JB Insights
IIJS SIGNATURE 2024
Top-of-the-line design centric jewellery trade show is an overwhelming success
IIJS established as a truly unparalleled platform within the global GJ industry
2024’s first top-of-the-line design centric jewellery trade show IIJS SIGNATURE 2024 was held at two venues in Mumbai: JIO World Convention Centre, BKC (4-7 January) & Bombay Exhibition Centre, NESCO (5-8 January).
Dr. Devendra Fadnavis, Hon. Dy. Chief Minister of Maharashtra, inaugurated the show at Bombay Exhibition Centre, NESCO (5-8 January along with Guests of Honour Uday Samant, Hon. Minister of Industries, Govt. of Maharashtra , Paul Rowley, Executive VP, De Beers and Sunil Nayak, CEO, Reliance Jewels , Reshma Lakhani, DGEP along with doyens of international & Indian diamond, gem & jewellery sector.
Along with IIJS Signature, the India Gem and Jewellery Machinery Expo (IGJME 2024) is held simultaneously at BEC, featuring over 100 companies and 150+ stalls. This edition promises an enhanced experience, presenting a wider array of compelling business opportunities.
Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution & Textiles, Govt. of India,Shri Piyush Goyal inaugurated the show at JIO World Convention Centre with Guests of Honour Joy Alukkas, Chairperson, Joyalukkas along with doyens of international & Indian diamond, gem & jewellery sector.
Representing GJEPC were Chairman Vipul Shah, Vice Chairman Kirit Bhansali, Convenor National Exhibitions Nirav Bhansali and Executive Director Sabyasachi Ray.
Piyush Goyal speaking at the inauguration said “Under Prime Minister Narendra Modi’s guidance India can become the global epicentre of the gem & jewellery industry with a holistic ecosystem encompassing all diverse constituents and elements. Jewellery design should become our next big export. India has the potential to become the world’s largest gem jeweller, proficient lab grown diamond maker, impeccable design centre and technologically advanced machinery manufacturer all under one platform.”
Speaking at the IIJS Signature, Dr. Fadnavis said, “Prime Minister Shri Narendra Modi ji has set a target of USD 75 bn for gem & jewellery exports by 2030. This will be possible with the pivotal role played by the apex body GJEPC, which has instrumental in making India one of the biggest international players in the global gems & jewellery industry. And whenever GJEPC wishes to create any new ecosystem, the natural and first choice has to be Maharashtra.”
Vipul Shah, Chairman, GJEPC, said, “India is today a powerhouse of jewellery manufacturing and the domestic gem & jewellery market, which is currently valued at USD 44 billion will grow to USD 134 billion by the year 2030 with CAGR of 17.35%. The Indian gem & jewellery industry shares our beloved Prime Minister’s dream of becoming a USD 5 trillion economy by 2030 and a first world nation by 2047.”
Nirav Bhansali, Convener-National Exhibitions, GJEPC, said, “The IIJS Signature show alone is set to enable a staggering Rs. 35,000 crore worth of business. When considering the collective impact of all three IIJS shows, the total business generated will amount to an impressive Rs. 1.25 lakh crore. This establishes the IIJS as a truly unparalleled platform within the global gems and jewellery industry.”
IIJS Signature is strategically positioned in the beginning of the year. Following a phenomenal festive season that witnessed double-digit sales growth for retailers, this platform gives buyers to stock up inventory for the weeding and festivities placed in the first half of the year.”
Over 32,000 visitors attended two-venue IIJS SIGNATURE 2024 in Mumbai. The current 16th IIJS Signature has attracted buyers from 800 Indian cities and 60 countries. The show boasts over 1,500 exhibitors and 3,000 stalls across a sprawling 1.25 lakh sq. mt. of exhibition area.
“The Select CLUB” exclusively for Couture Jewellery manufacturers at IIJS Signature 2024 was introduced by GJEPC. Prime Plus Lounge for Prime Plus exhibitors and visitors at both venues was a feature that added to the premium standing of the show. Innov8 Talks (Seminars) enlightened attendees with industry insights.
GJEPC has successfully enlisted the IIJS Signature 2024 Exhibition under the “Procurement and Marketing Support” scheme of the Ministry of MSME. The scheme provides financial assistance to micro and small enterprises for participating in domestic and international trade fairs and exhibitions.
JB Insights
India’s ₹361 Lakh Crore Gold Reserve Lies Idle; PM Modi Calls For Recycling To Cut Imports
With An Estimated 32,000 Tonnes Of Gold Sitting Unused In Homes and Temples, The Government Sees A Massive Opportunity To Reduce Imports, Strengthen The Economy, and Build A More Sustainable Gold Ecosystem.
India is sitting on one of the world’s largest untapped gold reserves, with 30,000–32,000 tonnes of gold held by households and temple trusts across the country. Valued at nearly $3.8 trillion (around Rs. 361 lakh crore), much of this gold remains locked away in cupboards, lockers, and vaults, generating little economic value.
Highlighting the importance of this dormant asset, Prime Minister Narendra Modi recently encouraged citizens to consider recycling idle gold rather than relying solely on newly imported supplies. The initiative aims to bring existing gold back into circulation and make better use of resources already available within the country.
The appeal comes at a time when India continues to depend heavily on imported gold to meet domestic demand. During 2025-26, the country spent approximately $72.4 billion (Rs. 6.88 lakh crore) on gold imports, making the precious metal one of the largest contributors to the import bill.
According to experts, increasing gold recycling could deliver significant economic benefits. Every gram of recycled gold reduces the need for an equivalent amount of imports, helping ease pressure on foreign exchange reserves while also supporting efforts to narrow the country’s current account deficit.
Even a small shift could have a substantial impact. Industry estimates suggest that if just 1% of the gold held by households and temples is recycled each year, India’s gold imports could decline by approximately 25% to 30%.
The vast stockpile of idle gold is rooted in India’s longstanding cultural and financial relationship with the metal. For generations, gold has served as a store of wealth, a safeguard during emergencies, and a symbol of family security and prosperity. As a result, many families continue to hold jewellery that is rarely used but seldom sold.
Viewed from a broader perspective, the government sees this dormant gold stock as a valuable domestic resource. Bringing a greater share of it into the formal economy could help reduce dependence on imports, enhance economic stability, and create a more sustainable gold supply chain for the future.
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