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IIJS opens on hopeful note in Mumbai

August 07, 2009
GJEPC Chairman Vasant Mehta addresses show attendees at the India International Jewellery Show in Mumbai.

Mumbai, India--After a tough year for the diamond market, the India International Jewellery Show (IIJS) opened on a hopeful note in Mumbai, India, on Thursday, with show organizers noting that business seems to be picking up.
 
The show, organized by the Gem and Jewellery Export Promotion Council (GJEPC), kicked off at the NSE grounds in Goregaon, Mumbai, with some 18,500 domestic and 1,030 overseas visitors pre-registered for the event this year, according to a GJEPC release.

Spread across 46,000 square meters of space, the 2009 IIJS boasts 704 exhibitors and 1,553 stalls displaying jewelry, loose stones, machinery and allied sections. It also includes pavilions from countries such as Belgium, Dubai, United Arab Emirates, Israel, Italy, Thailand and Turkey.

"This show helps its participants to showcase their versatility in the trade and provides a unique opportunity to form winning partnerships around the world," GJEPC Chairman Vasant Mehta said in a speech to attendees. "The recession undoubtedly impaired the growth of this industry for a short period, but now the market is witnessing a positive change. Hopefully, with the expected boost the trade will receive after IIJS, the gem and jewelry industry will observe a remarkable improvement and establish its former glory."

Shri Ashok Shankarrao Chavan, honorable chief minister of Maharashtra, helped open the festivities at the NSE grounds, paying homage to the industry's role in the nation's economy. With 1.5 million skilled workers, India is the world's largest manufacturing center for gems and jewelry, and the trade contributes more than 12 percent to the nation's total export earnings.

In his speech, Mehta noted that a 2 percent octroi (or tax) on polished diamonds imported or purchased from other states or from outside Mumbai and sold in the city is difficult to absorb amid "depressed demand and high competition," and is forcing many manufacturers to shift their base out of Mumbai to Gujarat.

"On behalf of the industry, it is my ardent request to the chief minister to provide us relief by abolishing this levy, if not permanently, at least for the next five-year period, giving us the chance to regain lost ground by being more competitive," Mehta said.

He also added that industries across the nation, not just the jewelry and gem industry, would benefit from an international-level exhibition and convention center in Mumbai "that has scale, technology, access and facilities in abundance."

On tap for the remainder of the IIJS show are fashion shows, star-studded parties and the Solitaire Awards, which recognize the creativity and the craftsmanship of noteworthy jewelry designers. The awards event will be held on Aug. 8 at The Renaissance in Powai.
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