SOUTH INDIA’S JEWELLERY PROWESS SHINES AT HYDERABAD JEWELLERY PEARL & GEM FAIR 2024, FEATURING OVER 200,000 DESIGNS

13th June 2024

The 16th edition of the Hyderabad Jewellery Pearl & Gem Fair (HJF), organised by Informa Markets in India, successfully concluded at HITEX, Hyderabad on 9^th June 2024. HJF 2024 stood out as a premier event, featuring over 350 exhibitors and showcasing more than 750 brands across a sprawling 120,000+ square feet of exhibition space. The expo attracted over 8,000 trade buyers who explored an impressive array of more than 200,000 of the latest designs

As a catalyst for the industry’s growth, it supported India’s ambitious goal of increasing gems and jewellery exports to USD 75 billion (INR 6.2 lakh crores) by 2030, building on an impressive USD 40 billion (INR 3.3 lakh crores) achieved so far.

The grand opening of the spectacular event was honoured by the presence of Smt J Parimala Hana Nutan, IPS Joint Commissioner of Police Administration, Hyderabad (TBC); Mr Mahender Tayal, President HJMA; Shri Kailash Charan Ji, President, Twin Cities Jeweller Association; Mr Jagdish Pershad Varma, President, Telangana Bullion, Gem & Jewellery Federation; Mr Mukesh Agarwal, Exhibition Convener, HJMA; Shri Parasmal Ranka, President, Telangana Pawn Broker Jewellers Association; Shri Ashok Shermal Jain, President, Pot Market Jewellers Association; Mr Sachine Jain, Regional CEO World Gold Council, India; Mr Sumesh Wadhera, Managing Director, AOJ; Mr Rajendra Jain, Managing Director, SVAR Group; Mr Yogesh Mudras, Managing Director, Informa Markets India; Ms Pallavi Mehra, Sr. Group Director, Informa Markets in India and Mr Pankaj Shende, Group Director, Informa Markets India.

Speaking on the occasion, Smt J Parimala Hana Nutan, IPS Joint Commissioner of Police Administration, Hyderabad (TBC) said “Hyderabad’s evolution into a major hub for the jewellery industry is remarkable. The city’s rich culture, welcoming people, and historical significance as the ‘City of Pearls’ make it an ideal location for the Hyderabad Jewellery Pearl & Gem Fair (HJF). Hyderabad’s strategic importance is evident, as it attracts businesses and investors not only for its cultural heritage but also for its safe and supportive environment. The city’s commitment to leveraging technology and innovation ensures a secure and prosperous setting for investment and growth. This event is cherished and recognised worldwide, symbolising the unique blend of tradition and modernity that Hyderabad offers.”

Mr Sachin Jain, Regional CEO World Gold Council India, said, “The Indian gold market has shown remarkable resilience and growth, increasing by about 6-7% in Q1 2024, translating to a market value of approximately ₹75,000 crores, up from ₹65,000-66,000 crores in the same quarter last year. Jewellery consumption saw a 3-4% increase, while bars and coins experienced significant growth with a 19% increase in volume, translating to a 32% increase in value. The Reserve Bank of India has been a substantial buyer, purchasing 19 tons of gold in Q1 alone, following 16 tons in the previous year.

Despite high gold prices, retail sales showed resilience, particularly during the festive season, one of the most successful in recent years, indicating strong consumer confidence. India’s gold consumption is projected to remain robust in 2024, estimated between 700 to 800 tons, with South India being a major contributor.

In addition to market performance, industry efforts to enhance transparency and consumer trust are noteworthy. The implementation of BIS hallmarking and the establishment of a self-regulatory organisation are significant steps towards a more transparent and trustworthy market. India’s economic growth trajectory, aiming to transition from a developing to a developed economy by 2047, further underscores the promising future of the gold industry, making it fertile ground for continued growth and innovation.”

Shri Kailash Charan, President – Twin Cities Jewellers Association, said “The jewellery industry in Hyderabad, renowned for serving the Nizam of Hyderabad, sources the finest pieces globally. Known for its honesty and reliability, jewellery sold today can be bought back for two or three times its value after a few years. Originating from the legacy of the Nizam, this industry achieves significant turnover within a 1000 square feet space. Jewellery, whether gold, diamonds, or rubies, maintains its value over time. Pieces given to families 50 years ago can now be bought back for 20-30 times their original value. As Hyderabad grows, it attracts interest from across India, reinforcing its status as a global hub for gems and jewellery, epitomised by the Hyderabad Jewellery Pearl & Gem Fair (HJF).”

Mr Mahender Tayal, President HJMA, said “The growth trajectory of HJF over the last 16 years stands as a testament to its remarkable journey, one that we’ve been privileged to witness as partners in this event. With a new venue and 350 exhibitors, including those from across India. Visitor numbers have exceeded 10,000, promising robust business opportunities and an impressive selection for attendees. With over 20 upcoming stores featuring lab-grown diamonds, we offer a diverse selection this year.”