The Trump administration’s announcement of a 26% reciprocal tariff on Indian gem and jewellery exports to the US would be a significant burden on Indian exporters and American consumers alike. While the tariff’s application to competing nations presents both challenges and opportunities, it is likely to significantly impact India’s diamond and jewellery sector—a cornerstone of its exports to the US. In the long term, we foresee a reshaping global supply chains. In short run, we anticipate challenges in sustaining India’s current export volume of USD 10 billion to the US market. We urge the Government of India to progress the Bilateral Trade Agreement between India and the US, as it would be crucial in navigating the tariff issues and securing long term interest of the sector.

Additionally, GJEPC is actively engaging with stakeholders to address these risks and advocate for balanced solutions that ensure continued access to the U.S. market.

The post GJEPC statement: Impact of Reciprocal Tariffs announced by U.S. President Mr. Donald Trump on Indian Gem & Jewellery Trade appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Mr. Kirit Bhansali, Chairman, GJEPC, said, “Our vision is to drive transformative growth for India’s gem and jewellery industry through strategic initiatives, innovative projects, and collaborative efforts. From advancing flagship projects like the India Jewellery Park in Mumbai and the Gem Bourse in Jaipur to expanding our global footprint with initiatives like Saudijex in Saudi Arabia and IJEX Dubai, we aim to position India as a global leader in technology, design, and manufacturing. Together, we will strive to achieve the ambitious export target of USD 100 billion by 2047, aligning with our Hon’ble Prime Minister’s vision of a Viksit Bharat.”

Bhansali further added, “We aim to sustain India’s global leadership, capitalize on domestic market potential, and advocate for favorable policies while continuing to support our artisans. To boost exports from the sector and support India’s economic growth, GJEPC has identified 17 key clusters based on their size, potential, and strategic location. By nurturing these clusters, we aim to develop them into thriving export hubs.”

Mr. Shaunak Parikh, Vice Chairman, GJEPC, said, “I sincerely thank all the industry members for entrusting me with this responsibility and giving me the opportunity to contribute to the growth and success of our remarkable gem and jewellery sector. This is a crucial time for the industry, and the challenges before us demand bold vision and decisive action. It is imperative to focus on category promotion across all verticals, infrastructure development, skill enhancement, and adopting global standards to ensure our industry remains competitive on the world stage. The Council will continue to collaborate closely with the government to shape policies that not only drive growth but also address the pressing concerns of our exporters in an ever-evolving global market.”

List of CoA Member(s) 2024

Profiles of Chairman and Vice Chairman

Mr. Kirit A. Bhansali, Chairman, GJPEC

Mr. Kirit A. Bhansali, is a well-known personality in the Indian diamond and jewellery industry. He is a partner in Smital Gems, a leading diamond manufacturing company based in Mumbai. With his extensive experience in the field, he has played a significant role in promoting and developing the Indian gem and jewellery industry. He is the Chairman of India Jewellery Park Mumbai (IJPM) and is a Committee Member of the Bharat Diamond Bourse (BDB). In the past he has also served as the chairman of the Indian Institute of Gems and Jewellery (IIGJ). Apart from his business activities, Mr. Bhansali is actively involved in various socio-political and educational initiatives. Through his leadership and vision, Mr. Bhansali has contributed significantly to the growth and development of the Indian diamond and jewellery industry.

Mr. Shaunak Jitendra Parikh, Vice Chairman, GJEPC

Mr. Shaunak Jitendra Parikh is 3rd generation entrepreneur and is one of the Directors of Mahendra Brothers Group of Companies who are into business of the manufacturing and marketing of diamonds and diamond jewellery. Mr. Parikh holds a degree of Bachelors of Commerce from University of Mumbai and has more than 30 years of experience in the industry. After successfully establishing manufacturing and marketing of diamond jewellery for over a decade, Mr. Parikh took charge of Group’s finances about 15 years back. He simultaneously completed an executive diploma in corporate finance from London Business School. A people’s man, and with a flair for creativity, he plays a vital role in running company’s overall business, group strategic planning & decision making, managing group finances and new business opportunities. Shaunak Parikh has previously held several key positions in GJEPC, including serving as the Convener of the Banking, Insurance, and Taxation Committee, as well as the Convener of International Exhibitions.

The post GJEPC Announces Mr. Kirit Bhansali as Chairman, Mr. Shaunak Parikh as Vice Chairman and new Committee of Administration appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Bengaluru, 21^st November: The Gem & Jewellery Export Promotion Council (GJEPC) organised a session titled “Empowering Women Entrepreneurs in the Business of Gem & Jewellery Exports” at the Deputy Speaker Hall, Constitution Club of India in New Delhi on 19th November. The event highlighted the critical role of women in driving innovation and growth in the gem and jewellery sector.

Former Union Minister Smt. Smriti Zubin Irani was the Chief Guest, known for her advocacy for women’s empowerment, Smt. Irani shared her vision for creating a more inclusive and supportive environment for women entrepreneurs in the industry.

Prominent GJEPC members in attendance included Shri Ashok Seth, North Region Chairman; Shri Anil Sankhwal, Convener, Studded Jewellery Panel; Shri Shaunak Parikh, Convener, Banking Insurance & Taxation; Ms. Renu Sharma, Member Studded Jewellery Panel, GJEPC and Shri Sabyasachi Ray, Executive Director.

Smt. Irani said, “Women in the gem and jewellery industry possess immense potential, and GJEPC is well-positioned to recognise and nurture women’s talent based on their capabilities. From emerging designers targeting export markets to retail entrepreneurs in tiered cities, the industry must implement targeted strategies to nurture talent. Initiatives such as exposure to emerging markets, access to financial resources, and partnerships with business schools can empower women to excel in this sector. By unlocking their potential, we not only uplift individuals but elevate the entire industry.”

Smt. Irani encouraged Council to focus on research and data collection to enable targeted interventions that benefit women in the gem and jewellery industry. She emphasized the need for collaboration with academic institutions, such as design and business schools, to attract more women into the sector. She also highlighted the importance of training women to navigate both domestic and international transactions, enhancing their global competitiveness. Smt. Irani underscored the significance of women being well-informed, strategic, and competitive in their entrepreneurial pursuits to thrive in this dynamic industry.

Renu Sharma, Member, Studded Jewellery Panel, GJEPC said, “Women bring unparalleled creativity and strength to the jewellery industry, and empowering them with opportunities and support will unlock the true potential of this vibrant sector.”

Sabyasachi Ray, Executive Director of GJEPC, briefed the audience on the initiatives undertaken by the Council to empower women entrepreneurs. He highlighted that GJEPC allocates dedicated spaces exclusively for women entrepreneurs and designers at the India International Jewellery Show (IIJS), the world’s second-largest gem and jewellery exhibition. Additionally, exhibition stalls are provided at discounted rates to companies led exclusively by women entrepreneurs, demonstrating GJEPC’s commitment to fostering inclusivity and opportunities for women in the industry.

The session concluded with an active and engaging interaction between aspiring women entrepreneurs and GJEPC representatives. Participants discussed the challenges they face in exporting gems and jewellery, such as limited access to resources and financial constraints. GJEPC briefed them on various ways to navigate these challenges and assured them of continued support in addressing any future issues, reaffirming its commitment to empowering women in the industry.

The post Women Entrepreneurs are driving innovation and growth in the gem and jewellery sector: Smt Smriti Zubin Irani appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Industry leaders such as Shri Vipul Shah, Shri Kirit Bhansali, Vice Chairman, GJEPC; Shri Anoop Mehta, President, Bharat Diamond Bourse, and Shri Mehul Shah, Vice President, Bharat Diamond Bourse, addressed the pressing concerns, including the shrinking American market, fluctuating global demand, and intensifying competition. Members also highlighted the need for diversification and increased government support to stabilise and grow exports.

Vipul Shah expressed gratitude to Dr. Jaishankar, stating, “We are grateful for your active support in mitigating the impacts of G7 sanctions on Russian diamonds, which has enabled our industry to continue operating with resilience and adaptability.”

Vipul Shah further added, “In these testing times, we look toward the Ministry of External Affairs for strategic support and urge your good offices and missions abroad to champion Indian gems and jewellery, ensuring that our exquisite craft finds a place in every corner of the globe. With your support, we can strengthen India’s global footprint, enhance our market access, and uplift the industry at this crucial juncture.”

Dr. Jaishankar emphasised the importance of industry-government collaboration, encouraging businesses to directly engage with international counterparts. He acknowledged the diamond industry’s technological advancements and reaffirmed the government’s commitment to driving export-oriented growth. He also highlighted about G7 sanctions on diamonds and its implications for the diamond and jewellery industry. He stated that Indian Govt is seized with the fact on falling exports from India and are discussing on having a strategic policy of shift the narrative in favour of India in some very difficult times for the world economy.

The post Hon’ble External Affairs Minister Dr. S. Jaishankar Assures Government Support for Export Growth in Diamond & Jewellery Sector: GJEPC  appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The inauguration ceremony of IGJS Dubai 2024 was graced by esteemed dignitaries, including Mr. Satish Kumar Sivan, Consul General of India, Dubai; Mr. Kirit Bhansali, Vice Chairman of GJEPC; Mr. Chandu Siroya, Vice Chairman of the Dubai Gold & Jewellery Group; Mr. Tamjid Abdullah, Group Deputy CEO, Jawhara Jewellery, UAE; Mr. KP Abdul Salam, Vice-Chairman, Malabar Gold & Diamonds; and Mr. Ramesh Vora, GJEPC Middle East Coordinators; Mr. Nirav Bhansali, Convener of National Exhibitions at GJEPC; and Mr. Sabyasachi Ray, Executive Director of GJEPC. Their presence underscored the significance of this event and highlighted the collaborative spirit driving the gem and jewellery industry between India and the UAE. 

Mr. Satish Kumar Sivan, Consul General of India, Dubai, said, “The gem and jewellery sector is a key focus for both the UAE and India as they aim to significantly boost their non-oil trade. The two nations are working towards a goal of reaching $100 billion in bilateral non-oil trade. This progress has been made possible by the dynamic growth of the gem and jewellery trade in 2023-24, which accounted for USD 28 billion and emerged as the most traded commodity between India and the UAE during this period. It is encouraging to witness the impressive growth of India’s gem and jewellery exports to the UAE following the India-UAE CEPA. In 2023-24, India’s exports in this sector surged by 40%, reaching USD 8 billion. 

Mr. Chandu Siroya, Vice Chairman of the Dubai Gold & Jewellery Group, said, “The UAE and India must leverage the CEPA pact—the IGJS show represents the best of both worlds. Dubai stands as the ultimate jewellery distribution destination, while India boasts competitive production capabilities. This partnership is set for success, fueled by Dubai’s favorable laws and ease of doing business. As we enter the festive season, the mood for buying jewellery is at an all-time high.”

In his welcome address, Mr. Kirit Bhansali, Vice Chairman of GJEPC, expressed his delight at the show’s growth, stating, “IGJS Dubai has become a cornerstone event for the region, strengthened by the India-UAE CEPA agreement, which has opened doors to deeper partnerships and new growth opportunities. In 2023, India’s jewellery exports to the UAE reached USD 8 billion, with plain gold jewellery exports surging by 102% and studded jewellery by 25%. We are also witnessing rising demand from key Middle Eastern markets such as Saudi Arabia, Bahrain, Kuwait, and Oman. IGJS Dubai has played a pivotal role in fulfilling the evolving needs of these markets.”

The event features 30 leading manufacturers showcasing stunning diamond-studded, gemstone-studded, and gold jewellery, attracting over 300 international buyers from the UAE, Saudi Arabia, Qatar, and Kuwait, UK, USA, Africa, and Russia, enhancing the global reach of this prestigious show.

Kirit Bhansali further added, “As you all know, the global gem and jewellery industry is currently facing challenges, with reduced demand in key consuming markets like the USA and China. It is pertinent for global stakeholders across the supply chain to make concerted efforts to increase the demand for jewellery as a product category.  India, as the key player in the mid-stream segment, is taking steps to boost demand across key regions. We are collaborating with De Beers and Natural Diamond Council for the generic promotion of diamonds and diamond jewellery, and partnering with the World Gold Council to drive demand for gold jewellery.

These efforts are essential to ensuring we capture a fair share of consumer spending in the competitive luxury market.” 

Mr. Nirav Bhansali acknowledged the UAE’s importance, driven by its growing consumer base and flourishing tourism sector, which is fast becoming a major hub for jewellery sales. He also noted key regional initiatives like Saudi Arabia’s Vision 2030 and Qatar’s Tourism Strategy 2030, which will significantly boost market demand.

“India’s unmatched expertise in jewellery craftsmanship, combined with the UAE’s thriving market, ensures that together we can meet the ever-growing demand for high-quality, ethically made jewellery in the region and beyond,” said Mr. Nirav Bhansali.

To strengthen its trade ties with the UAE, GJEPC has set up the India Jewellery Exposition (IJEX) in Dubai, a dedicated B2B platform that enables GJEPC members to display their products and receive orders from UAE buyers all year round. Additionally, the Council organizes 20 India Pavilions across trade fairs around the year.

The post GJEPC Targets 20% Export Boost to UAE with IGJS Dubai 2024 in FY 24-25 appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The inauguration of the IIGJ Ratnagiri marks a significant step forward in GJEPC’s mission to provide comprehensive education and skill development, ensuring that Maharashtra remains at the forefront of India’s gem and jewellery industry.

Shri Uday Samant, Minister of Industries, Govt. of Maharashtra said, “The gem and jewellery industry is far more than just luxury and aesthetics; it is a crucial economic engine that significantly contributes to a country’s economy. I am grateful to the GJEPC for initiating the training and skilling centre in Ratnagiri. Although it started on a small scale, I am optimistic that it will evolve into a major institute in the coming years. The youth of Ratnagiri and neighboring districts will play a pivotal role in the growth of India’s gem and jewellery industry.” 

Kirit Bhansali, Vice Chairman, GJEPC said, “The growth and success of the gem and jewellery sector will heavily depend on skilled manpower. Institutes like IIGJ Ratnagiri and other IIGJs across India will play a crucial role in equipping our youth with the necessary skills to meet this rising demand and drive the industry’s future growth”.

“Maharashtra plays a pivotal role in India’s gem and jewellery sector, contributing 70% of India’s total gem and jewellery exports of USD 32 billion in FY 2023-24. With initiatives like the India-UAE CEPA and other free trade agreements, the industry will see further growth in the coming years.”

“As per the NCAER study, India has a total of 390 gem and jewellery clusters, with Maharashtra leading the way with 29 clusters that employ around 5 lakh people. Efforts are being made to further develop these clusters as export-oriented hubs.”

“Domestically, the rapid expansion of over 3,000 jewellery retail stores across India in the next three years will create a tremendous demand for skilled talent.”

“Additionally, GJEPC is striving to equip the enhance manufacturing through key initiatives such as the India Jewellery Park in Mumbai, and the already established Mega Common Facility Centre (CFC) in Mumbai with well trained and skilled workers and designers”.

“With these initiatives, GJEPC aims to generate around 2 lakh jobs in Maharashtra alone, empowering the local workforce and driving sustained growth in the jewellery industry.”

Further speaking on the Council’s commitment to India’s skilling agenda, Kirit Bhansali said, “With the 2024-25 budget setting a target to skill 20 lakh youths over the next five years, GJEPC remains aligned with the Hon’ble Prime Minister’s Shri Narendra Modi’s Skill India mission, by facilitating them with training and advanced technology. IIGJ Jaipur and IIGJ Udupi have commenced goldsmith training under the PM Vishwakarma scheme. This will not only help us to ensure sustainable growth of the industry but also achieve the export target of USD 75 billion by 2030.”

“Ratnagiri’s new IIGJ center will contribute significantly towards this goal, training 350 students annually with specialized courses in jewellery design and manufacturing.”

The IIGJ Ratnagiri will offer a variety of courses, including metal setting, CAD (computer-aided design) for jewellery, filling and polishing, and casting machine operation, ensuring that students are equipped with modern, industry-relevant skills.

This new center adds to the network of existing IIGJ facilities operated by GJEPC in Mumbai, Jaipur, and Delhi, all of which are leading the way in jewellery education in India. The Council has also set up satellite training centers in Varanasi and Udupi.

Additionally, Shri Bhansali provided updates on the GJEPC’s initiatives to support traditional jewellery clusters in Maharashtra. Notably, the Hupari Cluster in Kolhapur, which has earned Geographical Indication (GI) status for its renowned silver jewellery, is receiving support from GJEPC. The council is also assisting the local organization in establishing a Common Facility Centre (CFC).

GJEPC and the North Eastern Handicrafts and Handlooms Development Corporation Limited (NEHHDC) signed an MoU on 23rd September to establish the Indian Institute of Gems & Jewellery (IIGJ) in Guwahati. This move marks a significant step towards empowering the gem & jewellery artisans and entrepreneurs in the North East region.

The post Shri Uday Samant, Hon’ble Minister of Industries, Govt. of Maharashtra Inaugurates Indian Institute of Gems & Jewellery (IIGJ), Training and Skilling Centre in Ratnagiri: GJEPC appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.