The Gem and Jewellery Export Promotion Council (GJEPC) stated on Thursday that the India International Jewellery Show – IIJS Signature 2023 will strengthen the industry and aid in reaching the 3,772.9 billion export goal for this fiscal year.
According to GJEPC chairman Vipul Shah, the final quarter of the current fiscal year is essential since it needs to have robust growth to meet this year’s target of 3,772.9 billion. He stated that when the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates went into effect, shipments of gems and jewellery to the Middle Eastern nation increased by almost 25%. Additionally, we will see a comparable increase in exports to Australia in the upcoming months’ thanks to the India-Australia ECTA (Economic Cooperation and Trade Agreement).
He stated that after the India-UAE CEPA (Comprehensive Economic Partnership Agreement) went into effect, shipments of gems and jewellery to the Middle Eastern nation increased by almost 25%.
India’s exports of gems and jewellery increased by 8.26% this year compared to last. In order to reach this year’s goal of 3,772.9 billion, the final quarter of the current fiscal year is absolutely critical, according to GJEP chairman Vipul Shah
IIJS signature 2023 anticipates growth
“We anticipate that exports to Australia will increase at a comparable rate in the months to come as a result of the India-Australia ECTA. We also anticipate the Free Trade Agreements with Canada and the UK”, Shah continued. Anupriya Patel, a minister of state for commerce and industry, stated during the event that the “gems and jewellery sector is a key contributor to expanding Indian exports year on year” with exports totalling 3,301 billion. According to the minister, India recently negotiated two big free trade agreements with Australia and the UAE, which has led to a huge double-digit increase in exports to both nations.
Discussions with Canada, the EU, and the UK are ongoing, and Piyush has committed to implementing two additional FTAs this year. IIJS Signature has a long history, but this “green” export edition is unique since it features a special booth for female businesses and a gallery for up-and-coming jewellery designers. In order to encourage exports, “we have taken numerous actions, including establishment of a streamlined regulatory framework for e-commerce exports of gems and jewellery, lowering of duties for diamond imports, a new gold monetisation policy, and hallmarking rules,” she continued.
Showdown at IIJS Signature 2023
Given the larger format of the event, Signature has been increased from four to five days in order to provide attendees and exhibitors enough time to explore the whole show floor. More than 1,300 exhibitors will be able to set up shop at IIJS Signature’s 2,400+ booths.
An all-time high of 800 overseas guests from 600 companies in 50 different countries attended IIJS Signature this year. The five-day IIJS Signature 2023 event got underway on Thursday.
IIJS Signature 2023 will feature Gold and Gold CZ in its many product areas.
Loose stones, lab-grown diamonds, silver jewellery, artefacts, and gift items; stud earrings; diamond, gemstone, and other stud earrings; laboratories and educational institutions; and machinery and allied.
The US, Malaysia, Iran, Canada, the UK, Malaysia, Sri Lanka, Russia, Bangladesh, the UAE, Bahrain, and Nepal have all sent delegations.
According to the statement, a Saudi Arabian delegation has arrived for the first time with 18 prime buyers.