GJC unveils 'Limited Edition Silver Coin' in Celebration of Amrit Mahotsav

The All India Gem and Jewellery Domestic Council (GJC) has unveiled a groundbreaking initiative aimed at positioning India as a premier Jewelry Tourism Hub and fostering growth within the jewelry sector. The innovative move involves the organization of India's inaugural Jewellery Shopping Festival (IJSF), scheduled to occur from October 12th to November 17th, spanning across 300 cities nationwide.

GJC, a pivotal trade association uniting jewelry manufacturers, wholesalers, retailers, and exporters, has devised this ambitious event with the aspiration of rejuvenating the industry's overall business sentiment. The festival is projected to draw participation from over 5000 jewelry retailers and distributors. An important partner for this event is Divine Solitaires, serving as the Powered by Sponsor.

The festival's impact extends to both the B2B and B2C sectors, offering distinctive benefits for business owners who can enroll by selecting from various subscription plans after paying an enrolment fee. The festival's B2B segment scheme runs from June 1st to October 31st. Commemorating India's Independence, a special 'Limited Edition of Silver Coin' will also be unveiled.

Dinesh Jain, GJC Director & IJSF Convenor, highlighted India's impressive 54.68% increase in gem and jewelry exports during 2021-2022, reaching USD 39.45 billion. Jain emphasized that only a fraction of the world's nations engage in jewelry production, underscoring the industry's immense potential. GJC aims to position India as a globally recognized jewelry destination, accentuating its intricate designs and exquisite craftsmanship. The initiative also strives to facilitate GST refunds and import charges for visitors, aligning with the successful Dubai Shopping Festival model.

IJSF's proactive endeavors are anticipated to attract around 2.4 million end customers, generating sales worth Rs. 120,000 Crores. These efforts are predicted to contribute significantly to the country's GDP growth, while also aiding India's Current Account Deficit. The Chairman of GJC, Saiyam Mehra, acknowledged IJSF's potential as a catalyst for the entire jewelry trade, benefiting both consumers and producers. The festival's range of promotions includes chances for customers to win substantial prizes, further fueling industry momentum during the festive season.

Joint Convenor Manoj Jha underscored the event's intent to stimulate the entire jewelry business ecosystem, enhancing customer engagement and enthusiasm. In celebration of India's 75 years of independence, special edition Amrit Mahotsav silver coins will be distributed as tokens of appreciation to customers making purchases above Rs. 25,000. EY's involvement ensures transparency and efficient management of the event's processes.

Ultimately, the India Jewellery Shopping Festival seeks to transform the industry landscape, invigorating jewelry commerce and fostering a thriving atmosphere for traders and customers alike.