Soaring Gold Hits Visitor Footfall At GJS Fair In Mumbai

The 3rd edition of the India Gem & Jewellery Show (GJS) was recently held at the Bombay Exhibition Centre in Mumbai. The exhibition, which ran from 7th to 10th April, witnessed a low turnout of visitors due to record-high gold prices and too many back-to-back exhibitions. GJC announced plans to organise two GJS shows every year, in April and September, respectively.

The 3rd edition of the India Gem & Jewellery Show (GJS) that was inaugurated by chief guest Rahul Narvekar, Speaker, Maharashtra State Assembly, on 7th April at the Bombay Exhibition Centre (Nesco) in Mumbai, saw visitor numbers impacted by the record high gold price and back-to-back exhibitions. Exhibitors that Solitaire spoke to lamented the poor visitor turnout amid soaring high prices of the yellow metal, hovering around the ₹62000 per 10g mark.

The show was inaugurated in the presence of All India Gems & Jewellery Domestic Council (GJC) Chairman Saiyam Mehra and GJC Vice Chairman Rajesh Rokde. Among the other dignitaries present on the opening day were GJEPC Chairman Vipul Shah and GJEPC Vice Chairman Kirit Bhansali.

Narvekar launched an industry-specific magazine ‘GJC Connect’ on the occasion. The exhibition, which ran until 10th April, was promoted with the hashtag #HamaraApnaShow.

Rahul Narvekar commented, “GJS is being recognised today as a landmark show, displaying talent, art productivity and values of ethical trading to the world at large. I must confess that my association with this event goes, of course without saying, with a sense of gratitude to this industry for their contribution to the nation building and the growth of the economy of this country, being the pillar of the economy of this country. I am presiding over the state assembly as a speaker and representing the Colaba assembly constituency because of this industry. My constituency houses the largest bullion market in the country, in terms of both rates and variety and design.”

Saiyam Mehra added, “A domestic gem and jewellery show was planned for over one-and-a-half years with efforts seen from all our staff, committee members and others directly or indirectly associated with this industry. Our first show was also the first show of Jio World Convention Centre with participation from 1300 stalls and more than 15,000 visitors.”

Rajesh Rokde noted, “This show is being organised at a time when gold prices have jumped to a record high, and it lacks direction for the future. I can firmly say that gold’s real beauty is its price. Consumers will not get attracted towards gold if its price does not go up. So, there is no need to get demoralised. It is better to think in a positive direction and consider that its price hike is good for the industry.”

GJC is planning to organise two GJS shows every year, with the first being in April and the second in September, both before the peak demand season. The April show will come ahead of Akshaya Tritiya and the September show will be held before Diwali.

Exhibitor Anand Shah of the eponymous jewellery brand, noted, “The show was decent, and we did find two new buyers – one from Mumbai and another from Hyderabad. Despite gold prices staying firm around ₹62,000, we did receive a fair number of visitors on Day 1.”

Another exhibitor Vishal Jain, owner of Shah Vanaji Kesaji & Co., commented, “The GJC show experienced subdued demand due to high gold prices, but we were still able to acquire a substantial number of new clients. Although the buying quantity was lower than usual, we are satisfied with the overall response to the show and engagement with our buyers.”

Exhibitor Pankaj Kodnani of Krown Jewels, too, noted that the gold rates are impacting demand. “We met some regular buyers, but no one is in a mood to book orders,” he told Solitaire.

Visitor Deepak Seth of SK Seth Jewellers commented, “There are too many B2B shows happening in quick succession and the industry needs a breather between events. As a result, there’s  little buying taking place at the shows as manufacturers are still fulfilling orders from previous shows. The high gold rate has been the other major deterrent for buying.”



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