JB Insights
APGJF 2024 is a resounding success
State’s Largest B2B jewellery exhibition helps consolidate Vijayawada’s
position as a key GJ hub
Andhra Pradesh’s largest B2B jewellery exhibition, ANDHRA PRADESH GEM AND JEWELLERY FAIR (APGJF) 2024, held between December 13th and 15th at SS Convention Centre, Vijayawada, soared to new heights this year.Large crowds thronged the venue on all the three days and almost all the exhibitors were extremely satisfied with the brisk business transactions that they concluded and the network of new contacts they could establish.
APGJF is jointly organized by India’s premier jewellery exhibition management company United Exhibitions and AP Bullion Gold Silver & Diamonds Merchants Association.
The show began with the grand Inauguration Ceremony attended by the Chief Guest Dr. Ponguru Narayana, Hon’ble Minister of Municipal Administration and Urban Development, Govt of Andhra Pradesh. at the inaugural ceremony the chief guest was accompanied by the esteemed leaders from the Indian jewellery industry.
This year’s show brought together over 200 of India’s top and renowned jewellery manufacturers, wholesalers and technology service providers under one roof with over 9,600 visitors from across the Southern states and other parts of India. On display were over 5,00,000 designs displaying innovation and creativity and provided perfect options to the retailers as they prepare for the forthcoming festive and wedding season for the people from Telugu states.
K. Vijay Kumar, State President, APBGSDMA, said, “The buying spirit at the exhibition was consistently high on all three days after a fantastic start! APGJF 2024 saw a remarkable turnout of visitors from across the region, covering the spectrum of retail businesses from large corporate chains to small, single store retailers. This is a clear sign that the show serves a very important need in the region. We are confident that it will continue to grow.”
Shantilal Jain, State Chief Organizer, APBGSDMA said that Vijayawada is now gaining recognition as a key hub of the gem and jewellery industry. “Visitors were highly appreciative of the vast variety of choices which they had. They also reacted positively to the innovation and creativity in new designs that gave contemporary look to the traditional southern ornaments. APGJF is being seen as an important platform in the B2B supply chain for Telugu states.”
APGJF also won praise for its business-friendly environment with strict B2B norms implemented in regulating entry, along with a number of key networking and knowledge-sharing events that provided space for interaction and exchange of ideas and information.
V.K. Manoj, Project Director, United Exhibitions said “We made every effort to ensure the success of the show by adhering to the highest standards in planning and execution and ensuring that hospitality was flawless in every aspect .We are happy that APGJF has been recognised as a high-quality platform and now become an important milestone in the trade fair calendar of South India. A clear indication of this is that we have already received many confirmations for participation in APGJF 2025.”
Among the highlights of the three-day event was the Stars of Andhra Pradesh Awards & Networking Nite held on the evening of Dec 13th 2024 at Novotel Vijayawada where leading jewellers and key supporters who have helped uplift the trade were felicitated. Adding sparkle to the event was the presence of Miss Mannara Chopra, popular actress and celebrity in South India Cinema has filled the evening with glitter and glamour.
JB Insights
India Raises Gold, Silver Import Duty To 15% To Curb Soaring Precious Metal Import Bills and Conserve Forex
Higher Duties Could Increase Prices, Impact Exports, and Create Liquidity Pressure For MSME Manufacturers Due To Rising Working Capital Requirements
#JbExclusive
The Finance Ministry on Wednesday raised effective import duty on gold and silver from 6% to 15% — comprising 10% basic customs duty and 5% agriculture infrastructure and development cess (AIDC) — effective 13 May 2026. The move aims to curb soaring precious metal import bills and conserve foreign exchange reserves as the West Asia crisis intensifies pressure on India’s trade balance.
Markets reacted swiftly. Titan fell as much as 1.5% on the day, extending a prior two-session decline of over 10%, while Kalyan Jewellers dropped as much as 5.9%. Gold and silver ETFs rallied sharply on expectations of higher domestic bullion prices. WGC data implies the 9-percentage-point hike could suppress annual consumer demand by roughly 57 tonnes — based on an estimate of 6.4 tonnes of demand suppression per 1% duty rise.
● Industry Voices
“Higher duties could revive gold smuggling, which had eased substantially after the 2024 duty reduction. Every 1% rise in import duty reduces consumer demand by approximately 6.4 tonnes — implying the hike could suppress demand by ~57 tonnes annually.”
Prithviraj Kothari, MD, RiddiSiddhi Bullions | National President, IBJA Bullions | Chairman, JITO
“Higher duties could increase prices, impact exports, and create liquidity pressure for MSME manufacturers due to rising working capital requirements. We urge continued dialogue for balanced solutions that support both economic goals and export growth.”
Kirit Bhansali Chairman, GJEPC
“The increase in customs duty is a temporary and calibrated measure in the present economic scenario. The trade should remain calm and confident — India’s jewellery sector has always demonstrated resilience and adaptability during challenging times.”
Rajesh Rokde Chairman, GJC
“It is important for the trade fraternity to avoid panic and continue business with confidence and responsibility. GJC fully supports the nation’s larger economic priorities and remains committed to constructive engagement with policymakers.”
Avinash Gupta Vice Chairman, GJC
“Due to the simultaneous occurrence of two events—the sudden 9% hike in import duty and statements made by PM Modi—both the jewelry industry and customers find themselves in a state of confusion. This is significantly impacting jewellers, artisans, and large factories alike.
My suggestion to everyone is to remain patient and avoid panicking. Everyone should avoid protests, shop closures, or any form of aggression. Once the government’s complete process is revealed, we can then consider all options through dialogue and discussion.”
Anurag Rastogi, North India Head – IBJA
“Business is already at nearly 50% of normal levels, and the duty increase will reduce consumption volumes further. Promoting lower caratage jewellery — 9ct, 14ct, 18ct — could make products more affordable and reduce gold usage. As an industry, we must stand with the government during this period.”
K. Srinivasan, CMD, Emerald Group
“An increase in import duty on gold typically has a direct impact on retail prices, influencing short-term consumer sentiment — especially for price-sensitive buyers. In the immediate phase, some customers may postpone discretionary purchases or wait for price stability. It can lead to a 10–15% volume decline to help control gold inflows into the country.
However, gold buying in India is deeply linked to weddings, festivals, and long-term wealth preservation, so demand is usually resilient over time.”
Suvankar Sen, MD & CEO, Senco Gold and Diamonds
“Changes in import duties on gold and silver are part of an evolving policy landscape, and the industry has consistently adapted with resilience and stability. We respect the government’s decision and recognize the broader economic considerations behind such measures.
Over the years, gold import duty has moved from 15% to 6% and now back to 15%. However, gold prices have never been driven by changes in duty alone. Global trends, rupee depreciation, and consumer demand remain key factors, while recent revisions reflect an already elevated domestic gold price environment.”
Chetan Thadeshwar, CMD – Shringar House Of Mangalsutra Ltd
“At SwarnShilp, we believe any duty increase is a reminder for the industry to become faster, more efficient, and more design-driven. Our focus remains on strong inventory planning, lightweight innovation, and timely delivery to support our customers despite market volatility.”
Khushboo Ranawat, Director – SwarnShilp Chains & Jewellers Pvt Ltd
● Industry Proposals
Lower caratage push
Promote 9K, 14K & 18K jewellery to cut gold consumption and keep prices within reach
Revamp GMS
Overhaul the Gold Monetization Scheme through jeweller networks to mobilize idle household gold
Old Gold Exchange
Scale consumer recycling programmes to reduce dependency on fresh bullion imports
● Risks to watch out for
● Dubai/CEPA arbitrage — GTRI warns that the India–UAE CEPA could make UAE-routed imports cheaper, partially neutralizing the duty’s intent
● Smuggling revival — duty spikes above 10% have historically correlated with the resurgence of grey-market gold flows into India
● Export competitiveness — higher landed costs raise working capital requirements for MSME exporters and could weigh on jewellery export volumes
-
National News6 days agoPNG Jewellers stock touches 52-week high of Rs 727.80 amid strong market momentum, strong festive demand
-
BrandBuzz4 hours agoPNG Jewellers Launches ‘Swarna Swaraj’
-
GlamBuzz6 hours agoCannes 2026 Sparkles With High Jewellery Glamour On The Red Carpet
-
National News12 hours agoGJEPC Chairman Takes Bold Stance On Recent Hike In Gold Import Duty and Agri Cess
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.