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.
Industry leader in precision gold manufacturing, V.K. Jewels is renowned for pioneering “paper casting” technology. They specialize in CZ-studded gold jewellery that marries grand aesthetics with lightweight efficiency. By integrating AI-driven design and a robust B2B network, V.K. Jewels offers retailers a competitive edge through consistent quality and trend-forward innovation. Witness the journey of a brand built on trust and technological excellence.
The Beginning, Evolution, Milestones
V.K. Jewels was founded in 1993 in Rajkot by Vijay Kotak with limited resources but a strong vision — to bring quality craftsmanship, reliability, and trust to the jewellery manufacturing space. Starting with silver casting, the company gradually built trust through consistency, precision, and customer-centricity.
With Hiren Kotak entering the business, key milestones included the transition into CZ-studded gold jewellery, expansion into plain gold casting, adoption of lightweight and paper casting techniques, and building a strong B2B dealer network across India.
Today, V.K. Jewels stands as one of the biggest casting jewellery manufacturers in India, known for paper-casting jewellery, innovation, volume capability, and market responsiveness.
Early Challenges & Growth Strategy
In the early 90s, the jewellery market was highly competitive, fragmented, and dominated by traditional players. Limited capital and evolving market preferences posed challenges.
Visionary decisions such as focusing on manufacturing excellence, investing in modern casting technology, and building long-term dealer relationships helped V.K. Jewels scale rapidly. A strong emphasis on lightweight jewellery and consistent superior quality enabled the brand to differentiate itself and become one of India’s leading manufacturers.
Product Offering
Core Product Lines
V.K. Jewels offers a wide range of CZ-studded jewellery and plain gold casting jewellery, including rings, pendants, earrings, bangles, bracelets, chains, and bridal sets.
The collections cater to multiple segments — from mass-market daily wear to premium bridal and festive jewellery — enabling retailers and wholesalers to serve diverse customer needs efficiently.
Portfolio Expansion Beyond Silver
Starting from silver casting, V.K. Jewels expanded into gold casting and CZ jewellery to meet evolving consumer demands for affordability, design variety, and lighter weight.
The portfolio now supports both wholesale and corporate brands of India with ready-to-sell designs, fast-moving collections, and trend-driven styles suited for modern consumers.
Top-of-the-Line Products
Flagship Products – Strong Visual Appeal
V.K. Jewels’ lightweight CZ-studded necklaces, daily wear rings, and earrings are among its top performers. These products are preferred by high-end wholesalers, retailers, and corporates due to their excellent finishing, competitive pricing, fast inventory turnover, and strong visual appeal.
The use of paper casting ensures reduced gold weight without compromising on design aesthetics.
Bestseller Highlights
The bestselling categories include CZ-studded necklace sets and rings, known for their rich look, lightweight structure, and durability. Customers appreciate their premium finish, long-wear comfort, and excellent value proposition, making them a favourite choice for wedding and festive purchases.
Design Innovation & Quality
Ensuring Innovation & Quality
V.K. Jewels continuously invests in design research, CAD development, and market trend analysis. A dedicated design team works closely with production to ensure every piece meets modern style expectations while maintaining high manufacturing standards.
Rigorous quality checks at every stage ensure precision and durability.
Quality Assurance & Ethical Practices
The company follows strict quality control processes, including material verification, multi-stage inspections, and standardised finishing protocols.
Ethical sourcing and responsible manufacturing practices reinforce brilliance, durability, and trust.
Network of Wholesalers & Retailers
Distribution Network
V.K. Jewels has built a strong nationwide distribution network with wholesalers, retailers, and corporate brands across major jewellery hubs.
Supporting the Network Amid Rising Gold Prices
With rising gold prices, V.K. Jewels supports partners through lightweight designs, paper casting innovations, competitive pricing, faster stock rotation, and consistent supply.
This enables retailers to maintain margins while offering attractive, high-demand products.
Plans for Growth & Expansion
Short-Term & Long-Term Strategies
Short-term plans include expanding the dealer network and introducing new trend-aligned collections.
Long-term strategies focus on scaling exports, entering international markets, expanding product categories, and strengthening global brand visibility.
Scaling Manufacturing Capacity
The company is investing in expanded infrastructure, modern machinery, and skilled manpower to enhance production capacity while maintaining quality and timely delivery.
Continuous process optimisation ensures scalability without compromising craftsmanship.
Technology, AI & Automation Integration
V.K. Jewels integrates advanced CAD/CAM technologies, automation in casting and finishing, and digital quality control systems.
The adoption of AI-driven design analysis, demand forecasting, and production planning tools enhances efficiency, accuracy, and operational optimisation.
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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.