On April 24, the Gem & Jewellery Export Promotion Council (GJEPC) led by Chairman Mr. Kirit Bhansali held a high-level industry interaction in Surat, bringing together major stakeholders to address current challenges, including the recent US tariffs, and to strategize for future growth.

Joining Mr. Bhansali were Mr. Saunak Parikh, Vice Chairman; Mr. Sabyasachi Ray, Executive Director; and Mr. Jayanti Savaliya, Regional Chairman – Gujarat. They were welcomed by industry stalwarts including Mr. Govindbhai Dholakia (MP – Rajya Sabha and Chairman, Surat Diamond Bourse), Mr. Laljibhai Patel, Mr. Nagjibhai Sakariya, Mr. Vallabh Lakhani, and heads of associations representing natural and lab-grown diamonds and jewellery manufacturers.

A key focus of the meet was the impact of recent US import tariffs on Indian exports. Mr. Ray presented a detailed overview of the situation, while Mr. Savaliya shared positive updates on resolving Customs-related issues affecting the trade.

Emphasizing the city’s importance, Mr. Bhansali stated, “Surat is not just a city of diamonds; it is the pride of our industry.” He praised its critical role in the global supply chain and reaffirmed GJEPC’s commitment to supporting the region.

Mr. Dholakia applauded GJEPC for building trust between the industry and policymakers, while Mr. Parikh highlighted future opportunities. He suggested that India could benefit strategically from the shifting global dynamics caused by the US tariffs and identified silver jewellery as “the next big thing” for expansion. He also stressed the need to promote direct rough diamond trading in Surat.

The event concluded with a unified commitment to strengthening India’s position as a global leader in gems and jewellery, with Surat at the heart of that vision.

India must urgently rethink its export strategy or risk long-term stagnation, warns Policy Circle Bureau, a leading policy think tank. The caution comes in the wake of the United States imposing a 26% import duty on Indian goods—currently eased by a temporary 90-day reprieve.

While recent government measures like the ₹2,250 crore Export Promotion Mission and revised duty drawback rates offer short-term relief, the think tank argues they do little to resolve deeper structural challenges.

With merchandise exports remaining flat at $437.4 billion in FY25, Policy Circle urges a fundamental shift in India’s approach—moving from top-down policymaking to a more decentralised, state-led export strategy driven by key investors and tailored to sector-specific needs.

A major reform of Export Promotion Councils (EPCs) is also deemed necessary. Currently seen as symbolic bodies, EPCs should be made accountable through performance-based KPIs such as export growth by sector, success in opening new markets, and resolving tariff issues.

The think tank further recommends rapid market diversification, faster execution of free trade agreements, and the adoption of a realistic and competitive currency policy. Without regulatory reforms, decentralisation, and clearer strategic direction, India risks falling behind in an increasingly fragmented and competitive global trade environment, it warned.

As gold prices continue to soar, Titan Company is pivoting its Akshaya Tritiya strategy towards value-led growth over pure volume expansion. Aiming to ease consumer concerns, the brand is focusing on higher ticket sizes rather than pushing bulk gold sales, anticipating double-digit growth this festive season.

“With so many global uncertainties, gold has turned into a safe haven,” said Ajoy Chawla, CEO of Titan Company’s Jewellery Division, as reported by ET Retail. “But with prices spiralling, it has put pressure on consumer sentiments.”

Titan expects only a marginal increase in buyers this Akshaya Tritiya. To adapt, the company is shifting its marketing lens from traditional gold offerings to diamond and precious gemstone bridal jewellery, launching four region-specific wedding collections, and boosting the visibility of The Rivaah Aashirwad, its gold rate lock-in program.

“Gold is a commodity—it can’t stay elevated forever,” Chawla added. “We’re cautiously optimistic. India’s festive spirit is intact, even as global headwinds persist.”

While walk-in footfall remains muted, investment-driven gold purchases, particularly gold coins, have held strong. In response, Titan has slashed weight-dependent making charges to as low as 3.5%, depending on the product.

Part of the Tata Group, Titan’s fine jewellery portfolio includes brands such as Tanishq, Mia by Tanishq, and Zoya. Its broader offerings span watches, wearables, fashion accessories, and fragrances.

“In FY 2024-25, our best gold rate offer has seen 2.5x growth compared to the previous year,” Chawla shared, underscoring the shift in consumer behavior toward smarter, investment-led buying.