The Indian gem and jewellery export production industry is looking at a growth of between 15 and 20 percent this year, Gem & Jewellery Export Promotion Council (GJEPC) Chairman Pramod Agarwal said at a press conference during the IIJS Signature gem and jewellery trade show, which wrapped up in Mumbai today.
In response to questions, Agarwal said he expected the growth to come from a resurgent Europe and new markets like Latin America, Africa and the Confederation of Independent States (CIS), which the GJEPC has been studying for some time now.
Agarwal also said that costume and fashion jewellery, which used low-cost raw materials and thus offered the potential for much higher value addition, would get more attention in terms of promotional efforts by GJEPC this year.
Feedback from IIJS Signature exhibitors indicated a more measured buyer response this year — something that was expected as the jewellery retail industry is still evolving in the wake of the introduction of the Goods & Services Tax (GST) in July 2017 and a marked consumer migration towards more organised players.
Investment in new technology is definitely on the upswing, with machinery exhibitors reporting a significantly improved response from an industry that has otherwise been largely stuck in traditional techniques for the development and manufacture of jewellery.
The GJEPC is also evaluating exhibitor feedback that indicates a preference for the the show being held in January from next year onwards. GJEPC Exhibitions Convener Shailesh Sangani said that the first half of January was usually a slack period for the Indian jewellery retail industry and thus retailers were more free to look at restocking options. This alone would lead to an increase of between 30 and 40 percent in visitor traffic at the show.
Sangani said the whole issue was being looked at carefully as the GJEPC did not want to adversely impact existing regional shows. He indicated a further expansion of the show, which had already grown by 200 stalls to 1,500 this year, by another 300 next year.