The 2024 edition of the India Gem & Jewellery Show (GJS), held at the JIO Convention Centre on September 25, brought together prominent figures from the Indian jewellery industry. The event served as a platform for industry leaders to make key announcements and discuss the future of the trade. Key speakers included Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC), Rajesh Rokde, Vice Chairman - GJC, Govind Bhai Dholakia, Chairman of Shree Ramkrishna Exports (SRK), Ashish Pethe, Partner - Waman Hari Pethe Jewellers, Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Ltd (RSBL), Ajoy Chawla, CEO of Titan Jewellery, Saurabh Gadgil of PN Gadgil Jewellers, Suvankar Sen of Senco Gold and Diamonds, among a panel of leaders of the industry.

Addressing Industry Challenges

In one of his early remarks, GJC Chairman, Mehra, addressed the pressing challenges faced by the jewellery sector, particularly in relation to fluctuating gold prices and the volatility of the market. He announced the general consensus among stakeholders for the ‘One Nation, One Rate’ initiative, which sets a 94% base price for gold across the nation, creating uniformity in pricing. The ONOR initiative holds significant relevance as it seeks to level the playing field, benefitting small retailers and customers alike, while also stabilising a market that has long grappled with inconsistencies in gold pricing. This major policy shift could reshape the dynamics of jewellery retail, fostering trust and reducing discrepancies in a market known for its regional pricing variations.
Mehra also emphasised the industry's valuation and growth potential, noting how despite the challenges, the sector continues to thrive and expand, citing key figures and economic trends. He highlighted that the Indian jewellery industry was once valued at Rs 7 Cr, and that it has now grown exponentially to over Rs 250 Cr.  

Stakeholders and Sustainability

In his speech, Rokde inspired the audience by sharing the remarkable life story of Govind Bhai Dholakia, Chairman of Shree Ramkrishna Exports. "Govindbhai's humble beginnings were in a village, where, for the first 11 years of his life, he didn’t even own a pair of shoes. He started working in the industry with a salary of Rs103, and through sheer perseverance and vision, he helped grow the industry from a workforce of 200 to over 10 lakh employees today,” said Rokde. Dholakia's rise from such modest beginnings to becoming a key figure in the diamond industry is a testament to his resilience and hard work.
Industry titans weren’t the only ones in the spotlight. Ajoy Chawla, CEO of Titan Jewellery, shed light on the significance of karigars (artisans) and the need to preserve and support their craftsmanship. Chawla stressed that the strength of India’s jewellery industry lies in the skilled hands of these artisans, and their training and development should be a top priority. “The future of our industry will depend on how well we nurture the next generation of karigars. Sustainability is not just about the materials we use; it’s about ensuring the survival of these skills that have been passed down for generations,” he remarked. Chawla also brought up the growing consumer demand for sustainably sourced jewellery and talked about how Titan Jewellery is responding to this with eco-friendly initiatives.

Expansion Plans and Announcements

One exciting moment saw Saurabh Gadgil, of PN Gadgil Jewellers, make a significant announcement regarding the company’s expansion plans. “To mark the festival of Navratri, PN Gadgil Jewellers will be opening nine new stores, one each day of Navratri,” he said, emphasising that this is in line with the firm’s objectives of making jewellery more accessible across India while maintaining a strong connection to tradition and heritage.
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Ltd (RSBL), highlighted the importance of technology, particularly blockchain, in ensuring transparency and traceability in the jewellery supply chain. “Technology is the future for our industry. It will revolutionise how we do business,” said Kothari.
Additionally, the topic of export duties was raised as a concern, with industry leaders discussing the need for reforms. High export duties have been a challenge for Indian jewellers looking to compete in the global market. Mehra noted that lowering these duties would allow India to be more competitive internationally and enhance its standing as a leader in jewellery exports.

Reflections on the Road Ahead

An engaging seminar on SME and MSME listings drew considerable interest from industry professionals. The session explored how smaller jewellery businesses can leverage the stock exchange to fuel growth and transparency, and on eligibility requirements. It’s possible that PN Gadgil Jewellers, which recently launched a highly successful IPO in September 2024, which was oversubscribed by over 59 times, providing a compelling case for others to consider this path.
Various discussions reinforced the evolving landscape of the jewellery sector, blending heritage with modern financial strategies. The event concluded with reflections from industry leaders on the road ahead for the Indian jewellery sector. The overarching message was one of collaboration and innovation. Industry veterans emphasised the need to work together, adapt to changing market conditions, and embrace new technologies while maintaining the integrity of India’s jewellery traditions. In the words of Mehra, “The future of the Indian jewellery industry lies in our ability to innovate while staying true to our heritage. We must look at the bigger picture and think beyond today—because what we do today will shape the future of this industry for decades to come.”