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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

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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.

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The New Jewellery Shopper: Why Trust Is Becoming The New Retail Currency

As Shoppers Arrive More Informed and Digitally Connected, Jewellery Retailers Are Shifting From Product-Led Selling To Trust-Led Experiences, Where Transparency, Personalisation and Confident Decision-Making Shape The Path To Purchase.

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As jewellery consumers become more informed and value-conscious, retailers are discovering that the path from interest to purchase is increasingly shaped by trust, transparency and the quality of the buying experience.

There was a time when a customer walked into a jewellery showroom with a fairly simple expectation: find something beautiful, understand the price and make a purchase.

That equation is changing

The modern jewellery shopper may enter the store only after days or even weeks of digital research. Designs have already been compared, prices explored, brands evaluated and customer reviews considered. By the time the customer meets a salesperson, much of the discovery process may already have taken place online.

What remains is the more difficult part — making the customer feel certain.

This shift is quietly changing the dynamics of jewellery retail. The competitive advantage is no longer determined only by inventory, location or design assortment. Increasingly, it lies in how effectively a retailer can remove doubt and create confidence during the buying journey.

A Customer Who Arrives Informed

The jewellery customer of today is far more exposed to information than previous generations. Social media, brand websites, digital catalogues and online communities have made it easier to compare designs, materials, prices and brands before making a showroom visit.

But information does not always create certainty.

In fact, having too many choices and too much information can sometimes make the final decision more difficult. A customer may know exactly what they like but still hesitate over whether it represents the right value, the right style or the right long-term choice.

That gap between information and confidence is where the modern jewellery retailer increasingly has to operate.

The Retail Conversation Is Changing

The traditional sales conversation often begins with the product: its weight, design, stones, craftsmanship and price.

The emerging approach begins with the customer.

Why is the jewellery being purchased? Where will it be worn? What style does the customer normally choose? Is versatility important? What level of investment feels comfortable?

These questions can transform the interaction from a product presentation into a consultative buying experience.

For retailers, this requires sales teams to do more than know their inventory. They need to understand how to listen, curate and recommend.

Trust Has Become Part of the Product

A beautifully designed piece can attract attention, but uncertainty can stop the transaction.

Questions around making charges, gemstone valuation, diamond quality, exchange policies and long-term usability can influence the final decision.

This is why transparency is increasingly becoming a retail differentiator.

When the customer understands the components behind the price and the value attached to the product, the conversation becomes less about defending the price and more about explaining the value proposition.

The Digital Storefront Comes First

For many consumers, the first interaction with a jewellery brand does not happen inside a showroom.

It happens on a smartphone.

Instagram posts, websites, search results, influencer content, reviews and digital campaigns collectively create the first impression. By the time the customer walks into a store, the brand may already have been evaluated against several competitors.

This makes the digital presence an extension of the physical retail experience.

A retailer that promises premium craftsmanship offline but communicates inconsistently online creates a gap in customer confidence.

More Choice Does Not Always Mean More Conversion

Jewellery retailers have traditionally used extensive collections as a way of demonstrating scale and choice.

Yet an overwhelming assortment can create another problem: decision fatigue.

Curated selections based on occasions, lifestyles, price ranges and design preferences can help customers navigate the assortment more comfortably.

The role of the retailer is therefore gradually shifting from showing everything to showing what matters.

The Conversation Continues After the Customer Leaves

One of the most significant opportunities in jewellery retail may begin after the showroom visit.

A customer who leaves without purchasing is not necessarily a lost customer. They may still be comparing options, discussing the purchase with family or simply taking time to decide.

A personalised follow-up featuring shortlisted designs, availability information, new arrivals or relevant styling suggestions can keep the conversation alive without turning it into aggressive selling.

The objective is simple: remain relevant while the customer is still making the decision.

Retail’s Next Competitive Advantage

The jewellery industry is entering an environment where customers can access more information than ever before. This makes the role of the retailer more important — not less.

The winning retail experience will increasingly depend on the ability to combine product expertise with transparency, technology with human interaction, and choice with curation.

Jewellery will always be emotional. But the journey towards owning it is becoming increasingly rational. In that journey, trust may become one of the most valuable assets a jewellery retailer can build.

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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.

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