Union Minister Piyush Goyal inaugurates IIJS Signature 2024 with clarion call for ‘Design in India’

The 16^th edition of the show, being held across two venues in Mumbai, at the Jio World Convention Centre, BKC (January 4-7) and Bombay Exhibition Centre or Nesco (January 5-8), is projected to generate business of over Rs 35,000 crore, and introduces ‘The Select Club’ exclusively for high-end couture jewellery 

Mumbai: Union Minister Piyush Goyal inaugurated the India International Jewellery Show (IIJS) Signature 2024 organized by the Gem & Jewellery Export Promotion Council (GJEPC) at the Jio World Convention Centre in Mumbai on January 4, with a clarion call for jewellery design to become India’s next big export category. “Made in India is a success. Design in India should be the future of the industry,” said the Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Govt. of India, who was the Chief Guest at the ceremony. “Jewellery design should become our next big export category. Our young, talented and skilled workforce can help us merge fashion and jewellery into an unbeatable combination. The emphasis has to be on making India the design destination of the world for fashion and jewellery, which in turn will make India a preferred wedding destination for the world,” he added.

The Minister referred to massive investments being made by the Government to create world-class infrastructure for the gems and jewellery industry, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ, Mumbai with modern machinery and equipment. “After the success in Dubai post the India-UAE CEPA, we are planning to open a new India Exposition Centre in Hong Kong to gradually spread our wings to capture world markets across borders,” he declared. 

Addressing the audience, Vipul Shah, Chairman, GJEPC, said that the gems and jewellery industry aspires to contribute $75 billion to India’s projected $5 trillion economy by 2030. “The domestic gems and jewellery market, which is currently valued at $44 billion, will grow to $134 billion by 2030 with a CAGR of 17.35%. The Indian gems and jewellery industry shares the Prime Minister’s dream of becoming a $5 trillion economy by 2030 and a first-world nation by 2047. GJEPC recently submitted a work plan to the Ministry of Commerce for the gems and jewellery industry to touch $75 billion in exports by 2030 and $100 billion by 2047.” 

He added that following the success of CEPA, the industry is looking forward to trade agreements with GCC, the UK, EU and Canada, and aims to grow India’s share in world exports of gems & jewellery from 4.6% to more than 10% by 2030. Building world-class infrastructure in the gems & jewellery business will entail an investment of more than Rs 2 lakh crore within the next five years, he estimated.

Thanking Union Minister Piyush Goyal for his support to the gems and jewellery trade, Joy Alukkas, Chairperson, Joyalukkas Group, said, “We should be very proud of the way India is progressing as one of the top economies in the world, thanks to the very efficient leadership of our country. The initiatives of GJEPC are also commendable. Over a period of time, the IIJS Signature has become a significant jewellery exhibition in the world. I am very optimistic about the future of our industry and I feel very proud to be a part of it.”

Nirav Bhansali, Convenor-National Exhibitions, GJEPC, said the IIJS Signature show alone is set to enable Rs 35,000 crore worth of business. “IIJS Signature is strategically positioned in the beginning of the year. Following a phenomenal festive season that witnessed double-digit sales growth for retailers, this platform gives buyers a chance to stock up inventory for the wedding and festivities in the first half of the year,” Bhansali said. 

WHAT’S NEW AT IIJS SIGNATURE

The highlight of IIJS Signature 2024 is a dedicated section for luxury connoisseurs and couture jewellery buyers called ‘The Select Club’ at the Jio World Convention Centre venue, which is highly anticipated by the industry. 

Notably, GJEPC has successfully enlisted IIJS Signature 2024 under the ‘Procurement and Marketing Support’ scheme of the Ministry of MSME, which provides financial assistance of Rs 1.50 lakh each to eligible micro and small enterprises for participating in domestic and international trade shows. Among other steps to enhance IIJS Signature, the GJEPC has created a Prime Plus Lounge for Prime Plus exhibitors and visitors at both venues, and offered complimentary registration for international visitors to foster global participation.

The 16th edition of IIJS Signature is being held across two venues in Mumbai, at the Jio World Convention Centre, BKC (January 4-7) and Bombay Exhibition Centre or Nesco (January 5-8). It expects 30,000+ visitors (including international buyers) from 800 Indian cities and 60 countries. The show has 1,500+ exhibitors occupying 3,000+ stalls across 1.25 lakh sq. mt. of exhibition area. The India Gem & Jewellery Machinery Expo (IGJME) is being held concurrently at the two venues of IIJS Signature.

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