In a glittering showcase of opulence and tradition, Indian wedding demand boosts mood at IIJS show, setting the stage for the first major jewelrytrade show of 2024. From January 4 to 8, the Bombay Exhibition Centre and the Jio World Convention Centre played host to a symphony of craftsmanship and commerce.
As jewelers gathered to unveil their masterpieces, the prevailing sentiment was one of anticipation, with a surge in orders fueled by the upcoming Indian wedding season. However, amidst the radiant displays, concerns lingered over the soaring goldprices, casting a shadow over the auspicious celebration.
The IIJS Signature Fair, a pivotal event for the Indian jewelry industry, witnessed a steady to brisk influx of orders as the bustling trade show unfolded at the Bombay Exhibition Centre and the Jio World Convention Centre in Mumbai from January 4 to 8. This gathering considered a barometer for the healthof the domestic Indian jewelry market, attracted over 30,000 visitors from 800 Indian cities and 60 countries.
Amidst the vibrant atmosphere, jewelers expressed both enthusiasm and apprehension, with the soaring gold prices looming as a significant concern. The first major jewelry trade show of 2024 offered a platform for exhibitors to gauge market sentiment and predict the trajectory of the upcoming year.
Pramod Agrawal, a Jaipur-based jewelry manufacturer and former chairman of the Gem & Jewellery Export Promotion Council (GJEPC), acknowledged the impact of the high gold price on consumer behavior. He stated,
The high gold price is leading customers to buy less weight, but people are still committed to gold.- Pramod Agrawal
While the current "kamurta" period is traditionally considered inauspicious for Indian weddings, retailers were fervently restocking in preparation for the upcoming wedding season from mid-January through March. The previous season, spanning from October to December, experienced a slowdown due to the surging gold prices, according to industry insiders.
Indian wedding jewelry, typically featuring a 22-karat gold set with diamondsweighing less than 1 carat of high colors and clarities, remained a focal point at the IIJS Signature fair. Mansukh Kothari, a member of the GJEPC management committee, noted,
At the top end of the Indian wedding market, the high gold price has no impact, and people just keep on buying.- Mansukh Kothari
The inauguration ceremony, held on January 5 at the Bombay Exhibition Centre, saw the presence of Indian Commerce and Industry Minister Piyush Goyal. He highlighted India's potential as a global wedding destination, emphasizing the positive impact on the jewelry, textiles, and hospitality industries.
De Beers executive vice president Paul Rowley, while expressing cautious optimism for the global diamonddemand, addressed challenges arising from restrictions on Russian-origin diamond imports among Group of Seven (G7) nations. He urged industry unity, stating,
Even at the bottom of the cycle, the diamond remains one of the most cherished objects on earth. Let’s move with a spirit of optimism and collaboration.- Paul Rowley
Despite challenges, the strong turnout at diamond booths across IIJS Signature, including suppliers such as Shree Ramkrishna Exports and Hari Krishna Exports (HK), indicated expectations of resilient overseas demand for the upcoming Chinese New Year and Valentine’s Day, reinforcing the industry's commitment to moving forward with optimism and collaboration.
Amidst the dynamic jewelry market of India, the IIJS Signature fair came to a triumphant conclusion, exuding a sense of hope and fortitude. An aura of festivity and custom was pervaded through the space due to the high demand for elaborate bridal jewelry designs. In light of the escalating gold prices, exhibitors and industry leaders maintained their unwavering faith in the enduring appeal of this precious metal.
Upon the conclusion of this elegant exhibition, the commitment of the industry to collaboration and skillful execution reverberated, serving as an indication of a bright future for the domestic Indian jewelry market. The IIJS Signature fair, which exemplified the fusion of innovation and tradition, glitteringly confirmed the enduring demand for exquisite jewelry in the style of Indian nuptials.