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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

Abaran Timeless Jewellery Champions Heritage Conservation To Safeguard Traditional Craftsmanship

Support For Hastashilpa Heritage Village Reflects A Commitment To Preserving India’s Architectural and Artisanal Legacy For Future Generations.

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As India’s historic buildings continue to face mounting pressure from urbanisation, redevelopment, and changing lifestyles, concerns are growing not only about the loss of architectural landmarks but also the disappearance of the traditional skills and craftsmanship that created them. Recognising this challenge, Abaran Timeless Jewellery has extended its support to Hastashilpa Heritage Village, reinforcing the importance of preserving cultural heritage and artisanal knowledge.

Through the Abaran Foundation, the philanthropic arm of the Bengaluru-based jewellery house, the company supports a range of initiatives spanning education, healthcare, community welfare, arts, and heritage conservation. Its association with Hastashilpa Heritage Village reflects a deeper commitment to protecting India’s rich cultural legacy beyond the jewellery industry.

Located in Manipal, Hastashilpa Heritage Village is regarded as one of India’s most significant heritage conservation projects. Founded by conservationist Vijaynath Shenoy, the village has successfully rescued and reconstructed traditional homes from across coastal Karnataka, preserving architectural styles and craftsmanship that may otherwise have been lost to neglect or redevelopment.

The conservation process shares many similarities with the art of jewellery making. Every carved beam, decorative element, and handcrafted detail requires meticulous documentation, restoration, and respect for traditional techniques. Much like restoring an heirloom jewel, preserving heritage architecture demands both technical expertise and cultural sensitivity.

For Pratap Kamath, Managing Director of Abaran Timeless Jewellery, the initiative holds personal significance. He noted that the heritage village is located in Udupi, where Abaran was originally founded by his grandfather, Sri Sadanand Kamath. According to Pratap Kamath, the company was inspired by the efforts to preserve heritage homes that might otherwise have vanished as younger generations moved away in search of new opportunities.

His observations reflect a wider concern within the luxury and craft sectors. Whether restoring a centuries-old structure or creating a handcrafted jewel, both disciplines depend on knowledge and expertise that cannot be easily replicated through mass production. Once lost, such skills are extremely difficult to recover.

At the same time, consumers are increasingly drawn to brands that demonstrate authenticity, cultural relevance, and a commitment to preserving heritage. As a result, heritage conservation is evolving from a philanthropic activity into an important reflection of a brand’s values and identity.

Initiatives such as Hastashilpa Heritage Village serve as an important reminder that heritage extends beyond products—it also includes the ecosystems of craft, culture, knowledge, and tradition that make those creations possible.

As India’s architectural treasures and jewellery traditions navigate similar challenges, efforts to preserve one may ultimately help protect the other, ensuring that valuable skills and cultural legacies continue to inspire future generations.

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