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Statement by Kirit Bhansali, Chairman, GJEPC, on Export Trends, Gold Imports, and Growth Outlook

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GJEPC

“The April–October period reflects the steady and resilient progress of India’s gem and jewellery sector in a year shaped by global challenges. Our exports for these seven months stood at US$16.26 billion, a marginal decline of 2.72% in dollar terms, while in rupee terms they grew by 0.86% to ₹1,41,101.69 crore. I am encouraged to see strong year-to-date growth in key segments such as gold jewellery, silver jewellery, and platinum jewellery, supported by sustained retail demand across major international markets. These trends underline the inherent strength and adaptability of our industry.”

“As anticipated, October 2025 was comparatively softer. This is a regular pattern for the sector, with global retailers completing their holiday-season stocking during August–September, and domestic manufacturing activities slowing during the Diwali break. At the same time, demand in a few key markets remained uneven due to tariff-related uncertainty in the U.S. and continued softness in China. These factors together created a temporary dip, but they do not alter the broader positive direction of the industry’s performance over the fiscal year so far.”

“Looking ahead, we see strong foundations for a steady rebound. The Government’s continued support — through the Export Promotion Mission, the Credit Guarantee Scheme for Exporters, and the RBI’s trade-relief measures, directly addresses long-standing pain points such as high-cost finance, tight liquidity, extended export cycles, and limited access for smaller exporters. These reforms are already improving competitiveness by easing credit access, reducing compliance burdens, and strengthening branding, certification, and market-entry support. I believe this policy framework creates a far more enabling environment for growth and stability in the months ahead.”

“We are also actively expanding India’s presence in high-potential markets, including the Middle East, Latin America, Cambodia and Vietnam. Our trade delegations, buyer–seller meets, and promotional initiatives are opening new avenues for exporters and strengthening long-term partnerships. The India–UK Free Trade Agreement will further enhance our competitiveness, much like the India–UAE CEPA, which has significantly boosted exports of gold and diamond jewellery.”

“On the domestic front, it is important to view the recent surge in gold imports in the right context. The rise in October was driven overwhelmingly by festive and wedding-season demand, greater consumer liquidity following GST reforms, and a nearly 50% increase in global gold prices, which inflated the value of imports. In physical terms, however, the picture remains stable. Between April and October 2025, gold imports increased only 2.3%, from 461.85 tonnes to 472.53 tonnes. This clearly shows that the fundamentals of domestic consumption have not changed; people simply paid more for roughly the same quantity of gold. The October spike reflects seasonal buying, cultural traditions, and investment-led sentiment,  all positive indicators of consumer confidence.”

Kirit bhansali

Kirit Bhansali, Chairman, GJEPC

“With India’s unique strengths in design, craftsmanship, technology adoption, and manufacturing scale, combined with an increasingly supportive policy ecosystem, our sector is well-positioned to navigate short-term fluctuations and move confidently toward sustainable, long-term growth.”

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National News

Antistatus and Vandals: Jewellery For The Rebellious and The Defiant

These Brands Are Chasing A Consumer Who Has Grown Allergic To Templates.They Do Not Want Jewellery Merely To Signal Wealth, Marital Status Or Social Approval; They Want It To Signal Taste, Nerve and A Point Of View.

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Status? Overrated. Rebellion? Wearable

Antistatus and Vandals are turning jewellery from a badge of conformity into a weapon of self-definition. One is a newly launched statement-silver label with a “Defy the Norm” manifesto; the other is a Mumbai-based avant-garde brand that treats every piece like graffiti. Together, they signal a shift: rebellion is no longer just a mood board—it is the product.

Antistatus: Status, Rewritten

Launched by former VIDA executives Manav Sethi and Pallavi Singh, Antistatus is a statement silver jewellery and lifestyle brand built around a deceptively simple idea: status is not assigned by society; it is defined by you.

The collection leans into biker culture, gothic aesthetics, music and street culture—think handcrafted statement rings, pendants, necklaces, bracelets and belt buckles with enough edge to make a boardroom feel like a back alley. The brand begins with men’s-focused, gender-neutral jewellery, then plans to expand into eyewear, bags and accessories.

Its pitch is not “look expensive.” It is “look like yourself.” Antistatus wants to build a community of people whose identity is theirs to define, not something society hands them with a dress code attached.

Vandals: Luxury with Spray Paint on Its Fingers

Vandals, founded by Vandana M. Jagwani, has been operating from a similarly unruly corner of Indian jewellery. The Mumbai label draws from street art, using jewellery as a way to question the status quo and leave a personal mark.

Its manifesto is explicit: artistic rebellion meets craftsmanship, and luxury is reimagined for “daring souls who defy the norm.” The brand blurs art and jewellery, positioning its audacious designs and sustainable practices as an alternative to safe, predictable luxury.

Where conventional fine jewellery often whispers heritage, Vandals prefers to shout individuality. Every piece is framed as a personal story—less “heirloom in a velvet box,” more “artwork that refuses to behave.”

The New Consumer: Anti-Template, Pro-Story

These brands are chasing a consumer who has grown allergic to templates. They do not want jewellery merely to signal wealth, marital status or social approval; they want it to signal taste, nerve and a point of view.

BrandCore attitudeDesign languageConsumer promise
AntistatusDefy the normBiker, gothic, music and street-inspired handcrafted silverDefine your own status
VandalsRebellion against the ordinaryStreet-art-inspired, avant-garde, sustainable luxuryLeave your own mark

Both are selling permission. Permission to wear silver that looks dangerous. Permission to reject the idea that polish equals propriety. Permission to make luxury feel personal rather than prescribed.

Why This Matters for Indian Jewellery

India’s jewellery market has long been dominated by occasion-led buying—weddings, festivals, gifting and investment. Antistatus and Vandals are carving out a different lane: everyday identity jewellery, where the purchase is emotional, stylistic and cultural rather than ceremonial.

Antistatus’s ambition to become an India-origin premium lifestyle brand with global reach suggests that rebellion is being treated as an exportable design language, not a passing trend. Vandals already demonstrates that Indian consumers will respond when jewellery carries ideology as well as sparkle.

The Verdict

Antistatus and Vandals are proof that the most compelling jewellery today is not necessarily the quietest. It is the kind that starts a conversation, breaks a rule and makes conformity look like the boring option.

In their hands, a ring is not just an accessory. It is a small, shining refusal.From statement silver with a streetwise edge to avant-garde pieces with graffiti in their soul, this is jewellery for the beautifully defiant.

Antistatus and Vandals are proving that the boldest jewellery isn’t made to blend in—it’s made to break rules, start conversations and define you on your own terms.

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