The All India Gem and Jewellery Domestic Council (GJC), a trade body representing domestic jewellery retailers, is organising the India Jewellery Shopping Festival (IJSF) aimed at positioning India as a global destination for jewellery shopping. The event is scheduled to take place from 12th October to 17th November 2023 for consumers (B2C) and from 1st June to 31st October 2023 for businesses (B2B).
The IJSF aims to showcase India’s rich art heritage and culture by featuring and auctioning the finest jewellery pieces for corporate social responsibility (CSR) activities, thereby supporting the industry and boosting sales. The GJC hopes to develop jewellery tourism in India and establish the country as a hub for the global jewellery trade.
Dinesh Jain, GJC Director & IJSF Convenor, stated, “This event is similar to the Dubai Festival, which attracts lots of attention from global business leaders and consumers. IJSF aims to build credibility for Indian jewellers and educate consumers about innovations.”
With only approximately 10% of the world’s countries involved in jewellery manufacturing, the industry holds vast potential for growth. The GJC plans to promote jewellery tourism in India by collaborating with the Tourism Ministry and travel agents to incentivise touring packages. Discussions with the Government are underway regarding import duty and GST refunds for tourists upon departure.
The festival, which is expected to generate jewellery sales worth ₹12,000 crores ($1.45 billion) during the B2C phase, aims to involve over 2.4 million consumers and generate foreign currency revenue of approximately ₹3,000 crores ($362 million). The GJC intends to allocate 40% of the revenue for promoting the initiative and 38% to incentivise consumers. The jewellery value chain is expected to contribute over ₹100 crores ($12 million) to support the event.
Saiyam Mehra, Chairman, GJC, said “Large industry players have shown interest in participating in this event. GJC will encourage only credible jewellers with a formal business model and promote them to become organised and follow the best business practices.”
Manoj Jha, IJSF Joint Convenor, announced various schemes to increase participation, including five bumper prizes of 1kg gold and over 1,000 periodical prizes of 25 grams of gold each. Additionally, consumers will receive an assured limited-edition coin with every coupon, and the GJC will provide incentives worth approximately ₹35 crores in gold, silver, and diamond-studded jewellery across all categories. Consumers will receive one coupon on the purchase of ₹25,000 or more.