JB Insights
Let us continue to harness our collective strengths, seize emerging opportunities, and embrace change with enthusiasm.
Let us uphold our legacy of craftsmanship and integrity, and propel the industry towards unparalleled success – Vipul Shah
The Indian gem and jewellery sector is a force to reckon with in the international GJ market. GJEPC has been the apex body driving India’s export-led growth in the gem and jewellery sector since 1966.Vipul Shah, Chairman GJEPC speaks to JewelBuzz on the initiatives, strategies for growth of the GJ industry, impact of geopolitical crisis on GJ sector and government policies and regulatory frameworks aiding the growth of Indian GJ sector.

Take us through the GJEPC roadmap for the year 2024—events and initiatives, strategies for growth of the GJ industry.
GJEPC is focused on growing India’s share of the global gem and jewellery pie. The Council also has a dual focus of driving export growth and creating job opportunities in the industry. Despite challenges faced in 2023, the industry is optimistic for the year 2024.
Efforts are directed towards sustaining and increasing exports to major markets like the USA, Hong Kong, and UAE. Additionally, the industry is exploring new markets such as the UK, Italy, France, Latin America, and Cambodia among many others.
Marketing efforts will be intensified to promote Indian gems and jewellery globally. This includes organising the IIJS, the India International Gem & Jewellery Show (IGJS) in Dubai and Jaipur, actively participating in major international gem and jewellery exhibitions; and facilitating product-specific and market-specific Buyer Seller Meets.
There is also a focus on investing in technology and innovation to enhance productivity, efficiency, and competitiveness. GJEPC, in collaboration with the Ministry of Commerce & Industry and SEEPZ, has launched a Mega Common Facility Center in SEEPZ Mumbai. This initiative aims to increase manufacturing capacities, drive technological advancements, and provide extensive skill development opportunities. Importantly, the services offered will benefit both SEEPZ and Domestic Tariff Area (DTA) units, reflecting inclusivity and industry-wide progress.
The geopolitical crisis and G7 sanctions banning Russian diamonds are major concerns. What is the impact on Indian diamond industry with the manufacturing sector affected drastically with shortage of rough diamonds?
The G7/EU has considered March 1st to August 31st as the “Sunrise Period.” During this phase, the US has opted for self-certification for import shipment clearance, while the EU provides two alternatives: G7 certification and a documentary evidence-based system, facilitating Indian trade in importing goods directly to India using the documentary evidence option. Certain countries allow Mixed Origin relaxation, subject to documentary evidence. The UK has provided clarification on Grandfathering diamonds movement and the necessary procedures. As of March 1, 2024, the immediate impact of G7 sanctions appears relatively manageable, with the industry adjusting to uphold support documents, coordinate two supply chains, and comprehend country-specific requirements for legal compliance. While it is still early, being only 3 weeks into the sanctions, inquiries and feedback from members are being actively received and assessed to gain a comprehensive understanding of the situation.
How are government policies and regulatory frameworks aiding the growth of Indian GJ sector?
Based on its potential for growth and value addition, the Government of India has declared the Gems and Jewellery sector as a focus area for export promotion. Over the years, through trade-friendly policies, the government has facilitated a remarkable surge in gem and jewellery exports, which now stand at USD 40 billion.
The recent Free Trade Agreements with key partners such as the UAE, Australia, and the European Free Trade Association (EFTA) countries—Switzerland, Iceland, Norway, and Liechtenstein—hold substantial promise for further boosting Indian gem and jewellery exports.
However, to enhance the industry’s competitiveness in global markets and ensure sustainable development, several measures have been proposed to the government:
- Safe harbour rule for sale of rough diamonds in Special Notified Zones (SNZs)
- Introduction of Diamond Imprest License and reduction in import duty on cut & polished diamonds to 2.5%
- Reduction in import duty on gold/silver/platinum bars to 4%
- Introduction of a mechanism like “Rates & Taxes Refund” through EDI system similar to GST refund.

Despite the various challenges there is always a positive spirit. What is your message to the GJ industry?
Despite facing challenges, the Indian gem and jewellery industry has always shown resilience, relying on its renowned craftsmanship and skills recognized worldwide.
Understanding its inherent strengths, the industry perceives setbacks as temporary hurdles, consistently striving for improvement by integrating the latest technologies. Today, it stands capable of meeting the diverse demands of global markets.
My message to the GJ industry is simple: Let us continue to harness our collective strengths, seize emerging opportunities, and embrace change with enthusiasm. Together, we can navigate through any adversity, upholding our legacy of craftsmanship and integrity, and propel the industry towards unparalleled success.
JB Insights
The Festive Shopper 2026: How Indian Jewellery Consumers Are Rewriting The Rules
JewelBuzz spoke to jewellers across the country to check out the consumer mindset. Indian jewellery buyers this Diwali are not abandoning gold; they are shopping it differently. Reading 23 industry voices through the buyer’s eyes, one picture emerges: shoppers watch the gold rate like a stock ticker, shrink the piece rather than skip the purchase, hunt for proof of fairness, and plan their buying around weddings and festivals, with Dhanteras on 6 November the next big test.
The new festive shopper: Five behaviours
- They time the market. Buyers hold back when rates swing, rush in when prices dip, and lock in early through rate-booking and advance orders.
- They trade down in weight, not in aspiration. Lighter, versatile pieces let them keep the purchase while spending fewer rupees per piece.
- They trade sideways. Diamonds (natural and lab-grown), platinum, silver and fashion jewellery absorb buyers who find heavy gold a stretch.
- They demand proof. Shoppers compare design, quality, purity and price, and reward certification, transparency and genuine offers.
- They buy around occasions. Weddings, Dhanteras and Diwali still set the calendar, and emotion keeps gold at the centre.
Watching the rate: how price swings shape timing
For the 2026 buyer, the question is less “should I buy gold?” than “is now the right moment?” Shoppers have not lost faith in the metal. Aman Talla of Talla Jewellers says that when gold rises, trust in gold rises with it, and John Alukka of Jos Alukkas says consumer trust has grown because of the higher value. What has changed is the timing and the quantity.
Four behaviours show up in the quotes:
- Freezing under volatility. John Alukka notes slight hesitation and confusion because of rate variations. Prithviraj Kothari of IBJA reports volumes down about 15% year-on-year around Ganesh Chaturthi, and a subdued Dussehra, before footfall picked up as gold held between Rs 1.42 and Rs 1.44 lakh.
- Pouncing on dips. NAC Jewellers’ N. Anantha Padmanaban expects a lift as prices come down around Navratri and Diwali, and jewellers such as Shringar and HPJ describe the recent fall as drawing buyers in. Khandelwal Jewellers is running a lucky-draw campaign to help customers take advantage of it.
- Buying early out of fear. Nikhil Parekh of HPJ notes that concern about future price rises may push purchases forward.
- Locking in the price. Khandelwal reports customers securing their rate through rate-booking programmes, and Kothari expects rate-lock schemes to support Dhanteras.
The volume effect follows. Jayantilal Challani of the Challani Group expects sales value to grow in single or low-double digits while physical volume stays subdued, and Jos Alukkas and Ranka Jewellers also expect volume to dip or fall.
Who is buying: six shopper personas
The quotes describe at least six distinct kinds of buyer. They are composites assembled from what jewellers report, not formal market segments, but each has a different trigger and a different basket.
| Persona | What they buy | What moves them |
| The wedding-planning family | Elaborate bridal necklaces, rani haars, statement sets; early orders | A grand look for the bride within budget; heritage craft |
| The Gen Z minimalist | Thin chains, studs, understated rings; lightweight diamonds and platinum | Self-purchase, everyday wear, meaning over weight |
| The gold-to-diamond switcher | Diamond jewellery, lab-grown solitaires and bridal sets | Larger, better stones for the money; investment feel; certification |
| The rate-watching value buyer | Gold on rate-lock, old-gold exchange, lightweight pieces | Price protection; comparing design, quality and price |
| The gifter and fashion shopper | Earrings, bangles, silver, Kundan and CZ pieces | Diwali gifting, design variety, affordability |
| The investment-minded buyer | Gold as store of value | Gold as an emotional asset and a symbol of prosperity |
Three of these personas deserve a closer look.
The Gen Z minimalist buys for themselves, and does so deliberately. Challani describes a preference for thin chains, stud earrings and understated rings. Pokharna sees room for platinum in everyday luxury and self-purchase. Bafna says younger, first-time buyers now choose lab-grown diamonds on purpose, with sentiment shifting from curiosity to conviction. Gupta adds that digital engagement is boosting confidence, and Gulechha reports high online traffic alongside store footfall.
The switcher shows how price pressure redirects rather than removes demand. Surana says people who wanted gold are now also investing in diamond jewellery, driven by rising disposable incomes, the influence of Gen Z and millennials, and a preference for meaningful investments.
The returning family is the emotional heart of Diwali. Talla Jewellers built its Diwali Homecoming Polki collection for people who live far from home and return only at this time of year, a reminder that occasion and belonging move buyers as much as trend.
Planned purchases: weddings and tradition
While everyday buying turns light, weddings keep the traditional end of the market alive. Rakhal Gontla of Vaibhav Jewellers expects marriage-related sales to stay healthy, supported by gold’s place in Indian weddings. Dr. Pratap Kamath of ABARAN calls gold both an emotional asset and a symbol of prosperity, and Nikhil Parekh of HPJ says weddings still create demand for elaborate bridal necklaces and rani haars, because families want the bride to look grand while keeping value within budget.
The wedding shopper behaves differently from the casual buyer:
- Plans early. Aman Talla says customers are choosing old gold exchange and early bridal jewellery, and Prithviraj Kothari points to early bridal orders supporting Dhanteras.
- Wants a statement. Aisshpra reports bridal customers seeking statement pieces with multiple styling options.
- Values heritage craft. HPJ expects its Kolkata-style handcrafted jewellery to draw strong bridal interest, and Nemichand Bamalwa’s Eden collection targets bridal occasions.
- Shops across metals. Wedding season is also expected to lift lab-grown solitaires, engagement rings and bridal sets, and Kushals expects bridal and guest-wear sets in Kundan, Polki-look, antique, temple and jadau-inspired designs from mid-November.
Gold’s cultural role sits at the root of all this. No one in this set of quotes predicts weddings moving away from it.
How shoppers decide: compare, verify, lock in
The 2026 jewellery buyer is a comparer. Chetan Thadeshwar of Shringar says customers remain value-conscious and compare designs, quality and price before deciding. Aisshpra describes purchases as more thoughtful than discretionary, and Saiyam Mehra of Unique Chains & Jewells says shoppers want the right balance of design, quality, purity and affordability.
Five decision rules appear in the quotes:
- Compare before committing. Shoppers weigh designs, quality and price across stores, which is why Shringar says a well-curated range across budgets converts interest into sales.
- Look for proof. Akoirah names IGI and SGL certification and transparent pricing as the trust anchors for lab-grown buyers.
- Lock in the price. Rate-booking and rate-lock schemes (Khandelwal, Kothari) answer the fear of rising rates.
- Recycle old gold. Talla Jewellers cites old-gold exchange among the choices of buyers who are buying with purpose.
- Test the offer for fairness. Dr. C. Vinod Hayagriv of C. Krishniah Chetty Jewellers warns that inflating prices and then discounting artificially erodes consumer confidence, and says promotions must be genuine.
What shoppers are telling the industry
Shoppers are not retreating; they are renegotiating. They still want gold, but in a lighter form, bought at a moment they trust, from a seller they believe. Read as signals, their behaviour says five things:
- “Make it lighter.” Lightweight, versatile designs are where demand is moving across gold, diamonds and silver.
- “Give me a way in.” Silver, platinum, lab-grown and fashion pieces keep price-sensitive buyers in the store.
- “Take the timing risk off me.” Rate-lock schemes, bookings and old-gold exchange help buyers act despite volatility.
- “Prove it’s fair.” Certification, transparent pricing and genuine promotions matter more when every rupee is scrutinised.
- “Speak to me, not my parents.” Minimalist designs, self-purchase occasions and digital engagement win younger buyers.
Three behaviours to watch after Dhanteras on 6 November:
- Booking-to-purchase conversion. Prithviraj Kothari says how many advance bookings become actual purchases will decide the final number.
- Value versus volume. Whether value growth of 15–25% materialises while grams stay flat or fall.
- Reaction to gold’s path. Whether prices stay in the Rs 1.42–1.44 lakh band Kothari cites, since shoppers have shown they respond to dips and hesitate on swings.
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