The Hindu : Tamil Nadu / Chennai News : Jewellery traders glisten with hope of bucking recession

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Monday, Feb 09, 2009
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Tamil Nadu

Tamil Nadu - Chennai

Jewellery traders glisten with hope of bucking recession

Special Correspondent

— Photo: R.Shivaji Rao

Glittering array: A range of jewellery is on display at the B2B international jewellery exhibition that opened at the Chennai Trade Centre on Sunday.

CHENNAI: Around 110 exhibitors from India, Hong Kong, Thailand, the U.S. and Sri Lanka are taking part in the fifth edition of Gem and Jewellery India International Exhibition (GJIIE) that opened at Chennai Trade Centre on Sunday.

The three-day business-to-business international jewellery exhibition for the South Indian market was inaugurated by film producer A.V.M. Saravanan.

Organised by the Madras Jewellers and Diamond Merchant’s Association (MJDMA) and United Business Media, the GJIIE 2009 showcases light weight gold jewellery ranging from handcrafted chains, necklaces, jhumkas, ear studs, cummerbunds, armbands and pendants, among other things. The organisers expect to attract more than 10,000 trade visitors.

Talking to reporters, GJIIE 2009 Chairman Uday Kumar Vummidi said, “This is the only sector in India that has not been touched by recession. Out of the 110 exhibitors, most of them are repeat participants. GJIIE 2009 is not just an exhibition, it is a platform for knowledge sharing and will keep the trade updated on the latest trends and innovation in the industry.”

Mr.Saravanan said people preferred to convert their money into gold among other things, as it offered safety and security on their investment.

M. Gandhi, UBM India, Managing Director, said, “Gold is the safest currency one can easily bet on. In the periods of uncertainty such as recession or war, the sale of gold in our country has gone up. Last year, India imported 720 tonnes of gold, against 800 tonnes in 2007. This year also, we might import around 720 tonnes of gold. In the last three years, the value of gold holding in India has increased by 54 per cent and this shows the confidence investors have on gold.”

“The exhibition spread over 4,400 sq m of exhibition space showcases different kinds of jewellery from pure gold to gem and diamond studded pieces ranging from Rs.5,000 to Rs.5 crore,” said Babu Emmanuel, MJDMA president.

B.A. Kodandarama Setty, Viveks Chairman and Managing Director, said, “There is always a huge difference between expenditure and investment. People consider buying consumer electronic goods as expenditure and gold as investment. They always try to preserve or safeguard their money in traditional market and gold is one such sector.”

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