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Business Standard
17-06-2025
- Business
- Business Standard
Gems, jewellery exports down 15.81% to $2,263 million in May: GJEPC
The industry exports stood at $ 2,688.38 million (Rs 22,414.02 crore) during the same period of 2024, according to Gems and Jewellery Export Promotion Council (GJEPC) data Press Trust of India Mumbai The overall gems and jewellery exports declined 15.81 per cent to $ 2,263.42 million (Rs 19,260.81 crore) in May compared to the same period of the previous year following tariff announcement by the US, GJEPC said on Tuesday. The industry exports stood at $ 2,688.38 million (Rs 22,414.02 crore) during the same period of 2024, according to Gems and Jewellery Export Promotion Council (GJEPC) data. Exports of cut and polished diamonds declined 35.49 per cent in May to $ 949.70 million (Rs 8,089.81 crore) compared to $ 1,472.08 million (Rs 12,272.03 crores) for the same period of previous year. Meanwhile, exports of polished lab-grown diamonds in May declined 32.76 per cent to $ 80.90 million (Rs 689.71 crore) from $ 120.32 million (Rs 1,003.06 crore) for the previous year. However, gold jewellery exports went up 17.24 per cent to $ 997.50 million (Rs 8,482.61 crore) as compared to $ 850.81 million (Rs 7,094.52 crore) for the same period of previous year. Gross exports of silver jewellery during April-May declined 17.59 per cent to $ 150.08 million (Rs 1,281.92 crore) against $ 182.11 million (Rs 1,518.69 crore) in the same period of previous year. Overall exports of coloured gemstones during April-May showed a decline of 1.13 per cent to $ 62.51 million (Rs 533.08 crore) against $ 63.22 million (Rs 527.36 crore) in the same period last year. "The overall exports continue to decline and in May the dip was 15.81 per cent mainly due to the tariffs announcement by the US. However, gold jewellery exports have gone up due to the continuing geopolitical tensions in the Middle East, which has increased the demand for the precious metal as a safe haven," GJEPC Chairman Kirit Bhansali told PTI.
Time of India
06-06-2025
- Business
- Time of India
GJEPC to reduce ecological impact through reduced carbon emissions
Representative Image MUMBAI: The Gem & Jewellery Export Promotion Council (GJEPC), operating under India's Union Ministry of Commerce & Industry, highlighted its sustainable initiatives at the India International Jewellery Show (IIJS), a premier global B2B trade exhibition, coinciding with World Environment Day. Aligning with this year's theme of "Land Restoration, Desertification and Drought Resilience," GJEPC demonstrated its environmental initiatives. The organisation detailed its strategy to reduce ecological impact through decreased carbon emissions and environmentally beneficial activities. GJEPC Chairman Kirit Bhansali emphasised the essential nature of sustainability. "We are integrating sustainability throughout our exhibitions—from vendor selection to ecosystem practices. We aim to guide the industry towards environmental responsibility. This represents our ongoing commitment to innovation and accountability." The Council implements various eco-friendly measures at IIJS exhibitions, including eco-conscious modular exhibition stalls and complete renewable energy usage. Their 'One Earth, An IIJS Initiative' has resulted in planting over one lakh trees, corresponding to registered visitor numbers. The organisation has adopted biodegradable alternatives to single-use plastics and implemented digital solutions like facial recognition systems. Additional measures include fabric-based branding with non-toxic inks, replacing PVC materials, and promoting public transport usage. The exhibitions feature sustainable structures built with reusable materials. GJEPC prioritises environmental education, incorporating sustainability training within the exhibition programme. On World Environment Day, GJEPC confirmed its practical approach to environmental responsibility, encouraging industry participants to embrace sustainable practices for environmental preservation. The upcoming 41st IIJS Premiere 2025 and IGJME Premiere will take place at Mumbai's Jio World Convention Centre (BKC) from July 30 to August 3, and Bombay Exhibition Centre (Goregaon) from July 31 to August 4. Occupying over 135,000 sq. mtrs., the event will feature 2,100+ exhibitors across 3,600+ stalls, welcoming 50,000+ visitors from 1,300+ Indian cities and 80+ countries, demonstrating its international significance and sustainable growth commitment. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
03-06-2025
- Business
- Time of India
GIA to introduce new descriptive grading system for lab-grown diamonds, phasing out traditional 4Cs
Beginning later this year, GIA (the Gemological Institute of America ) will start using descriptive terms to characterise the quality of laboratory-grown diamonds (LGDs) and will no longer use the colour and clarity nomenclature that GIA developed for natural diamonds. The Indian diamond trade said that for consumers, it brings greater transparency and ensures that purchasing decisions are based on a clear understanding of a diamond's origin and characteristics. The Institute will continue to accept laboratory-grown diamonds for evaluation and identification. The revised GIA description system for laboratory-grown diamonds will confirm that the submitted item is a laboratory-grown diamond and whether it falls into one of two categories, 'premium' or 'standard.' The categories will be defined by a combination of metrics related to colour, clarity and finish. If the man-made diamond fails to achieve the minimum standard for quality, it will not receive a designation from GIA. Until the revised descriptive system for laboratory-grown diamonds is finalised, the current GIA services for laboratory-grown diamonds will continue to be available. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this game for 3 minutes, if you own a mouse Undo 'Similar to other man-made gem materials, we anticipate the continued acceptance and popularity of laboratory-grown diamonds,' said Tom Moses, GIA executive vice president and chief laboratory and research officer. 'More than 95% of laboratory-grown diamonds entering the market fall into a very narrow range of colour and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of colour and clarity of natural diamonds.' Commenting on GIA's decision, Kirit Bhansali, chairman of Gem & Jewellery Export Promotion Council, said, 'GIA's decision to use descriptive terms instead of the famous 4Cs grading for laboratory-grown diamonds marks an important evolution in diamond classification. This change will help eliminate confusion by clearly distinguishing how lab-grown diamonds are assessed, separate from the standards developed for natural diamonds. For consumers, it brings greater transparency and ensures that purchasing decisions are based on a clear understanding of a diamond's origin and characteristics. For India, as a leading hub for both natural and lab-grown diamonds, this change brings much-needed clarity and balance to the marketplace, allowing both categories to grow with greater transparency, integrity, and consumer confidence.' Live Events GIA developed the universally accepted colour and clarity scales for natural diamonds in the 1940s to communicate their characteristics and reduce consumer confusion. This change to how GIA describes the quality of laboratory-grown diamonds will help consumers understand the important differences in the two products' origin, ensuring their confidence and enabling them to make informed and educated purchase decisions. Pricing and submission guidelines for the revised GIA service for laboratory-grown diamonds are in development and will be announced late in the third quarter. Existing GIA reports for laboratory-grown diamonds remain valid, a release issued by the institute said.
Fashion Network
08-05-2025
- Business
- Fashion Network
GJEPC expects India- UK trade deal to double bilateral gem and jewellery trade
The Gem & Jewellery Export Promotion Council expects the newly concluded India-UK Free Trade Agreement to double bilateral trade in the Indian gem and jewellery sector, projecting a rise to $7 billion in the coming years. 'Heartiest congratulations to honourable Prime Minister Shri Narendra Modi on the successful conclusion of the India-UK Free Trade Agreement- a landmark milestone that will further deepen and strengthen bilateral trade ties,' said the GJEPC's chairman Kirit Bhansali, the traders' body announced on its website. 'This agreement will open up fresh opportunities for growth, investment, and collaboration, strengthening the trade between the two nations." The trade agreement, welcomed by Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is aimed at deepening trade ties, enhancing investment, and fostering innovation between the two countries. It covers trade in both goods and services under a broader India-UK comprehensive strategic partnership. The UK is a key market for India's gem and jewellery exports, with outbound trade valued at $941 million and imports at $2.7 billion in 2024. Bhansali said the FTA is expected to boost exports to $2.5 billion within two years. UK Prime Minister Starmer highlighted that easing trade with major economies is part of the country's 'Plan for Change,' aimed at building a stronger, more resilient economy.
Time of India
07-05-2025
- Business
- Time of India
Gem and jewellery sector optimistic about India-UK FTA
Surat: With India's export to the UK projected to grow, the gem and jewellery sector is upbeat about the India-UK free trade agreement. Industry leaders see the possibility of growth in jewellery exports of up to $1 billion from the current $400 million per Gem & Jewellery Export Promotion Council called it a landmark achievement that will significantly deepen and strengthen the economic and cultural ties between the two nations. For India's gem and jewellery sector, this agreement is a game-changer, unlocking potential for growth, investment and employment generation. It comes at a pivotal time when Indian craftsmanship is gaining global recognition and demand for responsibly sourced, well designed jewellery is rising in mature markets such as the UK, GJEPC 2024, India's exports of gems and jewellery to the UK stood at $941 million, including $400 million in jewellery alone, while imports from the UK reached $2.7 billion, bringing the total bilateral trade in this sector to $3.6 billion. With the implementation of the FTA — especially the relaxation of import duties on jewellery in the UK — India's jewellery exports are projected to rise to $1 billion and total gem and jewellery exports to $2.5 billion over the next two years. Bilateral trade in this sector is expected to double to an impressive $7 billion," said Kirit Bhansali, chairman, officials further said that the India-UK FTA is a monumental moment for India's gem and jewellery sector. It not only enhances India's access to one of the world's most valuable markets but also celebrates the spirit of Indian artistry and entrepreneurship. This agreement will spur export growth, attract investment, and most importantly, create thousands of jobs across India's jewellery FTA will reduce trade barriers, streamline logistics and ensure that Indian jewellers can serve global consumers with greater agility and competitiveness. It will also foster deeper design collaboration and cultural exchange between Indian and UK jewellers, reinforcing India's position as a global hub of excellence in jewellery manufacturing and design.
