Diamond industry leaders discuss strategies for growth in B20 Surat meet

The round table discussion on the future of diamond industry in India in 2030 explored the significant issues that will shape the trajectory of the diamond industry in India over the next decade.

The recently concluded B20 (Business 20) Surat meet organised by the Confederation of Indian Industry (CII) on July 1 saw a host of industry leaders sharing their thoughts, insights and views.

The round table discussion on the future of diamond industry in India in 2030 explored the significant issues that will shape the trajectory of the diamond industry in India over the next decade.

According to the De Beers Diamond Insight Report, India has the third-largest consumer demand for diamonds in the world at approximately $2.35Bn. According to data published by the GJEPC, 14 out of 15 diamonds used in jewellery around the world are processed in India, where the diamond industry directly employs 1.5 million people. With a value of $22 billion, cut and polished diamond exports alone accounted for roughly 5% of India’s total merchandise exports in FY 22–23.

Participating in the Round Table were Tom Moses, Executive vice president, Gemological Institute of America, Vipul Shah, Chairman, The Gem & Jewellery Export Promotion Council, Shreyans Dholakia, Brand Custodian, SRK, Bijayananda Pattanayak, Executive Vice President & Head, Global Diamond & Jewellery Group, Brijesh Dholakia, Junior Chief Executive Officer, HK, Ajoy Chawla, CEO, Jewellery Division, Titan Ltd, Janak Mistry, Managing Director and Group CEO, Lexus Softmac, Parag Shah, Executive Director, K Giridharilal International Pvt Ltd, Nirav Jogani, partner, Suresh Sarana & Associates LLP and Richa Singh, managing director India & Middle East, Natural Diamond Council.

The session was chaired by Professor Debjit Roy, Institute Chair Professor in the Operations and Decision Sciences area, IIM Ahmedabad. The strategic inputs from the round table discussion will be compiled and published in a white paper which will be shared with the CII and Government of India. The outcomes will contribute to the formulation of recommendations and strategies that will shape the future of the diamond industry in India and beyond.

Richa Singh said “It was a privilege to be a panellist at the G20-B20 summit in Surat. We need to share all the good that modern diamond industry does for the world with consumers, to enhance their desire for these wonders of nature, and to further build the diamond dream. I hope that the outcome will help us to together grow our industry further as more and more young Indians aspire to own and adorn their unique natural diamonds”.

Being a major commercial and economic centre in South Gujarat and one of the largest urban areas of western India, Surat has a well-established diamond industry and about 90% of the world’s diamonds supply are cut and polished in the city.

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