GJC to turn India into a global jewellery hub with IJSF

New Delhi :  The India Jewellery Shopping Festival (IJSF) is being organised by the All India Gem and Jewellery Domestic Council (GJC), the apex trade body that unites manufacturers, wholesalers, retailers, and exporters, and it will be the first of its kind in the world. The event’s Title sponsor is IDT Gemmological Laboratories Worldwide, and the Powered by Sponsor is Divine Solitaires.

The dates set for the B2C plan are the 12th of October to the 17th of November of 2023, while the dates set for the B2B scheme are the 1st of June to the 31st of October of the same year. A primary goal of the IJSF is to establish India as a premier jewellery buying destination on a worldwide scale. The greatest pieces of jewellery will be shown and auctioned off to raise money for corporate social responsibility initiatives and to boost the fortunes of the jewellery industry throughout the festival’s five-week run.

According to GJC Director and IJSF Convenor Mr. Dinesh Jain: “The purpose of IJSF is to increase jewels tourism in India and make the nation a jewellery centre. Similar to the Dubai Festival, which draws in worldwide business and consumer leaders, this event is sure to be a success. The goals of the IJSF are twofold: to increase trust in Indian jewellers and to inform customers about new products.

Only around ten percent of the world’s nations produce jewellery, yet that still leaves a lot of room for growth. Together with the Tourism Ministry and travel brokers, we will use government funding to boost interest in visiting India for its renowned jewels industry. We are now in talks with the government on reimbursing visitors for import duties and GST upon their departure.

This fully digitalised initiative is expected to generate sale of 12000 crores worth of jewellery during B2C and over 2.4 million consumers will be involved. We expect foreign currency revenue worth Rs 3,000 crore. GJC has planned to promote this initiative using 40% and incentivise consumers using 38% of the revenue receipts. Jewellery value chain will contribute over 100 Cr for this initiative.”

Mr Saiyam Mehra, Chairman, Chairman GJC, said “This unique and first-of-its-kind opportunity is being offered to jewellers and participants across the value chain, providing thousands of innovative and intrinsic designs for regular and occasion wear. At IJSF, jewellers will have the opportunity to attract customers to increase their sales, while consumers can take advantage of ‘never-before-seen’ designs and book their pieces for weddings and other special occasions. IJSF offers immense potential for the entire jewellery fraternity. Large industry players have shown interest in participating in this event. GJC expects the entire value chain to be part of this programme, which has significant revenue potential and can be used to promote the industry and incentivise consumers. GJC will encourage only credible jewellers with a formal business model and promote them to become organised and follow the best business practices.”

Mr. Manoj Jha, IJSF Joint Convenor, said, “We are launching a number of schemes to increase participation. Our bumper prize consist of 5 prizes of 1kg gold and a over 1000 periodical prizes of 25 grams of gold each along with assured limited edition coin with every coupon. GJC will incentivise consumers gift approx 35 Cr worth of Gift in Gold, Silver and Diamond studded jewelleries in all categories during IJSF Consumers will receive one coupon on the purchase of Rs 25,000.

The entire programme is digitally driven and fully transparent to promote digital India for both jewellers and consumers. To understand the behavioural changes in Gen-Z, it is crucial to recognize that they constitute around 65% of India’s population. Gen-Z individuals can share their experiences as they use different jewellery for different occasions, which could be used as asset-creating instead of expense-creating awareness programme.”