At the recent InnovNXT, Forty Under 40 Leadership Summit, hosted by the Gem & Jewellery Export Promotion Council (GJEPC), De Beers projected significant growth for India’s diamond jewellery market. The forecast suggests an increase from the current US$ 79 billion in 2021 to US$ 17 billion by 2031. This expansion is part of a wider trend, with India’s overall gem and jewellery market expected to rise to US$ 120 billion by the same year.
Record Year for Gold Production and Demand
The World Gold Council’s research head for India, Kavita Chacko, highlighted that “2024 is likely to be a record year for mine production of gold; Jewellery demand in 2024 will be firm but vulnerable to gold prices. Bar and coin investment likely to remain healthy, with high prices and geopolitics attracting attention. Central banks are likely to keep buying gold at an impressive rate. Global annual jewellery demand held steady in 2023 at around 2200 tonnes even in a very high price environment. In 2023 Gold has benefitted from a) Heightened geopolitical risk; b) Consumer demand; and c) Central bank buying. Annual Gold demand in 2023 rose 4%, reaching an all-time high of 4,930 tonnes.”
The Importance of Storytelling in Jewellery Design
Milan Chokshi, in discussing the role of narratives in jewellery, explained, “The idea of storytelling is not new to Indian jewellery – our jewels have always been imbued with symbolic values, meaning, and narratives. They have just looked much more traditional in design. Now with the rise of design-led jewellers, storytelling is being pushed into a new realm. The beauty of jewellery as a whole is that any interesting piece/design will end up being a conversation starter.”
Embracing Digital Transformation
In addressing the industry’s future in digital engagement, Shivam Mittal, Co-founder of QuickSell and DoubleTick, shared, “Jewellers can embrace an integrated suite for WhatsApp-First jewellery business with Timer based private catalogues. They can opt for Curated Catalogue and Gram based B2B order booking. They have an option of Button Rate based B2C booking and can develop E-Commerce strategies including Bulk WhatsApp Broadcasts.”
Leadership Insights and Industry Future
Vipul Shah, Chairman of GJEPC, spoke passionately about the summit’s role in shaping the industry’s future: “GJEPC’s InnovNXT Forty Under 40, a next Generation leadership summit, is aimed at shaping the future of our industry. This initiative is not just about recognition; it is about nurturing talent, fostering collaboration, and creating opportunities for growth. It’s about ensuring that the industry continues to thrive and evolve, and that our future leaders are equipped with the knowledge and skills they need to succeed. Our aim is to achieve USD 75 billion by 2030 and with the talent, drive, and determination I see the youngsters here today, I am confident that we can not only meet but exceed this goal. Your energy, enthusiasm, and passion are what drives our industry forward. Together, let’s innovate, let’s collaborate, and let’s shape the future of our industry.”
Nirav Bhansali also emphasized the transformative power of collective innovation: “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry. This gathering is not just a celebration of achievements; it is a testament to the boundless potential that resides within each and every one of you. We see the architects of our industry’s future. You are the innovators, the trailblazers, and the visionaries who will shape the landscape of gems and jewellery for generations to come. Your energy, your passion, and your commitment to excellence serve as a beacon of hope and inspiration in an ever-evolving world. Through collaboration, not competition, we will truly unlock the full potential of our industry.”
Shaping the Future of Jewellery
The insights shared at the InnovNXT, Forty Under 40 Leadership Summit underscore the dynamic and rapidly evolving nature of the jewellery industry. From embracing digital innovations and narrative-rich designs to preparing for significant expansion in gold and diamond markets, the industry is set on a path of significant transformation. The discussions and strategies laid out at the summit provide a roadmap for industry stakeholders to navigate these changes effectively, ensuring sustainability and relevance in the global market.
