Navigating election season and gold price surge, IIJS Tritiya 2024 sets the course for future success

Despite facing obstacles such as fluctuating gold rates and timing conflicts with other industry shows, the second edition of IIJS Tritiya provided a comprehensive platform for manufacturers, retailers and industry professionals to understand the South Indian jewellery market 

Bengaluru: The second edition of the India International Jewellery Show (IIJS) Tritiya was held from April 5 to 8, 2024, at the Bangalore International Exhibition Centre (BIEC) in Karnataka. Organized by GJEPC, the event provided a platform for manufacturers, retailers, wholesalers, and industry professionals to converge and explore new business avenues. Despite facing challenges such as lower attendance due to concurrent elections and the surge in gold prices, IIJS Tritiya had 950 exhibitors across 1900 booths, offering a diverse array of jewellery offerings.

“The show was average in terms of the walk-ins this time, out of 15,000 registered visitors, 10,000 visited the show. However, this response was anticipated by us due to the elections and the rise in gold prices. We are happy that despite these challenges the show performed well,” said Nirav Bhansali, Convenor, National Exhibitions, GJEPC. A notable addition to this edition was the inclusion of a machinery segment at the IGJME show, catering to the technological needs of the industry. The “World of GJEPC” pavilion showcased various initiatives by GJEPC, providing attendees with insights into the council’s activities beyond IIJS.

Behind the booths
Even though operational activities went smoothly, the visitors and exhibitors had mixed feelings about the show. Manufacturers from Mumbai, Surat and Ahmedabad highlighted market preferences and challenges in penetrating the South Indian market, emphasising the demand for traditional yellow gold jewellery alongside emerging trends like rose gold lightweight jewellery. Preferences for specific karats, such as 14K and 18K jewellery, were observed among retailers, potentially influenced by factors like fluctuating gold rates and timing conflicts with concurrent events. “The overall business turnout was below expectation, mainly due to fluctuating gold rates, clash with the GJS show and restrictions imposed by the election code of conduct. Moreover, many retailers experienced a 15-day business slump before the event. Most of our transactions originated from existing clients, and there was a preference for 14K jewellery,” said Mahaveer Chand Bothra, Managing Director of White Fire Diamonds, Chennai. 

Many manufacturers also noted that due to the timing of the show, the sales were less than expected. “Sales were slow, falling short of expectations by 30%. Timing-wise, it would have been better if the show had been scheduled 15 days later which would have avoided clashes with the end-of-financial-year activities that many retailers are preoccupied with. This industry is driven by innovation, but multiple shows leave us with limited time for innovation,” said Vishal Jain, Director, of Purple Jewels  Pvt. Ltd., Bengaluru. 

Product trends at the show

Retailers provided insights into emerging consumer preferences and product trends at the exhibition. The notable presence of diamond stalls indicated a growing shift towards diamond jewellery, even in traditionally gold-centric markets, reflecting changing consumer trends. “This time, diamond stalls took centre stage, showcasing innovative designs, a departure from the usual emphasis on gold. Our focus remained on antique and gold jewellery, in which we bought a diverse selection,” said Sindhu Vaishnavi Jain, Partner, Bhoopalam Jewellery, from Tamil Nadu.

While traditional gold designs remained popular, retailers expressed a desire for more variety and contemporary designs to meet the evolving demands of their clientele. CZ jewellery emerged as a sought-after option, driven by high gold prices, with retailers stocking up on lightweight and bridal wear options to cater to consumer needs. “CZ jewellery with open and closed settings caught my attention. Our purchases ranged from heavy to lightweight items, catering to both bridal wear and daily wear. However, our purchases were exclusively in gold; diamonds and silver did not make the cut for us. The event was excellently organized, ensuring smooth check-ins,” said Amarnath C.S., Lalitha Jewellery Mart, Karnataka.

In the silver segment, gold-plated variations performed well, offering budget-conscious consumers an attractive alternative amidst rising gold prices. However, limited traction was observed for lab-grown diamonds, mainly due to the fewer walk-ins, according to the exhibitors. 

Despite all the hurdles of elections and gold prices, industry experts remain optimistic about the show’s trajectory, foreseeing its growth into a significant event akin to IIJS Signature within the next 3-4 years. Looking ahead, it’s crucial to adjust schedules and innovate products strategically to make the most of such exhibitions and ensure long-term growth for the industry.

Written by Maithili Patange

Retail Jeweller India Exclusive