The International Gemological Institute held its first-ever international edition of the IGI D show in Dubai this month in an attempt to reach a global audience. The show displayed more than 1 lakh designs from 33 jewellery makers including those from India, Turkey and the GCC countries. All 14 of IGI's previous diamond shows were held in India.
Speaking to CNBC-TV18, Tehmasp Printer, the President and Managing Director of IGI, emphasises the potential for growth through innovation and his vision is to export India to rest of the world.
Printer said, “Our vision is to export India to the rest of the world. We have very high expertise in the manufacturing of diamonds, lab-grown diamonds, and jewellery. So we are going to use IGI D show as a platform to take it to the world over.”
Printer believes that 2023 is a challenging year for the industry. He said, “2023 is a challenging year. But I always love challenges because challenges give you solutions, make you think. So I think it's going to be a good year, I mean with all these innovations especially coming out with lab grown also where we are number one IGI is number one in the lab-grown and we will conquer the world.”
Roland Lorie, the CEO of the International Gemological Institute (IGI), highlights the strong demand for
jewellery certification. As consumers become more discerning and conscious of quality, certification plays a crucial role in building trust and confidence.
Lorie states that IGI's volumes have tripled in the last three years, demonstrating the increasing importance of certification in the industry.
Suvankar Sen, the Managing Director and CEO of Senco Gold & Diamonds sheds light on the impact of gold prices on consumer behavior. When gold prices hit all-time highs, buying tends to halt as consumers become cautious about their purchases.
Sen suggests that consumer sentiment regarding gold purchases is closely linked to disposable income. If disposable income increases, consumers are more likely to buy gold.
Colin Shah of Kama Jewelry says that gold prices will continue to rise in the long-term. He said, “In the long term gold will continue to go up because we are still in a volatile era, I guess for the next 1-2 years till the Russia -Ukraine crisis is solved, America gets back on its feet again, China really comes back out of the pandemic, so considering everything which is happening long-term gold will go up.”
Watch accompanying video for more
