GJEPC’s IIJS Premiere 2024 spurs USD 12 billion Business

Mumbai: One of the world’s largest gem & jewellery B2B shows – India International Jewellery Show (IIJS) Premiere 2024 organised by India’s apex trade body, The Gem & Jewellery Export Promotion Council (GJEPC) – set a new staggering record by generating a staggering USD 12 billion of business over 6 days.

Showcasing “Brilliant Bharat” theme this year, IIJS Premiere 2024 (the 40th edition) show dates were: 8-12 August at JIO World Convention Centre, Mumbai and 9-13 August at Bombay Exhibition Centre, NESCO Goregaon, Mumbai. IIJS Premiere 2024 had a total exhibition area of 135,000 sq. mt. (1.45 million sq. ft.), which is much higher than that of the prominent comparable shows in the western world. With over 3,600 stalls and 2,100 exhibitors, IIJS Premiere attracted 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, United Kingdom, 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.

Piyush Goyal, Hon’ble Minister of Commerce & Industry visited IIJS Premiere at the Bombay Exhibition Centre on 10th August and had an interactive session with the trade members. Piyush Goyal announced the reintroduction of the Diamond Imprest Licence as a key policy initiative for the gem and jewellery industry.

Goyal said that the Union Budget had cut duty rates of Gold, Silver and platinum, which was hurting the vibrant gem & jewellery industry and job creation.

“India’s domestic market is resilient and growing fast to compensate for the loss in exports due to global recession. I urge gem & jewellery exporters to be positive,” he said.

Goyal further added, “Indian Government is engaging with G7 actively and several relevant Union Ministers are very much involved in negotiations. We have been having extensive discussions with EU Ministers and Commissioner. There are issues of transparency, data protection and costs. But this is the first time that India is negotiating from a position of strength with the G7.”

“We are hoping that Mumbai or Surat can have a centre similar to the one in Antwerp. We are also in talks in De Beers, Kimberley Process to segregate diamonds and trace their origins. However, there is no technical mechanism and no protocol in this regard and we are jointly working towards this,” Mr. Goyal said. 

“In terms of FTAs, we follow consultative process. Many discussions are happening with developed countries and with continents. However, it is difficult to predict timeline as discussions evolve over a period of time. In the case of ECTA with Australia and CEPA FTAs with the UAE, we were able to protect all our sensitive sectors. We conclude only once we have a fair equitable and balanced approach unlike in the past,” Goyal said.

In the FTA with Australia, we got double taxation removed for Indian IT sector. In case of Europe’s EFTA (Switzerland, Iceland, Norway and Liechtenstein), they have committed to invest $100 bn in India and create 1 million jobs.  

“Indian exporters need to create greater degree of value addition due to recession in developed countries. The world is not looking for high cost products or jewellery but intricate products with diligent workmanship, exquisite artistry and bespoke handmade jewellery. Discerning customers will always seek value for money,” Goyal said.

IIJS Premiere 2024 at Jio World Convention Centre was inaugurated by Hon. Governor of Maharashtra Mr. C. P. Radhakrishnan. Speaking on the occasion Governor said, “GJEPC’s IIJS is one of the most prestigious B2B gem & jewellery shows in the world and the day will come when it will be the largest in the entire world. I congratulate GJEPC’s most efficient team for making IIJS larger and better with each passing year. If GJEPC’s member  gem and jewellery exporters can sell to Indian women, then they can sell to anyone in the world. I urge GJEPC to continue to showcase and highlight Brand India across the world; and through this endeavor, take India’s rich culture and heritage to the world.”

Dr. Harshdeep Kamble, IAS, Principal Secretary (Industries) Govt. of Maharashtra, who was part of the inauguration of IIJS Premiere at Bombay Exhibition center said that he will include a new bigger exhibition and convention centre as well as ‘smart Manufacturing’ in the new Industrial Policy to be announced in September 2024.

Vipul Shah, Chairman, GJEPC, said, “IIJS Premiere 2024 was a tremendous success, generating over USD 12 billion in business for our exhibitors. The show featured a dazzling array of products that highlighted the brilliance in designs and clearly reflected the shift towards catering to millennials and Gen Z. This year’s event set new benchmarks in innovation and creativity, bringing together the finest talents in the industry.”

“With 2,000 international buyers and 15 international delegations from over 13 countries, IIJS Premiere 2024 played a crucial role in boosting exports and expanding our global footprint. The presence of these international participants underscores the importance of IIJS as a premier platform for connecting with global markets and enhancing trade opportunities.”

“The overwhelming response from buyers and the enthusiasm of exhibitors reaffirm our commitment to making IIJS the premier platform for the gem and jewellery industry. I extend my heartfelt thanks to everyone for contributing to the show’s remarkable success. Together, we will continue to drive the industry forward, setting new standards of excellence and achieving greater heights.”

Paul Rowley, Executive Vice President, Diamond Trading, De Beers Group, said, “India is pivotal in the global diamond industry and Indians appreciate the true value of natural diamonds. Indian trade and consumers ardently believe that diamonds are symbols of enduring love. The new diamond origin campaign strategy will focus on India to revitalise the innate desire for future generations with respect to diamond. The new category marketing approach will entail sharing numerous unique stories on diamonds.”

Former Miss World and actor Ms. Manushi Chhillar, Brand Ambassador, GJEPC, “It’s an absolute honour to be here at the opening of IIJS Premiere. India has an unmatched legacy of making extraordinary jewellery. And this show is the pinnacle of our artistry and leadership in this field. Every piece you see here at IIJS is a little work of art.”

Manushi added, “My tenure as GJEPC’s Brand Ambassador has deepened my conviction that ‘Jewellery’ is India’s most compelling envoy to the world. It beautifully encapsulates our nation’s rich heritage and timeless elegance. Similarly, IIJS is the heartbeat of India’s jewellery industry, driving it to new heights of global recognition.”

Nirav Bhansali, Convener, National Exhibitions, GJEPC, stated, “The ‘Brilliant Bharat’ theme for IIJS Premiere 2024 celebrates our nation’s vibrant traditions. This year, we’ve leveraged technology to enhance the exhibitor experience and eliminated flex materials, promoting sustainability. The Select Club’s participating brands have grown to 101, showcasing top-tier luxury and design. Innov8 Talks featured industry experts discussing trends and sustainability, while the 40 Under 40 initiative continues to honor young industry leaders. This year’s show was a resounding success.”

The inauguration of IIJS at JIO World Convention Centre was graced by Hon. Governor of Maharashtra Mr. C. P. Radhakrishnan; and Mr. Mangal Prabhat Lodha, Hon. Minister of Skill Development and Entrepreneurship, Govt. of Maharashtra. Mr. Vipul Shah, Chairman, GJEPC, Mr. Kirit Bhansali, Vice Chairman, GJEPC, Mr. Nirav Bhansali, Convener-National Exhibitions, GJEPC along with Committee of Administration (COA) welcomed several honoured guests and dignitaries such as 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.

The inauguration at Bombay Exhibition Centre (BEC) Goregaon was graced by Dr. Harshdeep Kamble, IAS, Principal Secretary (Industries) Govt. of Maharashtra; and Honoured Guests including 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 emerged as a standout attraction at IIJS Premiere 2024, with the number of participating brands soaring to 101 from just 60 in the previous edition. This remarkable growth signifies the Club’s potential to double in size in the near future. Talking about the Select Club, Nirav Bhansali said, “Our primary focus remains on maintaining exceptional quality. A meticulous selection process ensures that only brands offering an ultra-luxury experience and exquisite designs are included in the Select Club. Attendees greatly appreciated this section, praising the unparalleled elegance and sophistication it showcased.”

Here’s what the international delegations had to say about IIJS Premiere 2024:

The Chairperson of the group, MAHA AL SIBAI, Chairperson, Dubai Business Group for Gold and Jewelry Designers (DBGGJD) said, “India is renowned for its rich heritage and expertise in jewellery design and craftsmanship. Attending the IIJS show allows us to explore the latest trends, innovations, and opportunities for collaboration. It provides a platform to connect with Indian designers, manufacturers, and industry leaders, furthering relationships that can lead to mutually beneficial partnerships.

Eiji Fuksawa, Senior Director, Japan Jewellery Association, and CEO, Kohsai Co. Ltd., said, “This is my first time at IIJS, and the driving factor is that it is the second-largest gem trade fair in the world. I am here to showcase my jewelry label, Kohsai. While Japan has a wellestablished diamond market, we are keen to forge relations with India to export exotic colored gems.”

Naveen Sonkiya, President & CEO of Sekai Boeki Co. Ltd, said, “India’s unmatched expertise in gem cutting and its growing prowess in producing high quality finished jewellery make it an irresistible destination for Japanese buyers. We are excited to explore the vast array of offerings at IIJS Premiere and forge strong partnerships with Indian businesses.”

Atul Jogani, Jogani Group Of Companies, who is leading the Thailand Delegation at IIJS Premiere said, “Thailand caters more to tourists from across the globe; the styles of jewellery being manufactured are fairly diverse. Even then, there is a great scope for more to come—Thailand doesn’t have jadau jewellery, for example. So, a market can be created for jadau jewellery. My opinion is backed by some very big Indian companies operating out of Thailand whose research suggests more than 300 destination Indian marriages happen here annually, and they would naturally seek out Indian jewellery. Can you imagine the market potential we are talking about?!”

Alex Chernyshev, CEO of SB Jewels said, “While I have been to a few trade fairs in Jaipur, I have never seen something at the scale and magnitude of IIJS. I came here especially to procure emeralds and they are of exceptional quality.

Elmira Khodjaeva, Director of the Association of Jewelers of Uzbekistan, expressed the country delegation’s delight at participating in the IIJS Premiere. She drew parallels between the intricate craftsmanship of Indian and Uzbekistani jewellery, stating, “Being here at the IIJS makes us feel like home. There are many similarities between Indian and Uzbek jewellery craftsmanship.” Khodjaeva was equally impressed by the scale and diversity of the IIJS. “The IIJS is so expansive and has something new to offer every moment. We keep discovering something new each day,” she added.

SARAK, Senior Advisor, Cambodia International Gems & Jewelry Fair, is optimistic about the prospects of finding new suppliers at the IIJS Premiere. A seasoned visitor to the event, Dr. Sarak highlighted Cambodia’s complete reliance on India for silver imports. “Cambodia never imports any silver except from India,” she remarks. Influenced by global trends, especially those popularised on Instagram, Cambodian consumers are increasingly drawn to contemporary designs.

Dr. Sarak expressed keen interest in sourcing these trends at the IIJS Premiere 2024. While praising the “good quality” of Indian gems and jewellery, Dr. Sarak also noted the burgeoning jewellery market in Cambodia. With a growing economy, the country’s demand for jewellery is steadily increasing, promising a bright outlook for the coming year. Cambodia’s participation at IIJS Premiere underscores the event’s global appeal and its role in shaping international jewellery trends.

With a delegation of 50, Nepal aims to deepen ties with the Indian jewellery sector at IIJS, informs Prasun Jalan, Director, Urja Ventures Pvt. Ltd. “Being India’s neighbouring nation, we have supported IIJS for many years now and will wholeheartedly continue to do so in the future. We are primarily here to look for suppliers, and have successfully done so, as always. We have witnessed IIJS grow exponentially each year, and the gemmological innovations have been such a delight to follow!” He added.

Jalan further added, “It would be fair to say that Nepal’s trends are on point with what is happening in India and we follow Indian pop culture for aesthetic inspiration, be it via Bollywood, your wedding industry and even Instagram! There is definitely a trickledown effect, as it takes around two years for our jewellery industry to ape and manufacture imitations, before Nepal starts wearing them.”

IIJS Premiere featured a series of events spread across the six days of the exhibition.

During the IIJS Premiere 2024 Celebration Night, GJEPC honored the legends of the industry—remarkable individuals and companies whose exceptional contributions have shaped the landscape of gems and jewellery. This year’s honorees 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 celebrated the industry’s next-gen talent. This prestigious award recognized young visionaries who have demonstrated exceptional talent, innovation, and dedication to the world of jewellery. The awards were presented 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.

During the 9th edition of Jewellers for Hope, a charity fundraiser organized by GJEPC and held alongside IIJS Premiere, actress Kareena Kapoor Khan graced the event with her presence. This year, the proceeds of the charity dinner were donated to two NGOs – MIAM, Miam Charitable Trust is committed to the social upliftment of tribal, rural, and urban populations across India; and the Gem & Jewellery National Relief Foundation (GJNRF) to coordinate social interventions, particularly during major crises.