Signature IIJS kickstarted today with an inauguration function, at which Andrey Polyakov, Vice President of Alrosa, was the Chief Guest. Industry stalwart Kirtilal Doshi and social activist Shaina NC -- also a well-known face of the ruling party the BJP – were the Guests of Honour.

Welcoming the dignitaries, exhibitors and media persons present at the function Vipul Shah, Chairman of the GJEPC, the organiser of the show, went on to outline the various positive steps which, on the suggestion of the GJEPC were being taken by the Government of India. “We have been in dialogue with the Government to relax various policy restrictions and to introduce ‘Ease of Doing Business’,” he said speaking on the occasion. “We are looking forward eagerly to the Budget presentation and hope that the Prime Minister’s announcement of the acceptance of our proposal Special  Notified Zones (SNZs)  will become a reality and I have no doubt that will be a game changer. I hope Mr. Polyakov that Alrosa will participate in the rough auctions at the SNZ once that happens. ”

The Chairman went on to say: “We are happy that the Government of India has included the gems and jewellery sector in its ‘Make in India’ initiative. We have put forward proposals for reforms in the banking sector and to lower the gold duty in pursuance of this programme.”

Referring to matters pertaining to the state government, Shah said: “We have met the Chief Minister of Maharashtra  and have put forward our views on VAT, octroi and the request for an exhibition and convention centre. He has assured us of looking into the issues proactively.”

Shah said that the GJEPC was at the forefront to build consumer confidence and ensure transparency through various measures, including setting up a centre for the detection of synthetic diamonds in BDB; more such centres would be also put up in other important centres for the diamond industry in the country like Surat, he informed those present.  Further he said that the GJEPC’s MY KYC initiative would also be an important step. Finally he referred to the programmes like the Swasth Ratan – a health insurance initiative for workers in the sector – and Jewellers for Hope which exemplified the industry’s commitment to the welfare of workers and to society.

Calling jewellery the most innovative sector, Shaina NC went on to praise the work being done by the industry. “We would be happy to work with you,” she assured the industry. “Not at the cost of losing revenue for the government but in a manner that ensures the anhancement of revenue for both the industry and the government.”

Industry veteran Kirtilal Doshi said that he had entered the industry in 1942 and in the seven decades since then, he had seen the industry weather many ups and downs with fortitude. He said that he was confident that the industry would meet the present challenges in a similar manner and come out stronger as it had always done.

In an impassioned speech, Doshi pointed out that times had changed to a large extent and now that the digital age was firmly upon us, the industry would have to mould itself accordingly with new strategies and tactics. “We will see a fast and rapid movement to digital marketing and e-commerce in the next five years,” he predicted. “The value chain will also become shorter and 60 per cent of diamonds will be sold online.”

Andrey Polyakov stressed that the ties between Alrosa and the Indian diamond industry which first were given tangible form through an agreement two years ago and developed very well, had moved forward and now they had signed long term contracts with 12 Indian diamond companies on the sidelines of the World Diamond Conference which took place in December in Delhi. “Now new opportunities are being explored,” he said referring to more interaction between the two industries – of Russia and India – in the immediate future. “There is a possibility to come together on generic marketing, on synthetics, on banking issues and consumer confidence too. We are not only going to discuss all these areas soon but will soon jointly put formulate policies for these issues.”

Polyakov concluded by saying that he looked forward to Signature being a platform for professional discussion and for an exchange of views of different segments of the industry.

Nirav Bhansali, Convener Exhibitions Sub-Committee (National) of the GJEPC presented a Vote of Thanks.

Speaking exclusively to gjepc.org after the inauguration, Bhansali said that the next year, the GJEPC’s machinery fair, the IGJME would be held along with Signature IIJS. “We are currently meeting representatives in different countries like Italy and Germany and we hope to have pavilions from all leading countries manufacturing and developing gems and jewellery technology,” said Bhansali.

While the environment at the inauguration was warm and full of hope for the coming months; both at the India level with the promise of the new governments reforms to be unveiled soon, and at the international level with a new confluence of purpose amongst the various segments of the diamond industry (miners, manufacturers specially), on the floor of the exhibition things were a bit slow. Though some buyers did seem to be moving around and some stalls had opened their innings businesswise, by and large movement was lukewarm. It is hoped that the show will see higher footfalls over the weekend.