The Gem & Jewellery Export Promotion Council (GJEPC), India’s apex trade body sponsored by the Union Ministry of Commerce & Industry, showcased the future of India’s gem and jewellery industry, which came alive at the launch of InnovNXT 40 Under 40 in Mumbai on 25th June 2025. This a dynamic initiative by the Gem & Jewellery Export Promotion Council (GJEPC), the apex body for the gem and Jewellery industry in India, aimed at recognising and empowering its next generation of leaders. With the World Gold Council as Presenting Partner, Godrej as Associate Partner, and DSP Mutual Fund as Co-Partner, the event brought together trailblazers, changemakers, and thinkers under one roof for a day of insight, inspiration, and exchange.

The InnovNXT 40 Under 40 conference features a power-packed agenda that keeps the momentum going throughout the day. Sessions explore a wide range of topics — from the strategic journey of IPOs and wealth creation, to the growing influence of women in the jewellery sector. Discussions dive into pressing themes like the surge in gold prices, building a lab-grown diamond brand, and scaling tech businesses with a bootstrapped mindset. With each panel offering fresh perspectives and actionable insights, the event creates an environment that is both thought-provoking and energising for the next generation of industry leaders.

InnovNXT 40 Under 40 was inaugurated by Aditi Sunil Tatkare, Hon’ble Minister for Women and Child Development, Government of Maharashtra, along with Kirit Bhansali, Chairman, GJEPC; Khushboo Ranawat, Regional Chairman (WR), GJEPC; Sachin Jain, Regional CEO – India, World Gold Council; and Nirav Bhansali, Convener – National Exhibitions, GJEPC, in the presence of distinguished industry leaders and participants.

The Chief Guest, Aditi Sunil Tatkare, Hon’ble Minister for Women and Child Development, Government of Maharashtra, applauded the 40 Under 40 initiative.

Aditi Tatkare said, “I truly commend GJEPC for envisioning and organising the 40 Under 40 conference — it reflects foresight and deep commitment to nurturing the next generation. Every era brings innovation, but it’s equally important to honour tradition. Young leaders must carry forward their legacy with honesty and fresh ideas. Events like this are not just celebrations, but platforms of growth, dialogue, and responsibility.”

Govind Dholakia, Hon’ble Member of Parliament (Rajya Sabha), joined virtually with a heartfelt video message that reflected on the importance of values-led leadership and resilience.

Mr. Dholakia noted, “For the youngsters here, InnovNXT isn’t just a platform — it’s an opportunity. A space to share bold, exciting ideas and learn from one another. If you’ve inherited a business legacy, nurture it with passion. It’s your responsibility to carry it forward with care and vision. Also, many diamantaires are actively involved in impactful CSR initiatives — showing that success isn’t just about business growth, but also about giving back. Because real progress begins when we tackle real problems. If you are in the comfort zone, you will not progress.”

Delivering the welcome address, Kirit Bhansali, Chairman, GJEPC, praised the ambition and energy of the young leaders in the room.

Kirit Bhansali said, “You are not only the future; you are already the architects of change. In an industry shaped by tradition, it’s your fresh thinking, your values, and your willingness to embrace innovation that will define what comes next. Sustainability, transparency, and ethical business are no longer optional—they are essential. As we navigate a rapidly evolving global market, it’s your energy and ideas that will keep India at the forefront.”

Nirav Bhansali, Convener – National Exhibitions, GJEPC, set the context with an engaging and relatable message to the audience. “InnovNXT isn’t just another seminar—it’s a signal that the industry is ready for something new. You’re not here to follow an existing path, but to shape a new one. The next decade belongs to those who challenge, question, and reimagine. Whether it’s AI in design or circular economy models, the pace of change is real—and you are leading it. So be present, be curious, be bold. This platform is your launchpad. Because the future will not wait—and neither should you.”

Additional points

Session 1

From brand building to wealth creation: The strategic IPO journey

Saurabh Gadgil, MD, PN Gadgil & Sons

Tehmasp Printer, MD, IGI (International Gemological Institute)

Ashish Shankar, CEO, Motilal Oswal

Moderated by Anisha Jain

Key pointers

The market is always ready for a growth story. You need to have a differentiated story. It should reflect a sense of purpose

IPO is a question of personal choice. It cannot be an overnight decision. Strategy plays a key role, alongside the entire process of money raising

You could go regional. Start from your native state and expand, keeping in mind the cultural connotations.

There is no preset template related to strategy. The entire process is a continuous, ever-evolving process. It is based on the people, management, brand identity and positioning.

Considering the industry, a very important and commonly raised issue is the debate between earth mined and lab grown diamonds.

For any company, there should be a balance between short term and long term growth objectives. It is a process of sustained brainstorming.

For any IPO, a clear thought process and a thorough grasp on the financials of a company- these are the absolute essentials.

In times of uncertainty and crisis, one should stick to asset allocation. For companies, a good strong ERP system is an absolute necessity.

Integrity takes you the long way.

Session 2

Women in jewellery: Breaking Barriers Breaking Legacy

Khushboo Ranawat, Director, Swarnshilp Chains & Jewellers

Richa Singh, MD – India & ME, National Diamond Council

Varuna Jani, Founder & Creative Head, Varuna D Jani Fine Jewellery

Session 2:

Women have had opinions for a very long time. What has changed is the platform to articulate them.

A woman, with her keen observation skills and intuition, is perfect for the jewellery business. She knows what the consumer wants.

It is this intuition which is the driving force behind designing jewellery

Rules of empowerment: Embracing the change and believing in yourself helps in the long run, says Khushboo. For Richa, asking what you want is crucial. Combine these with empathy, says Varuna, and you have an empowered woman who is on a mission to empower others as well.

Branded jewellery is not a major challenge to the existing jewellery industry in India. Any piece of branded jewellery has a higher potential to be worn on a daily basis. The only way for such brands to gain access to the indigenous jewellery market is through carefully planned and considered collaborations with Indian jewellery designers.

A key part of surviving the jewellery market is to work with the ecosystem. We cannot shorten the working hours of the artisans because we have to maintain the same prices. At the same time, the price of raw materials are increasing.

What becomes a key area of focus is the process of balancing price and cost of manufacturing with a positive work lifestyle and environment.

It is not so easy to replace the jewellery industry. The value in this industry is long term. For this year, we are planning to share facts and be more transparent.  Being objective and showing the facts is far more important than sharing our opinion. The customer needs facts, which in turn enhances our credibility

As women in business, the question of balancing work and personal life is a universal one. Behind every successful working woman is a strong support system – be it her family, friends or someone who sees her potential first and not her gender

Session 3

Gold as a safe haven: Decoding the current price rise

Sachin Jain, Regional CEO India, World Gold Council

K. Srinivasan, CMD, Emerald Group

Darpan Anand, MD, Punjab Jewellers

Shekhar Bhandari, President & Business Head, SME Banking, Kotak Mahindra Bank

Sabyasachi Ray, ED, GJEPC

GJEPC Contributing to the golden path of India

– Project Swarnim Udaan 2047 inline with Viksit Bharat 2047

– Project Highway (four pillars) gold ETF market, SRO-IAGES

– Developing 1st innovation centre of gold jewellery biz in India

Key pointers

Gold is an investment for tomorrow, one should keep on investing in commodities like gold, we are coming up with new investing ideas. Further, India requires innovation in the designing gold jewellery as this gen is not buying gold they are buying what suits them. Also, gold is not only used in jewellery it has multi-dimensional uses from modern tech instruments to curing someone from certain diseases.

We have seen a lot of ups and downs, in prices in demand I can tell you that gold is a long term story as our ancestors believed to secure the future of their generations by gifting them precious metals like gold at any good occasion, we should follow this as it helps to accumulate something precious, which will help in the long run.

In our 20s we don’t spend like this gen, this gen spend on consumables this for them gold Is less important jewellery is more important. Thus, Spends will increase once basic needs like roti-kapda-makan is getting fulfilled. So if the right product at the right time is given the Indians will buy.