On October 27, 2024, the Gem and Jewellery Export Promotion Council (GJEPC) had the honor of hosting Dr. Subrahmanyam Jaishankar, the Honorable Minister of External Affairs, Government of India, at the Bharat Diamond Bourse in Mumbai. The visit was aimed at fostering dialogue on India's foreign policy and its implications for the diamond and jewellery industry.

During the gathering, industry leaders expressed their concerns about several pressing issues, including a shrinking American market, fluctuating global demand, and rising competition. They emphasized the urgent need for diversification and increased government support to stabilize and grow exports.

Dr. Jaishankar addressed these concerns, underscoring the significance of collaboration between the government and the industry. He encouraged businesses to actively engage with international counterparts to enhance global partnerships. The Minister acknowledged the diamond industry's technological advancements and reiterated the government's commitment to promoting export-oriented growth.

In his remarks, Dr. Jaishankar also touched upon the G7 sanctions on diamonds and their implications for the sector. He recognized the challenges posed by declining exports from India and assured attendees that the government is dedicated to developing a strategic policy to shift the narrative in favor of India amid challenging global economic conditions.