor said, “With jewellery moving off the retail shelves, and the retailer restocking from manufacturers, it is only a matter of time before the demand for loose diamonds picks up as well.”

Parth Shah of Star Brillian, which is dealing in polished, said that the IIJS had been the best show for loose diamonds this year. “Business was slack at the big international shows till now whether in HK, Europe or US. IIJS has been a turnaround – we have had good demand from customers from across India for a range of goods including 30 pointers and above in both VVS and VS. White melee also did well,” he said, adding that the larger sizes are also moving, but mainly among particular customers looking for specific qualities and sizes.

However, Mehul Shah at the Star Brillian jewellery booth said that the demand for diamond jewellery was not as strong. “Products like our line of Murano glass jewellery and mounts did well, but the diamond jewellery demand lagged behind gold, coloured stone and even CZ jewellery. The industry needs to do generic promotions – India has a very big young population and we need to drive demand for diamonds among them more strongly.”

IIJS Convener Nirav Bhansali termed the show a “resounding success”, saying that this was not only in terms of the number of visitors but also in terms of business. “We had over 35,000 visitors at the show this year, which included nearly all the large retail chains and independents. Many gold jewellers said that stocks were actually sold out and diamond jewellers were all satisfied.”

Terming this an indication that the Indian market is set for a good performance during the forthcoming wedding and festival season, Bhansali expressed the hope that IIJS would be a turning point for the industry globally as well.