The Indian Institute of Management Ahmedabad (IIMA), one of India’s premier management institutes, and the All India Gem and Jewellery Domestic Council (GJC), the country’s topmost jewellers’ representative body, today begin a pioneering collaboration to launch “GemLead – Gems & Jewellery Executive Masterclass on Leadership, Excellence and Advanced Development.”

This landmark initiative is designed exclusively for GJC members and aims to empower leaders from the gems and jewellery industry with world-class management insights, leadership skills, and strategic capabilities. The three-day transformational programme—GemLead—is crafted to enlighten GJC members and guide them in applying management techniques to handle business professionally and efficiently during challenging times.

The initiative has received an overwhelming response from the industry, garnering a waiting list of over 40 participants within just seven days of its announcement.

Being held from 5th to 7th September, 2025 at the IIM Ahmedabad campus, the residential executive programme will bring together senior executives and entrepreneurs from across the gems and jewellery sector for an intensive learning experience led by IIMA’s distinguished faculty.

Over the course of 12 sessions, participants will explore a curated mix of trending and high-impact topics, including:

The program explores the intersection of technology and business, delving into Artificial Intelligence (AI) and its impact on processes. It also focuses on professionalising family businesses, building sustainable and scalable organizations. Insights from behavioural science, particularly neuromarketing, help understand consumer behavior. A guest speaker session with a senior representative from the Reserve Bank of India provides valuable macroeconomic perspectives. Through these learnings, participants gain a comprehensive understanding of the industry’s current landscape and future outlook.

This executive programme is meant for business executives, management personnel, top company leaders, and promoters seeking success mantras from world-class educators who have mentored business tycoons through their pioneering efforts and towering experiences.

While GJC continues to promote industry growth, policy advocacy, skill development, and the adoption of best business practices, IIMA remains globally recognized for its academic rigour, cutting-edge research, and its role in shaping leaders across sectors.

GemLead is a first-of-its-kind executive programme tailored for the gems and jewellery industry, offering participants actionable insights and tools to drive long-term growth and competitiveness.

Speaking about the collaboration, Rajesh Rokde, Chairman, GJC, said, “GemLead marks a defining step in shaping the leadership pipeline of the gems and jewellery industry. Through this unique partnership with IIM Ahmedabad, we aim to provide our members with transformative learning that will help them scale their businesses, drive innovation, and embrace global best practices. Also by integrating cutting-edge insights on artificial intelligence, consumer psychology, and the professionalisation of family-run enterprises, this programme will empower our members to lead with clarity, innovate with confidence, and build resilient, future-ready businesses.”

Echoing the sentiment, Avinash Gupta, Vice Chairman, GJC, commented, “We are delighted to collaborate with IIMA on GemLead. The gems and jewellery sector is a vital contributor to India’s economy, and this programme is tailored to strengthen leadership, enhance managerial excellence, and prepare industry leaders for future challenges.”

Elaborating the details further, Ketan Chokshi, Convenor, GemLead, stated, “While GJC continues to champion industry growth through policy advocacy, skill development, and the promotion of best business practices, IIM Ahmedabad stands globally recognized for its academic rigour, pioneering research, and its legacy of shaping leaders across diverse sectors. GemLead, a first-of-its-kind executive programme, brings together these strengths to deliver a transformative learning experience exclusively for the gems and jewellery industry.

• IGST reduced from 18% to Nil on Natural Cut and Polished Diamonds up to 25 cents (1/4 carats) imported under Diamond Imprest Authorization Scheme
• Reduced GST on jewellery boxes from 12% to 5%

 The Gem & Jewellery Export Promotion Council (GJEPC) has warmly welcomed the GST reforms announced at the 56th GST Council meeting held on 3rd September in New Delhi under the chairpersonship of Hon’ble Union Finance & Corporate Affairs Minister, Smt Nirmala Sitharaman. The rationalisation of GST rates across multiple sectors reflects the Government’s commitment to stimulating domestic demand, easing cost pressures, and enhancing the competitiveness of Indian industry.

For the diamonds and jewellery sector, the reforms bring significant relief. The Council’s decision to exempt imports of natural cut and polished diamonds up to 25 cents under the Diamond Imprest Authorisation Scheme (DIAS) from IGST (previously 18%) will ease working capital pressures and support manufacturers and exporters engaged in small-diamond processing. In addition, the reduction of GST on jewellery boxes from 12% to 5% will lower costs for retailers and exporters, while making packaging and gifting more affordable for consumers—benefiting both businesses and buyers alike.

 Kirit Bhansali, Chairman, GJEPC, said, “We welcome the GST reforms announced under the guidance of Hon’ble Finance Minister Smt Nirmala Sitharaman. These measures will stimulate domestic demand and provide a cushion to our export supply chains, which are under pressure due to global challenges. The diamonds and jewellery sector remains committed to ensuring that the benefits, including reduced costs for jewellery boxes, are transparently passed on to Indian consumers, reinforcing trust and supporting long-term industry growth.”

Rajesh Rokde
Chairman, GJC

The current GST reforms (GST 2.0) offers no direct and immediate relief to gems and jewellery exporters against. Importantly, the gems and jewellery sector was excluded from the latest reforms, which reduced the number of GST slabs from four to two (5% and 18%), eliminated the 12% and 28% brackets, and introduced a 40% rate for luxury goods. As a result, the reforms do not offset the adverse impact of U.S. tariffs, since input costs and compliance burdens remain unchanged. However, by focusing on stimulating consumption, the GST changes may support the gems and jewellery sector indirectly over the longer term. The new rates, effective from September 22, are expected to boost consumption, with the overall fiscal impact of the overhaul estimated at around Rs 50,000 crore.

Avinash Gupta
Vice Chairman – GJC

As expected, the GST rate for the gem and jewellery sector remains unchanged at 3%. The GJC has consistently represented to the government that, given the sharp rise in gold prices and in line with revenue-neutral principles, the GST rate should ideally be reduced to 1%–1.25%.
The introduction of the next-generation GST reforms, streamlining the system into just two slabs—5% and 18%—alongside the proposed income tax reforms in the budget, is set to provide a significant boost to domestic consumption. This, in turn, will benefit the gem and jewellery sector by driving higher sales, particularly during the upcoming festive season.
The industry views this reform as a timely step that will brighten the festive outlook and ensure a truly prosperous Diwali. For this initiative, we extend our gratitude to our Honourable Prime Minister and Finance Minister for bringing in such a much-needed reform at the right time.

Saiyam Mehra
IPC- GJC and Director – Unique Chains and Jewels Ltd

The next-gen GST reforms mark a pivotal moment for India’s consumption-driven economy. By streamlining tax slabs and easing the burden on essential goods, the government has empowered consumers with greater purchasing power. For the gem and jewellery industry, this translates into renewed optimism—where jewellery is not just a luxury, but a preferred investment and cultural expression. We believe this reform will unlock fresh demand, especially from emerging markets and younger buyers seeking value and authenticity.

Prabhat Ranjan, Senior Director, Nexdigm, shares insights on sectoral impact of GST Council’s latest reforms The GST Council has retained the 3% rate on gold. This stability is crucial in a sentiment-driven market where seasonal demand peaks during weddings and festivals. By avoiding volatility, the Council discourages informal trade and sustains confidence in the organized sector.

Sometimes, stability is the strongest reform. By keeping GST on gold unchanged, the Council has preserved predictability in a market deeply tied to culture and sentiment. This move reassures consumers and jewellers alike, while ensuring the organized sector continues to flourish.

These reforms, combined with GST reductions in allied sectors such as handicrafts, leather goods, and packaging, will further strengthen India’s diamonds and jewellery ecosystem. By lowering operational costs, enhancing affordability, and boosting global competitiveness, they reinforce India’s position as a leading hub for diamond processing, jewellery design, and exports.

GJEPC appreciates the Government’s consultative approach and is confident that these measures will deliver broad-based benefits, supporting both domestic growth and export resilience for the Indian diamonds and jewellery sector.

PNG Jewellers, one of India’s most trusted jewellery brands with a legacy of 192 years, is delighted to announce the return of its much-anticipated “Pure Price Offer” campaign. Scheduled from September 1st to September 20th, 2025, this campaign has been specially designed to bring relief and confidence to jewellery buyers ahead of the festive and wedding season.

As the industry accepts the ever-evolving trajectory of gold prices, this campaign provides a perfect solution to incentivise customers in purchasing jewellery during auspicious periods like Dussehra and Dhanteras. Customers can pre-book their favourite gold or diamond jewellery during the offer period at prevailing rates. If the gold price rises later, they enjoy the benefit of the earlier, lower rate. On the other hand, if the price falls, PNG Jewellers will honour the revised lower rate at the time of billing, creating a win-win situation for jewellery lovers.

This unique, customer-first campaign ensures that buyers are always at an advantage, making jewellery purchases both worry-free and rewarding. The offer provides financial assurance and also ensures that customers can focus on choosing designs for their celebrations without the stress of fluctuating prices.

Speaking about the campaign, Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, said, “Gold has always been an emotional and cultural investment for Indian families. With the Pure Price Offer, we want to make the buying experience truly worry-free, transparent, and beneficial for our customers. It is our way of celebrating their trust and ensuring they always get the best value during the festive season.”

Customers can take advantage of the Pure Price Offer across all PNG Jewellers stores, ensuring a seamless shopping experience characterised by transparency, trust, and exceptional craftsmanship.