Indian diamond jewellery market to grow to US$ 17 bn by 2031
Indian diamond jewellery market will grow to US$ 17 bn by 2031 out of India's total gem & jewellery of US$ 120 bn from $ 79 bn in 2021. 2024 is likely to be a record year for gold mine production and jewellery demand will be firm but vulnerable to gold prices.
This was revealed by Vipul Shah, chairman of Gem & Jewellery Export Promotion Council (GJEPC) at GJEPC's InnovNXT Forty Under 40, a next Generation leadership summit. «Our aim is to achieve gem and jewellery exports of USD 75 billion by 2030 and with the talent, drive, and determination of the youngsters that I see here today.»
Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."
Milan Chokshi, Convener, Promotions & Marketing, GJEPC, and Founder of a couture jewellery brand Moksh, said, «The idea of story-telling is not new to Indian jewellery — our jewels have always been imbued with symbolic values, meaning and narratives. They have just looked much more traditional in design. Now with the rise of design-led jewellers, story-telling is being pushed into a new realm. The beauty of jewellery as a whole is that any interesting piece / design will end up being a conversation starter. The storytelling of a
