‘Best show ever’ is industry’s refrain about IIJS Premiere 2023 in its mega avatar

More footfalls and buyers seeking more variety drove the show’s dynamics, even as prevailing gold prices upped sales of lightweight jewellery. There were mixed responses to the dual-venue format, with some jewellers suggesting a more refined stall segregation to enhance visitor experience

The India International Jewellery Show (IIJS) Premiere 2023 concluded with resounding success recently, with all industry stakeholders certifying it as the best show ever in terms of business, innovation, a glimpse into emerging trends, market dynamics and evolving consumer preferences that collectively define the trajectory of the industry. Spanning an expansive 70,000 square meters across two venues – the Jio World Convention Centre and Bombay Exhibition Centre (Nesco), accommodating 3,250 stalls and 1850 exhibitors, and resulting in business deals to the tune of Rs 70,000 crore –the show proved to be the grandest spectacle witnessed by the industry. More footfalls and buyers seeking more variety drove the dynamics of the show. The impact of prevailing gold prices was palpable at IIJS Premiere 2023, steering consumer preferences towards specific choices. Notably, lightweight jewellery emerged as the front-runner in sales, embodying a balance between aesthetics and affordability.

Both jewellery retailers and manufacturers seemed to make the most of IIJS Premiere 2023.Huge crowds at both venues on all daysindicated success for both buyers and exhibitors. Aggressive promotion and increased focus on international road shows drew participation from 65 countries and over 2,100 international buyers.

IIJS Premiere saw heightened buying from Indian-originjewellers living abroad. Amit Gulabani, Director of P Mangatram Jewellers, Hyderabad, saw a multi-fold increase in buying from Indian-origin foreign retailers. Gulabani credited the retail chains for placing huge orders for price-point jewellery driven by an extensive network of stores.

Ramesh Shoor, Director, Surya Gold,emphasised the great demand for the brand’s jewellery on all days at IIJS Premiere. He estimated hundreds of morevisitors at his stall over last year’s numbers. He also pointed to the increasing demand for rose gold, providing a break from the traditional colour and more attuned to the youth and modern sensibilities.

An established retailer, Mehul Oswal, MD of Mahendra Jewellers, Kolhapur, said the extensive use of coloured stones in diamond jewellery marked a notable trend.

Siddharth Sawansukha, Managing Director of Sawansukha Jewellers and an exhibitor from Kolkata, spoke of the positive response to innovative designs and the anticipated rise in retail demand leading to record sales. “Retailers foresee a heightened demand in the coming months, propelled by a humungous number of weddings,” he added. Amidst the emerging trend of casted diamond jewellery, he observed much demand for completely handcrafted diamond jewellery, the region’s hallmark and an unusual rise in order from the smaller town where a diamond is still a novelty.

RP Ornaments, Director, Bhavik Shah, witnessed a sales surge due to new buyers. “65-75% of new customers flooded our booth. Our ready stock was sold off before the 3rd day.” Interestingly, he explains the impact of new exhibitorsat the show. “Old customers explored new booths before coming to their existing vendor. Therefore, most of them will now have a longer waiting period,” he said.

Amit Soni, Director of KIK Jewels, offered insights into evolving buyer preferences. He referred to “an 80% rise in new buyers” and, at the same time, alluded to “heightened demand for temple jewellery from North” as he introduced variety of lightweight temple designs.

Ajay Agarwal, Regional Head of Shiv Narayan Jewellers, pointed out the surge in demand for statement jewellery. “The South Indian market, particularly, displayed a penchant for exclusive and unique designs, a trend fuelled by the rise of boutique shops catering to contemporary tastes,” he said.

Samarth Jaiswal, Director of Omara Fine Jewellery, a retailer from Chandigarh, commended incorporating innovative materials like ceramic and carbon fibres in diamond jewellery. Including more (smaller)manufacturers had a ripple effect on the show’s relevance and reach, as it directly impacted the increased footfalls from Tier-II and Tier-III cities and rural areas. Although the market sentiments were down for the last few months, “During IIJS, seeing the I felt that the market will rebound strongly in the next few months,” he said.

Praising the inclusion of small jewellers from Tier-II and Tier-III towns, Sumit Jain, Owner of Saheli Jewellers, Raipur, said he did not find the dual-venue format useful. “The two different venues were the biggest drawback of the show as most of the visitors could not visit both venues due to time constraints,” he said. Sachin Jain, Owner of Vardhman Jewellers, Bhiwani, proposed an extended show duration to accommodate its grand scale.

While IIJS 2023 received acclaim, retailers gave their constructive feedback too. Satyam Rastogi, Owner of Kamal Jewellers, Dehradun, echoes the sentiment. “Many visitors got confused as the diamond and gold jewellery vendors were present in both venues, and it was difficult to decide which venue to visit. Pankaj Khurana, Director of Khurana Jewellery House, suggested a more refined stall segregation to enhance the experience of visitors who are used to a seamless exploration while calling for a greater emphasis on design innovation. Rajendra Agarwal, Owner Sona Chandi Jewellers, Kanpur, advises the organisers not to mix jewellery vendors with loose diamonds and CVD vendors. All in all, IIJS 2023’s impact resonates through the jewellery industry, reflecting evolving consumer preferences and robust demand across the country while serving as the market barometer for the Indian gem and jewellery industry.

Written by Manoj Chakraborty and Maithili Patange

Retail Jeweller India Exclusive