by Suman Gupta
GJC intends to establish India as a Jewellery Tourism Hub and organises the country’s first India Jewellery Shopping Festival to boost the jewellery sector
Mumbai, 3rd August 2023: All India Gem and Jewellery Domestic Council (GJC), the apex trade body that unites jewellery manufacturers, wholesalers, retailers, and exporters, today announced the first of its kind India Jewellery Shopping Festival (IJSF) that will be held in 300 cities across the country from 12th October to 17th November. The nation-wide shopping festival is expected to witness participation from over 5000 of jewellery retailers, and distributors and will help boost the overall business sentiment across the industry. Divine Solitaires is the Powered by sponsor for this event.
The festival will offer benefits to both the B2B and the B2C segment wherein Business owners can be a part of the festival by paying an enrolment fee and choosing from one of the several subscription plans that are available to them. The scheme for the B2B segment will run from 1st June to 31st October. Also, ‘Limited Edition of Silver Coin’ will be unveiled commemorating ‘The Amrit Mahotsav’ marking India’s Independence at the event.
Mr Dinesh Jain, GJC Director & IJSF Convenor, said that “In 2021-2022, India’s gem and jewellery exports increased by 54.68% over the previous year, reaching USD 39.45 billion. Only 10% of the world’s 200 countries produce jewels. As a result, the industry’s great potential has been highlighted. The company’s goal is to develop our country as the top destination for all jewellery enthusiasts and to promote jewels tourism in India, which is world-renowned for its intricate designs and remarkable craftsmanship. We also wish to provide cost-effectiveness by facilitating GST refunds and import charges for visitors before they depart for their home nation. We are in contact with the administration about this. The enormous success of the Dubai Shopping Festival is our primary goal.
These initiatives by IJSF will attract estimated 2.4 million end customers and bring in sales worth Rs.120000 Crores. Supposedly, the contribution from the jewellery value chain is INR 100 Crores and INR 3,000 Crore from the foreign currency. IJSF will have a positive impact on CAD of Indian. Further it will increase contribution in the GDP growth from Jewellery industry.
Mr Saiyam Mehra, Chairman, Chairman GJC, said that, “IJSF is a potential pool for all jewellery traders, and key industry participants have shown significant interest. Consumers and producers both benefit from the event. The jewellers have the opportunity to expand and increase their sales. Meanwhile, shoppers find and save the carefully created pieces for special occasions such as weddings and others. The Gem and Jewellery Council guarantees significant income prospects by expecting the full value chain’s involvement in this event. The event promotes industrial and incentivizes customers. Furthermore, by promoting the engagement of recognized jewellers with established business models, it fosters professionalism and adherence to best business practices.”
Mr. Manoj Jha, Joint Convenor, said that, “They want this event to benefit the whole jeweller business as well as customers. They are implementing a number of efforts to promote client excitement and participation. IJSF will make appealing offers and give customers the chance to win up to 40kg of gold as a prize, as well as jewellery worth 3 crore INR and 100 gold coins encrusted with Divine Solitaire Diamonds. As India celebrates 75 years of independence, we provide 3000 kilogram of special edition Amrit Mahotsav silver coins, as souvenir, which will be delivered as presents to clients with every purchase of Rs.25000/-.”
The ultimate prize of 1kg of gold, together with recurring rewards of 25 grammes of gold, is intriguing enough. Such promotions would boost the industry throughout the holiday season. To ensure complete openness, we have teamed with EY, who will oversee this process, which will be fully digital.”
