Shri Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), was part of the high-powered Indian business delegation led by Shri Piyush Goyal, Honourable Union Minister of Commerce & Industry, during the India–Israel CEO Forum held in Tel Aviv on 20th November 2025. The visit marks the first time in many years that an Indian Commerce Minister has travelled to Israel, signalling a renewed momentum in bilateral cooperation across sectors—particularly gems and jewellery, a cornerstone of India–Israel economic relations.
Inauguration of India-Israel CEO Forum
The Forum was inaugurated by Shri Piyush Goyal alongside Israel’s Minister of Economy and Industry, Mr. Nir Barkat, marking what both leaders described as “a new era of friendship and opportunity” between the two nations.
Strategic Discussions on Supply Chain and Innovation
Shri Bhansali also met Minister Barkat during the visit and discussed avenues for strengthening cooperation in areas such as responsible diamond sourcing, innovation-led manufacturing, and digital transformation of the supply chain.
Leadership and Vision for Collaboration
Reflecting on Minister Goyal’s leadership during the visit, Shri Bhansali said, “Shri Piyush Goyal’s historic visit to Israel has opened new doors for deeper collaboration in trade, technology, and investments. His message of trust, innovation, and shared opportunity resonates strongly with our industry. The gem and jewellery sector is committed to deepening our long-standing partnership with Israel to advance a future-ready, transparent, and technologically advanced supply chain.” He added that the Minister’s engagement with Israeli leadership and industry is expected to catalyse fresh investment, promote cross-border innovation, and reinforce India’s role as a global hub for diamonds, jewellery, and precision manufacturing.
Complementary Strengths in Diamond Trade
In his address at the India–Israel CEO Forum, Shri Bhansali reaffirmed the historic and mutually reinforcing partnership between the two nations in the diamond trade. He noted that “India and Israel have built one of the world’s most respected diamond value chains. Israel’s technological leadership and India’s unmatched manufacturing scale complement each other perfectly.”
Commitment to Ethical Sourcing and Kimberley Process
Reiterating GJEPC’s commitment to ethical and transparent trade, Shri Bhansali said that India looks forward to Israel’s strong and constructive engagement in the Kimberley Process (KP) to uphold responsible sourcing standards worldwide. He added that Israel has long been recognised as a pillar of the global diamond industry, renowned for its innovation, expertise, and integrity, and noted that its continued proactive role is vital for strengthening the global diamond ecosystem.
Bilateral Trade Trends and Growth Statistics
Bilateral gem and jewellery trade between India and Israel has traditionally been centred on diamonds, with India importing rough stones from Israel and exporting polished diamonds back to the Israeli market. In recent months, the trade relationship has begun to broaden meaningfully, driven by strong growth in gold jewellery exports from India to Israel. Although India’s gem and jewellery exports moderated in recent years—from over USD 1 billion to around USD 600–700 million—there are clear signs of revival. India’s imports from Israel grew by more than 60% between April and September 2025, while gold jewellery exports surged by over 200%, crossing USD 25 million. This renewed momentum, combined with early signs of export stability, reflects a more balanced, resilient, and forward-looking trade partnership between the two nations.
Future Outlook and Renewed Engagement
GJEPC believes that the renewed engagement between India and Israel—reinforced by Minister Goyal’s visit—comes at a crucial time for the global diamond and jewellery sector. Strengthening trust, embracing innovation, and expanding responsible sourcing mechanisms will be key to building a future-ready industry.
About The Gem and Jewellery Export Promotion Council (GJEPC)
The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 10700+ members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.
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