The Indian Chamber of Commerce (ICC), in partnership with GJEPC, organised the second edition of the Diamond Conclave in Kolkata on 30th August, under the theme “India Shining for the Global Stage.” The event brought together policymakers, industry leaders, and trade experts to discuss the opportunities and challenges shaping the future of India’s gem and jewellery sector.
Sabyasachi Ray, Executive Director of GJEPC, reaffirmed India’s dominance in the global diamond industry, noting that the country processes almost 90% of the world’s diamonds, making it the leading hub for cutting, polishing, and trade. He added that India’s influence now extends across the broader gem and jewellery value chain. Ray also highlighted GJEPC’s key initiatives, including global trade shows, skill development programmes, policy advocacy, and the promotion of Brand India worldwide.
Sharing the government’s viewpoint, R. Arulanandan, Director, Department of Commerce, emphasized that while India employs over one million workers in diamond processing, the recent 50% hike in U.S. tariffs could endanger nearly 200,000 jobs, particularly in Surat. He assured that India is working closely with international partners to address the issue.
Other prominent speakers included Dr. V. Anantha Nageswaran, Chief Economic Adviser, Government of India; Ms. Vandana Yadav, Principal Secretary, Government of West Bengal; and senior representatives from De Beers, Senco Gold, and other leading firms.
The discussions focused on sustaining India’s global leadership by tackling U.S. tariffs, improving ease of doing business, adopting sustainable practices, and leveraging technology. Strategies to boost domestic consumption, expand exports, and build resilience against geopolitical and trade challenges were also explored.