The IIJS-Signature Show in Goa

The IIJS Signature Show—the India International Jewellery Show’s high-end invitation-only event—was held in Goa, India, from Feb. 20-23. The event, in its second year, featured approximately 75 exhibitors representing the leaders among India’s luxury and top-end jewelry manufacturers. The event, held on the grounds of the Kala Academy, an art museum in Panjim, Goa, was beautifully organized and the companies there clearly invested in their exhibition space. Goa, a resort destination, was selected for the opportunity of mixing business with pleasure.

Foot traffic at the show was slow the first day, picking up as time went on. Exhibitors I spoke to all seem to take a refreshingly long-term view of business, pointing out that the show is only in its second year and one needs to have some patience as it takes any new venture time to get established. (Wall Street analysts, take note…)

The bulk of buyers in attendance were either domestic or from former Soviet republics. If there were any American buyers there, I didn’t run into them—but to be fair, many (if not most) of the exhibitors I spoke to don’t sell to the USA. Those that do business here already have a fairly solid presence here and will see their American customers here.

Dimple Shah of Balpalal Keshavlal, a firm that does have American accounts, said there were American buyers there last year, but he hadn’t seen any this year at the time we spoke. He noted there were some Australian buyers, but he said in addition to the drop-off of Americans, there was also a huge drop-off of buyers from Dubai, formerly a very big customer base. Shah still does do business with a few top American retailers, but he said they’ve been looking for lower-priced products this year.

How does a high-end company balance its reputation and still offer lower-priced goods?

“You can’t go by cost, you have to go by design. You can’t market lower-priced goods apart from the regular line, you just have to offer well-designed less expensive pieces. That works very well in the USA,” he said.

A number of dignitaries spoke at the show’s inauguration ceremony. Vasant Mehta, chairman of the GJEPC (Gem and Jewellery Export Promotion Council) said the Indian jewelry industry generates approximately $20 billion USD annually, and while imports have obviously been affected by the global downturn he remains optimistic. At present, India’s primary export focus has shifted from the United States to China and the former Soviet republics. Indeed there were large delegations of buyers from China, as well as Khazakstan and even some Middle East countries such as Syria. Additionally, domestic demand is expected to rise as India has not been as hard hit by the global economic turmoil as other regions have been.

Here are some images:

An 18k diamond and colored sapphire bracelet from Balpalal Keshavlal

Dignitaries light the flame to officially open the show. Sanjay Kothari, manager of export and promotions, is seen center right in the dark suit, lighting the flame.

Nirupa Pandya Bhatt, managing director of the GIA Laboratory in Mumbai, enjoys lunch on the grounds of the Kala Academy.

Sangam Diamonds’s neckpiece is truly red-carpet worthy. Dripping with 13 cts. of diamonds and blue topaz briolettes, it retails for approximately $30,000 USD. Email sangamdiam@yahoo.com

Shashvat Jewels Pvt Ltd. (www.shashvatjewels.com) offered this pendant and earring set in 18k gold, diamond, and rhodolite. Suggested retail for set, $3000 USD.

The folks at Shashvat have a sense of humor–here’s Bart Simpson in treated colored diamonds and 14k gold. He retails for about $7,000 USD.

Ratn, a division of Raksha Enterprises of New Delhi, offers a collection of modern, gallery-oriented jewelry that has global appeal but still fits the value sense of a traditional 22k Indian customer.

Vasant Mehta, GJEPC chairman, gives the welcome address.

The Misaki Collection of 18k gold, diamond and South Seas pearls presented in sets, as jewelry is traditionally sold in India.