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Indian Dealers Upbeat at Quiet Signature Show
Feb 22, 2013 7:01 AM
By Avi Krawitz, Dilipp S Nag
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RAPAPORT... Sentiment on the opening day of the Mumbai Signature show was fairly positive despite the lack of visitor traffic on Friday. Diamond dealers in India maintained a positive outlook for the market as steady demand and tight polished supplies helped raise expectations for improved prospects in the coming weeks.
"The Indian market is strong compared with others. There is a shortage of polished goods in the market as manufacturing has been low," said one exhibitor who requested anonymity. He added that rough prices have increased in the secondary market.
Exhibitors noted that buyers are seeking very specific types of stones with good demand for dossiers, 0.30-carat to 0.50-carat, VS-SI diamonds. He added that more foreign buyers are coming into the market.
Mitesh Gajera, the director at Laxmi Dia Jewel Private Ltd., said that the market has been positive in the past two months, partly helped by the local wedding season. He noted that there is good movement in the south and north India market, particularly for brown colored goods. Gajera said that prices have remained stable in last few months.
Other exhibitors who spoke with Rapaport News agreed that sentiment has improved with steady demand from both local and foreign buyers. Still, there expectations for the four-day Signature show were low, particularly as visitor traffic was very light on the first day. Exhibitors expect inquiries and buyer attendance will improve over the weekend.
"I am happy and greatly encouraged to note that Signature 2013 has received an overwhelming response this year from across all countries," said Vipul Shah, the chairman of the Gem & Jewellery Export Promotion Council (GJEPC), which organized the event. "It is indeed noteworthy to see that 90 percent of the exhibitors have participated more than once over the years. We look forward to see a greater quantum of business being transacted during the Signature 2013."
GJEPC estimated that approximately $125 million (INR 6.8 billion) worth of business was conducted at last years’ show with domestic exhibitors contributing 87 percent of the total. About 450 exhibitors and 5,900 visitors participated in the event last year.
The show was inaugurated by Rita Menon, the chairperson and managing director of India Trade Promotion Organisation (ITPO), along with other industry and government officials. Stephen Lussier, the CEO of Forevermark Diamonds, was also present on the occasion.
More than 550 exhibitors are participating in the sixth edition of Signature show, with delegations coming from Poland, Nepal, Turkey, Malaysia and Dubai. More than 6,000 visitors are expected in the four-day business to business event for the gems and jewelry industry.
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Tags:
Avi Krawitz, Avi Krawitz, Dilipp S Nag, diamond, Dilipp S Nag, GJEPC, India, Signature
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