INDIAN CHAMBER OF COMMERCE ORGANISES DIAMOND CONCLAVE – VISION 2030

10th October 2023

The Indian Chamber of Commerce organised the “Diamond Conclave” on Saturday, 7th October 2023, to discuss the Diamond Vision 2030. The theme of this conclave is India as a key player in the Global Diamond Business from Mr. Pankaj Parekh, Regional Chairman – East, Gem & Jewellery Export Promotion Council; Mr. Sachin Jain, Managing Director, DeBeers India; Mr. Russell Arunkumar Mehta, Managing Director, Rosy Blue (India) Pvt. Ltd.; Ghanshyam Dholakia, Founder & Managing Director, Hari Krishna Exports Pvt. Ltd.; Mr. Rajesh Rokde, Vice Chairman, All India Gem & Jewellery Domestic Council; Mr. Vinod Bamalwa, Chairman, Indian Chamber of Commerce Expert Committee on Jewellery & Lifestyle; Mr. Suvankar Sen, Co-Chairman, Indian Chamber of Commerce National Expert Committee on Jewellery & Lifestyle and Dr. Rajeev Singh, Director General, Indian Chamber of Commerce. The conclave featured informative sessions covering topics such as Visionary Speak with insights into business knowledge and best practices, the current market scenario, and the future outlook for natural diamonds. Discussions also revolved around strategies for surviving in the diamond industry over the next decade

A special session took place featuring Neelam Kothari Soni and Sheetal Bamalwa of Nemichand Bamalwa & Sons & Member, LSG. The conclave concluded with a captivating Jewellery Fashion Show, adding a touch of glamour to the event.

Speaking at the event, Dr. Rajeev Singh, Director General, Indian Chamber of Commerce, said, “This platform plans to enlighten the industry in the east about the ongoing trends. The home-grown industry is the largest in the world with a huge contribution to the GDP. The industry is more prominent in terms of manufacturing, cutting and polishing in the west. Although, there is no doubt that the east has a significant market in terms of consumption, and is one of the prominent markets in terms of consumption. Over the decade Bengal has evolved. We see a commendable change. The state is for welcoming, which is clearly the growth quotient. Moreover, the energy of the middle class to acquire more brands has led to the growth. Diamond has a huge aspirational value. It is given a pledge of love and a symbol of commitment.”

Iterating on the event, Mr. Vinod Bamalwa, Chairman, Indian Chamber of Commerce Expert Committee on Jewellery & Lifestyle said, “Kenya’s absence in the diamond industry is nothing short of spectacular. From the ancient Golkonda mines to the present day manufacturing hub in Surat, India has played a vital role to the global diamond industry for the century. Today, 14 out of 15 mines set in journey worldwide are processed in India, India exports diamond jewellery to the entire world including USA, Europe and Middle-East etc. This Industry has expanded greatly. Today, India has reached a leadership position in the number of jems and jewellery segmented industries. This industry is composed of over 85 percent MSMEs. With over 5 million workers, it has a massive economic impact on the nation. India has the potential to play a bigger role in the global diamond industry in the future. One of the primary challenges is that the sector is unorganised. The need of the hour is high quality infrastructure, technology, finance and logistics for the industry to reach greater heights. The 1 distinct 1 product scheme has potential to significantly improve the local economy and lead to creation of more jobs.”

Speaking on the occasion, Mr. Sachin Jain, Managing Director, DeBeers India, said, “In 2019, the potential for natural diamonds stood at $4.8 billion dollars, which by 2030 would go up to $17.5 billion. Four years into it, we are partly in the future. The industry is getting importance from not only the big cities but small towns and every area of retail. We have seen $ 8 billion of local consumption of natural diamonds in the last four years. However, to continue the growth, we need to look at long term goals for the consumption of natural diamonds. The industry’s contribution has also increased from 6 % to 10.5 % between 2019 and 2023. Moreover, capital investments are also seen within the industry businesses also have to look at source transparency etc. We need to work together to grow in this industry.”

Alluding to the issue, Mr. Russell Arunkumar Mehta, Managing Director, Rosy Blue (India) Pvt. Ltd. said, “We are looking towards the country as the next big market. And there are initiatives afoot to excite consumer demand.

Commenting on the conclave, Mr. Ghanshyam Dholakia, Founder & Managing Director, Hari Krishna Exports Pvt. Ltd said, “It is the right time for the industry to grow. It is our responsibility to retain the authenticity of the industry.”

Iterating on the diamond industry, Mr. Pankaj Parekh, Regional Chairman – East, Gem & Jewellery Export Promotion Council, said, “Post-pandemic there has been a surge in exports of studded jewellery probably owing to the re-pricing of diamonds that has led to pulling down the values of exports. However, the ministry they do not consider value, they consider volume. Kolkata is the jewellery hub of India. Nonetheless, along with domestic consumption, we ought to focus more on exporting studded jewellery.”

Iterating on the conclave, Mr. Rajesh Rokde, Vice Chairman, All India Gem & Jewellery Domestic Council, said, “It is important to promote, protect and push the industry that is why there is a need for such conclaves. If we merge gold and diamond, the results will be good. Moreover, if we need to sell diamonds to every person, then we need to bring trust and transparency within the diamond business and create a code of conduct.”

Commenting at the event, Mr. Suvankar Sen, Co-Chairman, Indian Chamber of Commerce National Expert Committee on Jewellery & Lifestyle “The Government of West Bengal is providing a space of about 2,500 to 3,000 sq ft along with machineries and instruments that pledge an investment of Rs. 1 crore to train technicians. The Gem and Jewellery Skill Council of India is taking the responsibility of the training. Such a programme is already running in Mumbai. The industry needs collaborations to run training programmes to develop skill.”