IIJS Signature Concludes in Mumbai

IIJS Signature concluded in Mumbai on Monday with a clear indication that the slowdown in jewellery sales that has impacted the B2B arena over the last few months is not going to go away in a hurry. Visitor traffic which was slow for the first one and a half days, increased significantly in the second half of Saturday and on Sunday, though the final day was once again dull.

Most players seem to have accepted that market conditions were not likely to change over the next few months given the persistent economic problems in the major economies and a visible slowing down in the growth rates of India and China.

As a result, if there was one word that could most adequately describe the mood among exhibitors as, it would be ‘neutral’. A sampling of responses from exhibitors on the final day revealed that while most described the show as slower than they had hoped for, the majority were somewhat satisfied with the inquiries they received and the contacts they established.

In general, exhibitors said that the footfalls were less than they had expected. However, many opined that since almost all the visitors were serious buyers, detailed, in-depth discussions were possible. As one exhibitor explained, “The chances of these translating into business are much higher than the more casual inquiries we often get at the larger shows.”

Compared to the jewellery segment, business was slower in the loose stones section, while within the jewellery sections, the traffic in the gold jewellery segment appeared marginally higher.

High prices of gold, escalation in the prices of diamonds over the past year and the rapid decline in the rupee were seen as the main reasons behind buyer caution, but there were sufficient inquiries to make most exhibitors hopeful that orders will follow.

On the product front, it was clear that manufacturers were keeping prices in mind. Gold jewellery was lighter in weight and often had more jaali work, while the use of coloured stones with diamonds was another clearly visible trend. A number of exhibitors in fact agreed that finding an ‘acceptable’ price would be the key factor in inquiries translating into actual business over the next few weeks.

Next year IIJS Signature moves closer to the April-May festival and wedding season and will be held at the same venue from February 22-25, 2013.