MJGF’13: Rallying the 2.5 lakh crore GJ industry under one roof | SupportBiz

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MJGF’13: Rallying the 2.5 lakh crore GJ industry under one roof

 
Leading global business media company UBM India has organized the 3rd edition of Mumbai Jewellery and Gem Fair 2013 (MJGF’13) at the Bombay Convention & Exhibition Centre from Novembr 27 to 29.

The three-day event, providing a platform to the country’s gems & jewellery industry to network and grow, was inaugurated by Mehul Choksi, Chairman, FICCI - gem & jewellery segment & CMD, Gitanjali in the presence of several other dignitaries including, Mohit Khambhoj, President, Bombay Bullion Association; Naina Lal Kidwai, President, FICCI; Haresh Soni, Chairman, GJF and Nirupa Bhatt, MD, GIA India & Middle East. The event was also participated by jewellery manufacturers and retailers from all over India, along with companies from allied industries, exhibiting products and services.

Talking at the event, Joji George, Managing Director, UBM India said, “India is well known as an important diamonds and jewellery manufacturing hub and is a renowned source of supply across the world. UBM India’s Mumbai Jewellery and Gem fair 2013 presents a right platform to the gems and jewellery segment to meet, build synergies and grow the market further.”

The first day of MJGF’13 featured a Gems and Jewellery Conclave hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI) and UBM India. There was a panel discussion on the ‘Present scenario and challenges faced by jewellers’ by the committee members of Maharashtra Saraf Suvarnakar Mahamandal (MSSM), a state level association for the development of jewellers and gold smiths in Maharashtra.  

The highlight of the trade fair on the 2nd day was the UNNATI program by MSSM, in collaboration with All India Gems and Jewellery Trade Federation (GJF). The speaker for the session Naren Walters from MSSM discussed on ‘Taking business to the next level.’ The program focused on improving business and maintaining good relations with the customer. Various other techniques and skills were explained in the program which are applicable to the retailers in the industry.

Tejas Shah, Business Head, Barf Diamond Jewellery, said, “We received an overwhelming response at UBM India’s Mumbai Jewellery and Gem Fair 2013 and plan to participate further at the Hyderabad Jewellery and Gem Fair 2014 too.”

The domestic gems and jewellery industry had a market size of INR 251,000 Cr in 2013, with a potential to grow to INR 500,000 to 530,000 Cr by 2018. It provides employment to 2.5 million directly and has contributed INR 99,000 Cr as value addition to the economy. Considering its immense potential and contributions, the Indian government has also declared the sector as a thrust area for export promotion. The sector is highly export-oriented, labour-intensive and a major contributor to employment, GDP and foreign exchange earnings.

Nikhil Panchamia, Area Manager (Gujarat), Sheetal Jewellery House said, “Diamond market in India is growing at a positive rate of around 30 to 35 per cent. The current trend in the diamond segment is the pink diamond. Being the world’s largest volume manufacturers for polished diamonds, we feel that the diamond market is growing and here to stay for another 15 to 20 years.”