The gem and jewelry industry will play a key role in making Maharashtra a USD 1 trillion economy:  Dr. Devendra Fadnavis Dy. Chief Minister, Maharashtra during the inauguration of IIJS Signature

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IIJS Signature 2024 - NESCO Inauguration
IIJS Signature 2024 - NESCO Inauguration

Maharashtra’s Industries Minister Uday Samant urges GJEPC to develop the indigenous gem & jewelry industry in rural India

MUMBAI: The Gems & jewelry industry belongs to Mumbai as the city accounts for 72% of the annual USD 37 bn of exports, proclaimed Dr. Devendra Fadnavis, Hon. Dy. Chief Minister of Maharashtra, while inaugurating the largest-ever IIJS Signature & IGJME 2024 twin Exhibitions organized by the Gem & Jewellery Export Promotion Council (GJEPC) at the Bombay Exhibition Centre, NESCO Goregaon.

For the first time, the New Year’s first top-of-the-line design-centric jewelry trade show IIJS Signature (India International Jewellery Show Signature) along with the India Gem & Jewellery Machinery Expo (IGJME) is being held at two venues in Mumbai: Bombay Exhibition Centre, NESCO, Goregaon (5-8 January)and JIO World Convention Centre, BKC (4-7 January).

Dr. Devendra Fadnavis was accompanied by Shri Uday Samant, Hon. Minister of Industries, Govt. of Maharashtra at the inauguration ceremony in the presence of Ms. Reshma Lakhani, Director General, DGEP; Mr. Paul Rowley, Executive Vice President, De Beers; Shri Sunil Nayak, CEO, Reliance Jewels; Mr. Vipul Shah  Chairman, GJEPC; Shri Kirit Bhansali, Vice Chairman, GJEPC; Shri Nirav Bhansali (Convener, National Exhibitions, GJEPC); Shri Sabyasachi Ray (ED, GJEPC), along with the doyens of international & Indian diamond, gem & jewelry sector.

While speaking at the IIJS Signature, Dr. Fadnavis said, “Prime Minister Shri Narendra Modi ji has set a target of USD 75 bn for gem & jewelry exports by 2030. This will be possible with the pivotal role played by the apex body GJEPC, which has been instrumental in making India one of the biggest international players in the global gems & jewelry industry. Maharashtra Government has worked closely with GJEPC to complete the new Common Facility Centre (CFC) at SEEPZ in just 17 months and this will allow gem & jewelry exporters especially MSMEs to have a hassle-free shipment, and paperwork and facilitate ease of doing business. Maharashtra Government and GJEPC have collaborated for the new India Gems & Jewellery Park at Navi Mumbai and this initiative will also help achieve the export target. Jewellery Park will create a new ecosystem in the gems & jewelry industry wherein Maharashtra will preserve its status as an ace exporter and set new records in gem & jewelry exports. Indian jewelry has been part of global trade for a time memorial not just economically but also as an emotional investment. As India prospers and the economy and industry expand, Maharashtra will continue to make new investments. Maharashtra Govt. is working tirelessly to help gem & jewelry entrepreneurs in key parameters such as ease of doing business and cost of doing business. As Maharashtra targets to become a USD 1 trillion economy, we shall continue to collaborate with GJEPC to create unique institutions such as the Bharat Diamond Bourse, which symbolizes a unique ecosystem. And whenever GJEPC wishes to create any new ecosystem, the natural and first choice has to be Maharashtra.”  

Maharashtra’s Industries Minister Uday Samant urges GJEPC to develop the indigenous gem & jewelry industry in rural India.

While thanking Dr. Devendra Fadnavis for his support and vision, Mr. Vipul Shah, Chairman, GJEPC, said, “Now, with the Jewellery Park coming up in Navi Mumbai with the support of Maharashtra Government, our industry is getting ready to bring in more investments from abroad. The Jewellery Park brings with it several government-backed advantages. It’s a one-stop shop with the Single Window Clearance for government approvals under the Maitri Policy, making processes smoother and faster. Additionally, the State Government has offered relief in power tariffs and electricity charges, among other benefits. These initiatives significantly ease the path for businesses, ensuring efficiency and reducing operational costs, ultimately fostering a thriving environment within the park.

Talking about the mega CFC in SEEPZ, Mumbai, Shri Shah said, “GJEPC, with the support of the Ministry of Commerce and Industry, has set up a Mega CFC at SEEPZ in Mumbai, which will be launched soon. This groundbreaking initiative aims to enhance the manufacturing capacity of the industry, foster technological advancements, and provide comprehensive skill development opportunities.

Shah said, “The Indian gem & jewelry industry shares our beloved Prime Minister’s dream of becoming a US dollar 5 trillion economy by 2030 and be a first world nation by 2047. To take part in Sankalp to be Viksit Bharat, our goal is to reach USD 75 billion in exports by the year 2030 and USD 100 billion by 2047. Maharashtra is already a big player in the Indian gem and I am sure that Maharashtra will continue to be leading exporters from the country as we set higher goals.

Mr. Paul Rowley, Executive VP, of De Beers, said, “As seen here at IIJS Signature, India truly inspires Indian entrepreneurship, and their drive and passion are infectious. As India progresses towards becoming the largest economy in the world, massive infrastructure investment is changing the face of the country rapidly and supporting economic development, nurturing businesses, and enhancing people’s lives.

India’s sustainable growth provides an optimum environment for business and facilitates innovation to shine. India’s fast-growing global stature is the heartbeat of the new global economy. New exciting opportunities are emerging with industrialization, urbanization, and consumption. The world is eyeing India’s affluent middle-class segment of 30 mn households as potential customers.  This will lead to increased spending on fashion jewelry. The gem & jewelry industry in India is also maturing.

The diverse & distinct worlds of natural diamonds and Lab lab-grown diamonds (LGDs) have started to diverge. Natural diamond is a unique miracle rare and breath-taking beauty. They symbolise precious enduring love ties across generations, the deepest human emotions, and the most profound connections humans could have – real diamonds are the most desired cherished, and richly symbolic objects in the world. LGDs do not have the qualities or symbolism of natural real diamonds. G7 sanctions are a major concern to everyone in global trade and industry has to speak as one voice collectively and collaboratively. The diamond industry is cyclical and the industry should be optimistic for the next wave.”

The 16th edition of GJEPC’s IIJS Signature will witness 30,000+ visitors (including international buyers) from 800 Indian cities and 60 countries. The show boasts 1,500+ exhibitors occupying 3,000+ stalls across a sprawling 1.25 lakh sq. mt. of exhibition area.

Shri Kirit Bhansali, Vice Chairman, GJEPC, requested Dr. Devendra Fadnavis to consider GJEPC’s plea for land for building residences for workers near the India Jewellery Park and first of its kind Gem & Jewellery University in the country.

The IIJS Signature show alone is set to enable a staggering Rs. 35,000 crore worth of business. When considering the collective impact of all three IIJS shows, the total business generated will amount to an impressive Rs. 1.25 lakh crore. This establishes the IIJS as a truly unparalleled platform within the global gems and jewelry industry“, added Nirav Bhansali, Convener, National Exhibitions, and GJEPC.

GJEPC has successfully enlisted the IIJS Signature 2024 Exhibition under the “Procurement and Marketing Support” scheme of the Ministry of MSME. The scheme provides financial assistance to micro and small enterprises for participating in domestic and international trade fairs and exhibitions. As a result, the eligible exhibitors can now avail themselves of a grant of ₹1.50 lakh each, which will help them cover costs and enhance their visibility and competitiveness in the global market.

Additionally, GJEPC has introduced a dedicated section for luxury connoisseurs and couture jewelry buyers called “The Select CLUB” at IIJS Signature 2024 in the Jio World Convention Centre. This exclusive section allows Couture jewelry manufacturers to showcase their extensive collection of high-end, exclusive jewelry designs to a curated audience.

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