Gold demand has dried up since the demonetization announced in last month. The jewellery sale has come down to almost 80 per cent due to depleting cash availability. Even the purchases made by the touring NRI has dropped to 50 per cent this year. The industry insiders say that they are not expecting sales growth anytime soon. It will take some time to restore the jewellery sales to the pre-demonetization level. Till that time, its wait and watch for the Indian gems and jewellery industry.

During this time, GJEPC’s announcement to reduce and change the dates of upcoming IIJS Signature 2017 came as a surprise to the exhibitors and visitors. During the times of difficulty, trade shows are the ray of hope, which help in reviving the trade situation. Since past one year, the Indian gems and jewellery industry has seen a lot of upheavals in the form of 42-day long strike, drop in sales, etc. Changed schedule of IIJS Signature has only added to the existing woes.

Recently, GJEPC had announced that the 4-day event would be a 3-day event in 2017 and would be held from 7th to 9th February 2017 at Bombay Exhibition Centre in Mumbai. This means show starts on a Tuesday and ends on Thursday, making it a complete weekday show.

Post announcement, the exhibitors from across India held meetings and have signed a memorandum requesting GJEPC to change the schedule as it won’t be in the best interest of the industry. They have also mentioned that the decision was taken without consulting them.

Right now, the Indian gems and jewellery industry is in a very critical situation due to demonetization, falling demand, etc. Besides, there are a number of uncertainties like Union Budget, GST Rate & Regulations, BIS Hallmarking Implications, Import Duty on Gold & other Governments Policies, etc. looming over the industry. In such tough times, shows are the ray of hope, which help in reviving the trade situation.

This apart, as the changed dates fall on week-days, retailers and visitors are reluctant to come during the weekdays which would adversely impact the show in a huge manner and finally impact the business of the show and defeat the common good purpose of the show.

The exhibitors in the memorandum decided commonly have requested for the following:

• The show to be held between the period of 27th January to 20th February and in either of the following manner:

                A. 4 Day event including a weekend (Thursday to Sunday) or (Friday to Monday).

                B. 3 Day event from a (Friday to Sunday).

• Besides, the exhibitors have demanded clarity on the Withdrawal Process from the Show (Expecting a 100 per cent Refund on Withdrawal from the Show by the Participants) because the Council has 'Not Merely Revised' BUT "Changed the Dates" of the Show. A Clause which Does Not Exist in the Exhibitors Contract with the Council.

Request has been made but only time will tell if the Council pays any heed to the pleas of the industry or goes ahead with its decision to held IIJS Signature as per changed schedule. Is the Council listening? Time will tell…..