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Jaipur show brings light in this dark market
Consumers have shown confidence and interest in jewellery
By: Diamond World News Service
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Dec 23 2008 8:45PM
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Reference: 3379  

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The sixth Jaipur Jewellery Show 2008 concluded with positive results, more than 25,000 visitors attended the show. It was overall a great show for the jewellery retailers and the No1 B2C show in the country. This show has surfaced the industry concern of a meltdown in the global market, but has also reflected the positive attitude and confidence of the Indian domestic market as having good potential in itself. Consumers are confident and are showing a keen interest in jewellery. The attitude is that is one works for it, there is business and it is the only way out to recession.

Below are some views expressed by exhibitors of the show,

Deepak Choksi of Choksi Vachhraj Makanji & Co. was not satisfied with kind of footfalls because majority customers are end users. B2B business is less. He also said, “Jewellers should not stop manufacturing rather focus on right product manufacturing. We are trying to review and restructure so that when the market will bounce back, we will be able to cover our past sales.”

According to Nirmal Bardiya of RMC Gems, overall show is good in terms of business and management. Exhibitors are satisfied. But the stone business is slow in the show. Due to market conditions, buyers both domestic and foreign are holding their purchase for a while.

Yash Agrawal of Birdhichand Ghyanshyamdas Jewellers says, “The show is excellent in terms of management and general appearance or you can say ‘A well managed show’. It showed great response than its all-previous shows, despite the negative sentiments in market.”

Abhishek Ghatiwala of Ghatiwala Jewellers says, “This year we had less expectation from show but it turns out to be good show. Buying is mostly done by end customers especially for wedding. B2B Buying is on hold because clients want to wait and watch in financial melt down market. Demand is either for higher end or for lower end jewellery. Middle segment jewellery is not moving fast.

Nirav Virani of Karp Impex Ltd, DTC Sightholder, a first time exhibitor in JJS mentioned, “Customers showed great response but more towards lower-end diamonds. There are fewer number of big clients probably because of global recession. Spending power of customers has decreased and this is the reason why they are showing interest in lower-end goods, so that they can cut down their expenses.”

Sarah Court of Tanzanite Foundation Group says, “In Indian markets, especially Jaipur, customers are less literate regarding Tanzanite stone due to less information available, exposure and less number of brands are present in market, So, through JJS, which is promoting Tanzanite stone as its theme, it will give us a good platform to educate customers and market. We believe this exposure will give us the edge in business. Due to global recession and America’s local election demand for top quality stones remains the same, but demand for lower quality is not moving. Mine has slowed trading to quality, and this is causing the stone to become more rare. But we are very positive about the Indian Market in having strong financial and economic conditions.

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