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
India’s Major Retail Jewelers See Double Digit Revenue Growth
Growth Points To Robust Momentum Ahead Of The Crucial Third-Quarter Holiday Season.
India’s major listed jewelers are shrugging off a shift in the traditional holiday shopping calendar, reporting revenue growth between 22% and 28% for the quarter ended September on the back of resilient consumer appetite and higher average customer spending.
Industry giants including Titan Co., Kalyan Jewellers India Ltd., P N Gadgil Jewellers Ltd., and PC Jeweller Ltd. posted broad-based sales gains in business updates to stock exchanges, pointing to robust momentum ahead of the crucial third-quarter holiday season.
The strong second-quarter numbers come despite a calendar quirk: Navratri, the nine-night festival that typically kicks off peak seasonal gold buying, fell in October this year rather than September. That shift is expected to push a significant volume of traditional holiday sales into the quarter ending in December.
Kalyan Jewellers posted a consolidated revenue increase of more than 26% year-over-year, buoyed by a 27% surge in its domestic operations and a 20% rise in same-store sales. Its international operations expanded 18%, while its digital lifestyle arm, Candere, saw sales jump 64%. The company noted that domestic operations maintained strong momentum even against a tough comparison from the year-ago period, when the entire Navratri festival landed in the second quarter.
The revenue growth reflects both steady store expansion and higher ticket sizes. At Tata Group-owned Titan Co., which operates the Tanishq and Zoya brands, total jewelry sales rose approximately 21%.
While buyer volume growth tracked in the mid-single digits, average spend per transaction rose by double digits. Sales of studded, higher-margin jewelry led the way with growth in the low 30s percentage range, outstripping a 20% gain in plain gold items. Titan’s digital-first brand, CaratLane, posted a 32% rise in sales.
Strategically, several retailers are intentionally pivoting away from low-margin bullion toward high-margin studded items and branded pieces. P N Gadgil Jewellers, which logged 22.4% overall revenue growth and a 31.1% gain in its core retail segment, saw e-commerce sales fall sharply by 83.6% after deliberately trimming back online sales of low-margin gold coins.
Consequently, gold coins and bars made up 15.8% of P N Gadgil’s retail revenue during the quarter, down from 23.3% a year earlier—a mix shift executives say will sustain higher profitability.
Meanwhile, Delhi-based PC Jeweller posted a consolidated revenue gain of roughly 28%, citing sustained underlying demand across key urban markets.
With fundamental demand holding firm despite elevated gold prices, market analysts expect the delayed start to the Hindu festive season to set up Indian jewelers for a particularly lucrative December quarter.
-
National News56 minutes agoPrecious Metal Futures Continued Their Downward Momentum
-
JB Insights28 minutes agoIndia’s Major Retail Jewelers See Double Digit Revenue Growth
-
DiamondBuzz34 minutes agoDe Beers Cuts Diamond Production But Sees Sales Rise
-
National News22 hours agoBHIMA Jewellery Receives Prestigious IAGES Accreditation
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.