IJSF 2023 | India Jewellery Shopping Festival | Jewellery Shopping Festival | Jewellery Show :The Gem and Jewellery industry is set to witness a groundbreaking transformation as the All India Gem and Jewellery Domestic Council (GJC), the esteemed trade body representing manufacturers, wholesalers, retailers, and exporters, introduces the highly anticipated India Jewellery Shopping Festival (IJSF). This groundbreaking event, sponsored by IDT Gemmological Laboratories Worldwide as the Title sponsor and powered by Divine Solitaires, aims to uplift the industry by revolutionizing the business landscape.
Scheduled from 12th October to 17th November 2023 for B2C interactions and from 1st June to 31st October 2023 for B2B engagements, IJSF holds the vision of positioning India as the global destination for jewellery shopping. This five-week-long extravaganza is designed to promote India’s rich art heritage and cultural diversity by showcasing and auctioning the finest jewellery pieces. Simultaneously, it aims to support the industry by driving sales and engaging in CSR activities.
Mr. Dinesh Jain, GJC Director & IJSF Convenor, expressed the objectives of IJSF, stating, “Our aim with IJSF is to develop jewellery tourism in India, positioning the country as a leading jewellery hub. Similar to the Dubai Festival, which garners international attention, IJSF endeavors to enhance the credibility of Indian jewellers while educating consumers about the latest innovations in the industry.”
Highlighting the immense scope within the jewellery manufacturing sector, which involves only around 10% of countries worldwide, Mr. Jain emphasized the government’s role in promoting jewellery tourism. Collaborations with the Tourism Ministry and travel agents will incentivize touring packages, and discussions regarding import duty and GST refunds for tourists are already underway.
This fully digitalized initiative is poised to generate sales worth 12,000 crores during the B2C phase, involving over 2.4 million consumers. The festival anticipates foreign currency revenue of Rs 3,000 crore. With a strategic plan in place, GJC aims to allocate 40% of the revenue towards promoting the initiative while incentivizing consumers with 38% of the receipts. The entire jewellery value chain is projected to contribute over 100 Cr to this transformative endeavor.
Mr. Saiyam Mehra, Chairman of GJC, highlighted the unique opportunity presented by IJSF, stating, “We offer jewellers and participants across the value chain an unparalleled platform featuring a vast array of innovative and exquisite designs for regular and occasion wear. At IJSF, jewellers can attract customers, boosting their sales, while consumers can indulge in never-before-seen designs and secure their pieces for weddings and special occasions. This festival holds immense potential for the entire jewellery fraternity, with major industry players already expressing interest. We expect the entire value chain to unite, generating significant revenue and promoting the industry while incentivizing consumers. Our focus is on credible jewellers with a formal business model, encouraging them to adopt the best practices.”
Mr. Manoj Jha, IJSF Joint Convenor, announced the launch of various schemes to increase participation, including a bumper prize featuring five 1kg gold prizes and over 1000 periodic prizes of 25 grams of gold each. Additionally, every coupon will be accompanied by an assured limited edition coin. GJC aims to incentivize consumers by gifting approximately 35 Cr worth of gold, silver, and diamond-studded jewellery across all categories during IJSF. Consumers will receive one coupon for every purchase of Rs 25,000 or more.
In a bid to promote digital India and cater to the evolving preferences of Gen-Z, the India Jewellery Shopping Festival (IJSF) is revolutionizing the industry with its digitally driven and transparent approach. With Gen-Z constituting approximately 65% of India’s population, understanding their behavioral changes becomes crucial. Gen-Z individuals will have the opportunity to share their experiences of using different jewellery for various occasions, fostering an asset-creating mindset rather than considering it as an expense-creating endeavor.
To ensure transparency and clarity, all the applicable Terms and Conditions of IJSF will be prominently displayed on the festival’s website, providing participants and consumers with essential information.
