Traffic Low but Decent Business at IIJS Signature
February 24, 13
(IDEX Online News) – As the IIJS Signature show in Mumbai passes the halfway point, traders are saying the same thing: footfall may be lower than they would like, but they are seeing plenty of – if not demand – then good inquiries.
Overall, exhibitors, especially local Indian companies, say that so far the show has met their pre-fair expectations and the business they are seeing bodes well for next month’s important show in Hong Kong.
While smaller stones are in demand, interest in large diamonds is also steady, especially in VVS/SI qualities.
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Fancies, especially marquis and pears, are especially hot items. Princess-cuts and baguettes continue to be core business items while ovals and cushions are generating decent levels of attention.
Buyers continue to purchase for specific orders and there is still very little or practically no buying for stock
Aakrosh Sharma of Mahendra Brothers says there is a lot of interest across the board, but especially for diamonds above 1 carat in VVSI/VSI qualities. Smaller items have also seen plenty of enquiries.
Ashok Nadoda, general manager – Certified Solitaires at Shree Ramkrishna Exports, says buyers have been particularly interested in 3 carat and larger goods in VVS to SI qualities.
Although IIJS Signature is growing in popularity, it is still seen as a local show, with very few overseas buyers. Increasingly, Indian retailers are using the fair as an opportunity to stock up on goods mid-season and diamantaires report seeing customers from regions as diverse as Delhi, Chennai, Rajasthan and Gujurat – all of whom require different types of items to satisfy very different regional tastes.
Sharma says he has seen a good deal of interest in brown and light yellow diamonds. These more budget-friendly items, he explains, are especially popular in the north of India.
Despite the positive local demand, traders are disappointed that the show has not attracted more overseas buyers and they say the GJEPC needs to do more to boost the position of the show abroad. Nevertheless, they agree that this year’s edition of the fair is much stronger than last year. “Year by year it will attract new customers,” says Nadoda, “but it still needs developing. People should be much busier than they are.”
Despite the disappointing food traffic, traders are almost uniformly expressing positivity and optimism not just for the show but also for 2013 as a whole. A number have cited the stability of the past six months, saying that if it continues, it will bring even more confidence – and increased prices – to the market.
“The time is right to raise prices,” says Nadoda. “There is a shortage of small sizes, especially 30-40 pointers, and rough supply is lower than average. Manufactures are not very happy and they are not being very aggressive in their production. Demand is high compared to supply.”
This view is echoed by Ghanshyam Dholakia of Hari Krishna Exports, who predicts a price increase of 10-12 percent by the end of the year. “The U.S. market is good and people are more confident about the diamonds,” he says.
The sixth edition of IIJS Signature runs until Monday, February 25.