JB Insights
GJEPC’s 51st India Gem & Jewellery Awards held in Jaipur
Presiding Guest Gautam Adani says technology & sustainability are twin pillars of our future
Shri 24 awards presented at IGJA 2023-24
The Gem & Jewellery Export Promotion Council (GJEPC) presented the coveted 51st India Gem & Jewellery Awards (IGJA) held in Jaipur, honouring the leading exporters of the gems & jewellery industry. GJEPC presented a total of 24 IGJ Awards: 14 – Industry Performance Awards; 7- Special Recognition Awards; 2 – Felicitation Awards; and 1- Bank supporting the Gems & Jewellery Industry Awards. Pramod Agrawal (Chairman, Derewala Industries Ltd) wins the Lifetime Achievement Award
Business tycoon Shri Gautam Adani (Chairman, Adani Group) graced GJEPC’s 51st edition of the IGJ Awards as Presiding Guest. Representing GJEPC were Shri Vipul Shah, Chairman, GJEPC; Shri Kirit Bhansali, Vice Chairman, GJEPC; Shri Nirmal Bardiya, Regional Chairman, Rajasthan, GJEPC; Shri Sabyasachi Ray, ED, GJEPC, and Shri Sachin Jain, Regional CEO – India, World Gold Council and Shri Gopal Kumar, Director and General Manager, Gemfields India Pvt. Ltd was also present along with the who’s who and doyens of India’s gem & jewellery industry.
While addressing a packed hall of diamond, gem and jewellery trade, Shri Gautam Adani, Chairman, Adani Group, said, “Technology and sustainability are the twin pillars of our future. As we embrace the digital age, let’s ensure our growth is both innovative and responsible. Empowering and uplifting our skilled artisans and craftsmen with digital tools will propel our jewellery heritage to new heights. Ultimately, our youth are the architects of tomorrow. Let’s nurture their potential, and create an India that shines brightly on the world stage.”
Adani further added, “Innovation and sustainability are not just trends but the foundation for the future of the gem and jewellery industry. From advanced manufacturing techniques to smart wearables, technology is revolutionizing the jewellery industry, offering endless opportunities for customisation and connection. The gem and jewellery industry must embrace change, challenge the status quo, and adapt to evolving consumer needs to remain a global leader.”
Shri Vipul Shah, Chairman, GJEPC addressing the audience said, “Think big, innovate relentlessly, and embrace technology—the future of India’s gem and jewellery industry is brighter than ever. With robust retail growth, projects like the India Jewellery Park in Mumbai, Jaipur’s Gem Bourse, and the Bharat Ratnam Mega CFC are transforming the landscape. Supported by visionary government policies and FTAs, our industry is poised to scale new heights. Together, we can position India as a global leader in gems and jewellery, setting benchmarks for innovation, excellence, and sustainability.”
The selection criteria this year included export performance, value addition, employment generation and investment in R&D among other parameters. In recognition of the business excellence demonstrated by companies that are helping to strengthen ‘Brand India’, GJEPC not only felicitate industry players for their exemplary performance, but also recognizes entities such as banks which play a key role in the growth of the sector.
IGJA has evolved over the years to embrace new categories, including social responsibility, innovation, and entrepreneurship, reflecting the dynamic nature of our industry.
JB Insights
US Holiday Sales Will See 5.5% Growth For 2026 : Mastercard Economics Institute
This Resilience Reflects A Robust Labor Market, Rising Household Wealth, and Broad-Based Consumer Demand Across Income Cohorts. Overall, The 2026 Holiday Season Showcases An Adaptable U.S. Consumer Using Digital and AI Tools To Maximize Value While Continuing To Drive Broader Economic Momentum.
The Mastercard Economics Institute (MEI) forecasts a strong 2026 U.S. holiday shopping season (November 1–December 24), projecting retail sales excluding gas and autos to grow 5.5% year-over-year (YoY). This resilience reflects a robust labor market, rising household wealth, and broad-based consumer demand across income cohorts.
Key Drivers and Growth Channels
- Channel Performance: E-commerce continues to lead with an expected 11% YoY growth, but in-store sales are set to grow 3.6%—their strongest pace since 2022. This highlights the critical role of omnichannel strategies.
- Inflation Dynamics: Inflation accounts for 2.8 percentage points of the total 5.5% growth. Unlike last year’s tariff pressures, current price increases are driven by elevated energy/diesel costs and the massive AI infrastructure buildout.
- Calendar Shifts: A late Thanksgiving compresses the shopping window, pushing retailers toward early promotions. Additionally, Cyber Monday falling in November will shift significant online volume into the month.
The Role of Artificial Intelligence
AI is reshaping both prices and consumer behavior:
- Tech Inflation: High demand for memory chips and data infrastructure components has driven a 12.2% YoY increase in prices for info-processing equipment. Consequently, the consumer electronics category is projected to post outsized nominal sales growth (+10.7% YoY).
- AI Power Users: Consumers with paid AI subscriptions demonstrate distinct “optimization” habits. Data shows these users plan early, shop across a wider variety of boutique and specialty merchants, and aggressively target promotions during Thanksgiving weekend before transitioning to experience and hospitality spending in December.
Last-Minute Shopping Behavior
The final rush to Christmas offers key operational insights for retailers:
- In-Person and Malls: The final week before Christmas sees heavy physical store foot traffic, especially in enclosed shopping malls where consumers can complete multi-category purchases. Climate also plays a role: warmer-state residents (e.g., Florida, Nevada) are far more likely to make last-minute in-store runs than those in colder states.
- Transaction Value Trends: Average order values for children’s items peak near Black Friday, while premium categories—such as jewelry, cosmetics, luxury handbags, and department stores—see transaction values climb steadily from December 15, peaking on Christmas Eve as procrastinating shoppers pay a premium for convenience.
AI tools lower search costs for consumers, making price transparency higher than ever. Retailers must capture early November demand through targeted promotions before comparison tools push shoppers toward alternative or boutique brands.
Last-minute shoppers are price-inelastic and seeking speed. Malls and physical stores should maximize inventory for high-margin, rush-gift items (jewelry, cosmetics, designer goods, gift cards) in the final 10 days, leveraging store availability over promotional discounting.
Overall, the 2026 holiday season showcases an adaptable U.S. consumer using digital and AI tools to maximize value while continuing to drive broader economic momentum.
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