This three-day mega event, a joint initiative undertaken by the Confederation of Indian Industry (CII), the Gujarat government with support from Gujarat Industrial Development Corporation, was inaugurated by Union Finance Minister Jaswant Singh.

Commencing from 30 September to 2 October 2003 the theme of the exposition is 'Profit by moving up the value chain'. The exposition is part of the initiatives undertaken by the state government to facilitate the core industries to make profits by moving up the value chain, so that their status in the world could elevate from just being mere diamond and gem polishers to jewellers and from textile and fabric manufacturers to garment manufacturers.

The highlight of the inaugural function was the signing of a memorandum of association between the Gujarat government and the Airport Authority of India for setting up the much-awaited functional airport in Surat. Additionally, the finance minister also released a special report on 'Indian gems and jewellery industry', jointly conducted by CII and KPMG.