An industry delegation comprising  Kirit Bhansali, Chairman, GJEPC;  Adil Kotwal, President, SEEPZ Gem & Jewellery Manufacturers’ Association (SGJMA); and  Sabyasachi Ray, Executive Director, GJEPC, met with  Ajay Bhadoo, Additional Secretary and Director General, Directorate General of Foreign Trade (DGFT), in New Delhi on 5 May.

The meeting focused on discussing various policy and operational challenges faced by exporters in the gem and jewellery sector. The delegation shared industry feedback and proposed constructive solutions to streamline export procedures and enhance ease of doing business.

The recent meeting convened between industry representatives and policymakers was timely, as India’s gem and jewellery sector faces mounting pressures from both global and domestic fronts. The sector has seen an 11.72% decline in exports for FY25, dropping to USD 28.5 billion, driven by reduced demand in key markets like the US and China, new tariffs, and global geopolitical tensions

These macroeconomic headwinds have made the discussion of policy and operational bottlenecks even more urgent.The imposition of a 27% reciprocal tariff by the US has significantly disrupted export flows and pricing structures, especially for diamonds and finished jewellery. Industry leaders stressed the need for swift government intervention and the advancement of a bilateral trade agreement to mitigate these impacts

The world of gemstones is beyond their brilliance, color, transparency, and phenomena. When we think of carvings, we’re not just talking about gemstones used in jewellery. Carving today spans everything from trays and coasters we use every day to idols, vases, and other collectibles that become cherished pieces of art. It’s an often-overlooked art form that deserves recognition for the immense artistry and craftsmanship involved.

As someone deeply embedded in the industry and leading GSI India, I can confidently say that people won’t invest in a piece; no matter how precious the stone: if the carving isn’t done right. So, the first selling point centers around craftsmanship, of course followed by the authenticity and value of the gemstone used.

The quiet poetry of carved gemstones exists beyond the bounds of conventional jewellery design and often go unnoticed in mainstream narratives. Yet they carry some of the richest legacies, the most intimate expressions of craftsmanship, and a cultural gravity that no ideal cut or laser inscription can replicate. Today, as jewellery evolves into a medium of meaning and identity, carved gemstones are experiencing a powerful resurgence. Whether it’s a delicate floral motif on a tourmaline or a symbolic script etched into an emerald, these stones embody permanence with purpose.

For a generation that values intention over ornament, carvings offer exactly that: a wearable emotion, a personal artifact, and a story that transcends carat weight. At GSI, we celebrate jewellery in every form, especially those that carry soul, tradition, and storytelling in their very structure.

From Courts and Temples to Contemporary Studios

Gemstone carving isn’t a trend; it is a tradition. Long before modern jewellery, carved gems were speaking their own language: one of spirit, status, and storytelling. From temple idols to royal signets, they’ve carried meanings deeper than beauty.

Two classical techniques form the backbone of this craft: Intaglios, with designs engraved below the surface for wax seals, and Cameos, where raised motifs emerge in sculptural relief. Both require not just precision, but intuition, a dialogue between artist and stone.

Germany’s Idar-Oberstein remains a living museum of this legacy. Here, stones like agate and jasper are sculpted into heirlooms, passed down as both art and ancestry. Every piece is a story carved in silence.

If Idar-Oberstein is Europe’s carving capital, Jaipur is India’s beating heart. Developed with Mughal patronage particularly by emperors Akbar, Jahangir, and Shah Jahan for their distinguished taste in art, it has since then grown into a global hub; transforming roughs into divine figures, florals, and high fashion commissions. Its edge? A rare blend of old-world mastery and new-world relevance.

And then, there’s Fabergé: the master of turning carving into couture. His works in quartz and chalcedony weren’t just intricate; they were emotional. A blossom. A bunny. A memory in mineral form.

Today, carving is everywhere; from bespoke jewels to vases, coasters, and collectibles. Artists across the world are reimagining tradition for the now. And in an age of instant everything, carved gemstones stand apart: timelessness you can touch, and craftsmanship that speaks with soul.

What the Eye Misses, the Lab Must Find

Carved stones pose a very unique gemological challenge. At our GSI labs, we encounter an extraordinary variety of carved gemstones; each one unique in form, scale, and sentiment. Some are delicately slivered into symbolic motifs, while others are grand in presence, demanding custom instrument setups and careful handling. Testing these pieces, especially when set in jewellery, requires precision, adaptability, and a deep understanding of gemstone behavior.

Carvings, by nature, are emotionally charged. They’re often adored not just for beauty, but for meaning. But emotion must be backed by authentication and the right certification; especially in today’s high-value, high-stakes market. Whether it’s identifying treatments, or distinguishing natural from imitations, our role is to bring clarity to complexity.

At GSI, we don’t just verify a gemstone; we translate its unspoken story. From the delicate depths of an intaglio to the elevated relief of a cameo, our certification doesn’t just protect value; it protects legacy.

Technology Has Unlocked New Possibilities

Modern lapidaries are now able to carve harder materials with precision that was once unthinkable. For a long time, artists chose softer, more affordable stones, to avoid breakage, and preserve weight. Using precious gems was simply too risky. But with time and technology, that’s changed. Today, gem material like sapphire, spinel, and topaz, once considered too delicate to sculpt, are being carved with remarkable precision. What was once unthinkable is now part of the craft’s evolving canvas.

But while tools evolve, the soul of carving stays rooted in intention, vision, and a deep respect for the stone’s natural voice. That interplay between human and mineral is what makes a carving come alive.

Today, luxury is no longer defined by price tags or perfection alone; it’s about meaning, craftsmanship, and cultural richness. Carved gemstones carry all of that, and more.

At GSI, we believe that true appreciation begins with understanding. Whether it’s a carved idol, a custom tray, or a fine piece of jewellery, the value of a gemstone lies in both its beauty and its authenticity. That’s why certification matters: not just for what a gem is, but for the story it tells.

India’s gold loan market has emerged as the standout performer in retail credit, doubling in size over the past fiscal year and eclipsing the growth of traditional lending segments such as housing, vehicle, and even credit cards. According to Reserve Bank of India (RBI) data, outstanding loans against gold jewellery soared 103% to ₹2.09 lakh crore as of March 2025, up from ₹1.03 lakh crore a year earlier, making gold loans the fastest-growing category even as overall bank credit growth slowed

Several factors have converged to fuel this remarkable expansion:

• Rising Gold Prices: The value of pledged jewellery increased as gold prices surged, enabling borrowers to secure larger loans against the same collateral.
• Regulatory Shifts: The RBI’s crackdown on unsecured lending, particularly personal and microfinance loans, prompted both banks and non-banking finance companies (NBFCs) to pivot toward secured lending products like gold loans
• Loan Reclassification: In 2023, the RBI directed banks to reclassify certain agricultural loans as gold loans, further boosting the reported figures
• Shift from Informal to Formal Sector: Regulatory tightening and digital onboarding have encouraged borrowers to move from informal lenders to banks and NBFCs, especially in southern India where gold-backed lending is deeply entrenched

Market Impact and Outlook

Gold loans now account for approximately 3.5% of total retail credit, up from 1.2% five years ago NBFCs such as Muthoot Finance and Manappuram Finance-where gold loans form a significant portion of assets under management-have reported record disbursements, despite recent RBI signals of stricter supervision and compliance requirements.

Lenders highlight the appeal of gold loans for their low credit risk and quick disbursal, with repeat customers often leveraging rising gold prices to refinance or increase their borrowing limits. While the sector’s asset quality remains robust, analysts note a slight uptick in overdue loans, reflecting the broader economic environment.

Contrary to popular perception, gold loans are not limited to financially distressed borrowers. Banks report growing demand from small businesses and middle-class households seeking short-term working capital, with average ticket sizes exceeding ₹1 lakh and low default rates.

As India’s love affair with gold endures and regulatory dynamics continue to evolve, gold loans appear set to retain their glitter in the retail credit landscape.