National News
GJEPC Chairman Meets New Customs Commissioner to Strengthen Trade Facilitation
Mr. Kirit Bhansali welcomes Commissioner Santosh Kumar Mishra, discussing industry challenges and reaffirming collaborative efforts for smoother gem and jewellery trade.
The Gem & Jewellery Export Promotion Council (GJEPC) extended a warm welcome to Mr. Santosh Kumar Mishra, the newly appointed Commissioner of Customs at the Precious Cargo Customs Clearance Centre (PCCCC), during a meeting with Mr. Kirit Bhansali, Chairman of GJEPC.
During the meeting, Mr. Bhansali addressed several critical issues currently affecting exporters and importers in the gem and jewellery sector. He emphasized the need for continued support from the Customs department to ensure streamlined and efficient trade processes.
Commissioner Mishra expressed his appreciation for the constructive dialogue and assured the industry’s stakeholders of his department’s unwavering commitment to enhancing the ease of doing business. He stated, “When you flourish, we flourish, and the country flourishes,” underlining the significance of a strong, collaborative relationship between Customs and trade organizations like GJEPC.
The meeting concluded on a positive note, setting the stage for strengthened cooperation and proactive engagement to address industry concerns and enable seamless operations in India’s gem and jewellery trade ecosystem.
National News
Indian Natural Diamond Industry’s Revenues Projected To Stabilize: CRISIL Ratings
Natural Diamonds Retain Their Appeal In Premium Segments, Where Branding, Rarity and Emotional Value Remain Key Purchase Drivers
A report by CRISIL Ratings shows that India’s natural diamond industry is expected to hold steady at $15 billion in revenue this year rather than making a major recovery.
Strong domestic sales: Indian shoppers are buying more diamond jewellery locally, helping offset falling exports to key markets like the US and China. Domestic sales now make up nearly 25% of overall industry revenue (up from less than 15% in 2024).
Impact of Lab-Grown Diamonds (LGDs): Lab-grown diamonds have become very popular for smaller, budget-friendly pieces (especially in the US), taking market share away from smaller natural diamonds.
Natural diamonds stay premium: Large, rare natural diamonds (over 4 carats) continue to rise in price and retain their status as luxury items.
China remains another area of concern. Weak consumer sentiment and a sustained preference for gold continue to limit discretionary spending on diamond jewellery.
Even so, natural diamonds retain their appeal in premium segments, where branding, rarity and emotional value remain key purchase drivers.
The bottom line: Polishing companies are exercising strict inventory control to keep their finances stable while waiting for global demand to recover.
Indian Natural Diamond Industry’s Revenues Projected To Stabilize: CRISIL Ratings
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