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.
By Invitation
The Rise Of Everyday Milestone Gifting:Why Natural Diamond Solitaires Are No Longer Reserved For Weddings
For decades, natural diamond solitaires have been associated with engagements, weddings and landmark anniversaries. They represented life’s biggest celebrations and were often viewed as aspirational purchases reserved for a select few occasions. Today, however, consumer behaviour is evolving. More people are choosing to celebrate personal milestones, professional achievements and meaningful life moments with jewellery that carries lasting emotional value.
Across urban India, consumers are increasingly purchasing natural diamond solitaires for occasions such as promotions, first salaries, business launches, milestone birthdays, graduations, parenthood and personal accomplishments. The decision is no longer driven solely by tradition, it is driven by emotion. This shift is redefining the role of solitaires from occasion-led purchases to symbols of self-celebration and personal growth.
For the jewellery industry, this evolution presents a significant opportunity. Instead of engaging consumers only during wedding seasons, brands can now connect with them across multiple life stages. Every achievement, whether personal or professional, has the potential to become a meaningful jewellery purchase. This broadens the consumer journey and creates new avenues for growth beyond the traditional bridal category.



At Divine Solitaires, this changing mindset is seen as a reflection of how modern luxury is becoming more personal and intentional. While the brand is synonymous with the world’s finest natural solitaire diamonds, it also recognises that today’s consumers want jewellery that becomes part of their everyday story, not just their wedding album. A solitaire is increasingly being viewed as a timeless piece that can be worn regularly while continuing to represent a deeply meaningful memory.
The growing preference for everyday milestone gifting is also changing what consumers expect from jewellery brands. Buyers today are researching more, asking more questions and seeking greater transparency before making a purchase. They want assurance about certification, quality, craftsmanship and long-term value. These expectations are redefining trust in the natural diamond category.
This philosophy has always been central to Divine Solitaires. The brand has consistently focused on bringing greater transparency to the natural diamond category through stringent quality benchmarks, transparent pricing and industry-leading consumer assurance programmes. Every Divine Solitaire undergoes multiple quality parameters that far exceed conventional diamond grading standards, ensuring consumers receive only the world’s finest natural solitaire diamonds. Along with lifetime upgrade, exchange and buyback programmes, supported through its digital verification ecosystem, the brand continues to reinforce confidence long after the purchase is made.
As India’s jewellery market matures, consumers are no longer making decisions based solely on design or price. They are increasingly evaluating emotional significance, authenticity, long-term value and future flexibility. The ability to invest in a certified natural solitaire diamond that celebrates a personal milestone represents a meaningful and enduring choice, particularly among younger buyers who seek purchases that combine aspiration with substance. This evolution is helping redefine luxury as something that is not only beautiful, but also deeply personal.
The broader industry stands to benefit as well. The rise of self-gifting and milestone-led purchases is expanding the natural diamond category beyond traditional wedding occasions and encouraging stronger consumer engagement throughout the year. It is also creating greater demand for certified natural diamonds and driving higher standards of transparency, education and trust across India’s jewellery retail ecosystem.
As the industry prepares for this next phase of growth, there is also increasing momentum around celebrating and strengthening consumer confidence in natural diamond solitaires. This vision is reflected in the upcoming Solitaire Festival of India (TSFI), an industry-first initiative by Divine Solitaires that aims to bring together consumers, retailers and the larger jewellery fraternity in a nationwide celebration of natural diamond solitaires. By creating new conversations around aspiration, achievement and everyday milestones, TSFI seeks to further expand the relevance of solitaires beyond weddings and into every meaningful stage of modern life.
Speaking on this evolving consumer behaviour, Jignesh Mehta, Founder and Managing Director, Divine Solitaires, said:

“The definition of luxury is becoming deeply personal. Consumers today are no longer buying natural diamond solitaires only because tradition tells them to, they are buying them because a moment in their life feels worthy of being remembered forever. We are witnessing a significant shift from occasion-led purchases to emotion-led purchases, where promotions, entrepreneurial successes, personal achievements and everyday milestones are becoming solitaire moments.
At Divine Solitaires, we believe this evolution reflects a more confident and intentional consumer mindset, one that values transparency, quality and long-term meaning. Through initiatives like the Solitaire Festival of India, our endeavour is to celebrate these changing consumer journeys while strengthening trust and appreciation for natural diamond solitaires across the country.”
The future of India’s natural diamond market will not be shaped solely by weddings, but by the many milestones that define modern life. As everyday milestone gifting continues to rise, brands that combine emotional relevance with transparency and enduring value will lead the next phase of growth. For Divine Solitaires, this represents not just a consumer trend, but a meaningful shift towards a more personal, consumer-centric and future-ready jewellery ecosystem.
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