ShowReview: 39th edition of IIJS Premiere breaks records with business to the tune of Rs 70,000 crore

A new dual-venue format, unprecedented footfalls and buyers seeking more variety drove the dynamics of the 39th edition of the IIJS Premiere in Mumbai, which industry stakeholders voted to be ‘the best show ever’. While the two venues enabled more exhibitors to participate, the show format itself drew mixed responses, with some jewellers suggesting a more refined stall segregation to enhance visitor experience

The India International Jewellery Show (IIJS) Premiere 2023, held in Mumbai from August 3 to 8, 2023, was unanimously declared to be a resounding success by all industry stakeholders, who certified it as ‘the best show ever’ in terms of business, innovation, 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 in Mumbai – the Jio World Convention Centre and Bombay Exhibition Centre (Nesco), accommodating 3,250 stalls and 1,850 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 than 50,000 visitors from 1,100 cities across India made it the most expansive IIJS Premiere to date, bolstered by substantial international presence, with more than 2,100 visitors from 65 nations. More footfalls and buyers seeking more variety drove the dynamics of the show, even as the impact of rising gold prices steered specific choices, with the accent on affordability. Overall, IIJS Premiere is credited with reversing low market sentiments in the jewellery industry and kickstarting the business cycle into high gear, perfectly timed ahead of the festive and wedding seasons.

TRENDS AND INNOVATION

Both jewellery retailers and manufacturers seemed to make the most of IIJS Premiere 2023. Huge crowds at both venues on all days were an indicator of success for both buyers and exhibitors. Surge in footfalls from Tier-II and Tier-III cities as well as rural areas was a big growth driver. Aditya Pethe, Partner, Waman Hari Pethe Jewellers, Mumbai acknowledged the industry’s shift towards lightweight jewellery, and pointed out that retailers were thrilled with the variety in this segment, which meant a whole spectrum of options for consumers. “We found a lot of new designs this time at IIJS Premiere, especially in the lightweight jewellery category,” he emphasized. Mehul Oswal, MD, Mahendra Jewellers, Kolhapur, was another jeweller who pointed out rising sales of lightweight jewellery to counter escalating gold prices. “The extensive use of coloured stones in the diamond jewellery marked a notable trend,” he added. For Joita Sen, Director and Head of Marketing and Designs at Senco Gold & Diamonds, Kolkata IIJS Premiere 2023 was “a unique event” as it was the first time that it was held across two different venues. “The event was well-organized, and there was a great deal of innovation on display, with many themed products and a lot of creativity captivating the attendees,” she noted, adding that the dual venue format allowed retailers to explore a wider variety of jewellery options. Raj Kumar, Proprietor, Oberoi Jewellers, Panipat too praised the variety and innovation at IIJS Premiere, stating, “Our inventory is full of new designs and variety. The infusion of moissanite jewellery, focusing on its growing popularity, showcased the industry’s adaptability to changing consumer preferences.” He also said the strong presence of lab-grown diamonds (LGDs) was a notable feature at the event, reflecting the ongoing debate and consideration within the industry about inclusion of LGDs in product lines. As for jewellery trends, rose gold fared well due to the rise in gold prices, and also as it provided a break from monotony. Samarth Jaiswal, Director, Omara Fine Jewellery, Chandigarh commended the incorporation of innovative materials like ceramic and carbon fibres in diamond jewellery, while for Satyam Rastogi, Owner of Kamal Jewellers, Dehradun, the focus on gold jewellery emerged as a hallmark trend of IIJS Premiere 2023.

CHALLENGES AND OPPORTUNITIES

While IIJS Premiere received wide acclaim, challenges were noted by retailers, primarily related to logistics and the dual-venue set-up, which posed a hurdle for visitors seeking seamless exploration. Some jewellers also gave constructive feedback about the show. Shreyansh Kapoor, Managing Director, Kashi Jewellers, Kanpur pointed out that geographical distance between the two venues was a deterrent. “The overall event was organised very well. The concept of two venues is also good, but the commute took a lot of time,” he explained. Kapoor suggested considering Delhi as a potential venue for IIJS Premiere, due to its broader roads and capital status, that would help address the accessibility concerns. Sumit Jain, Owner, Saheli Jewellers, Raipur, too had reservations about the dual-venue format. “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 noted. Sachin Jain, Owner of Vardhman Jewellers, Bhiwani, proposed an extended show duration to accommodate its grand scale. Though exhibition days as well as show timings were staggered across the two venues of IIJS Premiere – Jio World Convention Centre – August 3-7; Bombay Exhibition Centre (NESCO) – August 4-8 – visitors were hard put to cover all the booths at both. Tejpal Ranka, Partner at Ranka Jewellers, Pune highlighted the challenge of managing time amidst an abundance of offerings. “There was a lot to see in a limited time. The sheer magnitude of designs and exhibits posed a practical challenge for retailers in effectively exploring the diverse offerings within the event’s timeline,” he said. A more refined stall segregation would enhance the visitor experience, said Pankaj Khurana, Director of Khurana Jewellery House, Panipat, calling for clearer vendor demarcation. While exhibitor efforts at innovation were widely appreciated, there were some calls for more diverse designs as well. Rajendra Agarwal, Owner of Sona Chandi Jewellers, Kanpur, said he was hoping to see a lot of fresh and unique designs, but was disappointed after witnessing the regular designs at the show. Meanwhile, Anil Valecha, Owner, Shree Menghraj and Bros, Bengaluru had an environmental concern about use of plastic bottles at the show. “I found it extremely hard to refill my water bottle,” he said, and urged promotion of eco-friendly practices, such as designated water refill stations to minimize plastic waste.

TOWARDS MORE GROWTH

At the end of the day, participants at IIJS Premiere 2023 acknowledged the positive scale and impact of the event on the industry. Said Aditya Pethe, “When the sentiment of the market is good, it is more auspicious for the whole jewellery industry.” This sentiment reflects the positivity and promising outlook that the event generated for the upcoming festive season. The event’s effectiveness in reaching a broader audience, including those from smaller towns, was also evident. As Raj Kumar noted, “IIJS Premiere was very good this time. A lot of small-town jewellers also participated this time, and they benefited a lot.” Overall, IIJS Premiere 2023 was a successful showcase of jewellery variety and innovation, and became a wide platform that brought more jewellers into the national consideration and connected them to more buyers. It proved that the jewellery sector is capable of adapting and thriving amidst challenging market dynamics. As the industry continues to evolve, insights from events like IIJS Premiere are crucial in shaping future strategies and maintaining a vibrant and dynamic jewellery marketplace.

Highs & Lows

Raj Kumar, Proprietor, Oberoi Jewellers, Panipat praised the variety and innovation at IIJS Premiere. The strong presence of lab-grown diamonds (LGDs) was a notable feature at the event, he said, reflecting the ongoing debate within the industry about inclusion of LGDs in product lines.

Aditya Pethe, Partner, Waman Hari Pethe Jewellers, Mumbai acknowledged the industry’s shift towards lightweight jewellery, and pointed out that retailers were thrilled with the variety in this segment, which meant a whole spectrum of options for consumers.

Joita Sen, Director and Head of Marketing and Designs at Senco Gold & Diamonds, Kolkata said IIJS Premiere 2023 was well-organized, and there was a great deal of innovation on display, and that the dual venue format allowed retailers to explore a wider variety of jewellery options.

Shreyansh Kapoor, Managing Director, Kashi Jewellers, Kanpur pointed out that geographical distance between the two venues was a deterrent. He said the concept of two venues is good, but the commute took a lot of time.