Kirit Bhansali, Vice Chairman of GJEPC, addressed industry executives and stakeholders with a keynote speech at the Doha International Diamond & Gem Conference‘s opening session. He addressed the natural diamond industry’s serious difficulties and recommended strategic solutions to secure its long-term growth.
Mr. Bhansali highlighted important global problems.
- Declining demand in China, the world’s second-largest diamond and jewellery market after the United States.
- The conflict between Russia and Ukraine has generated global supply chain problems.
- Increased competition from lab-grown diamonds in important consumer markets.
“In these unprecedented times, I urge all stakeholders in the diamond industry to rise above differences, unite as one, and take bold measures,” he told journalists. He stressed three key steps for strengthening the natural diamond market:
- Creating a distinct and unique brand position for natural diamonds.
- Investing in aggressive marketing and promotions to raise customer awareness.
- Establishing natural diamonds as an elite luxury commodity, highlighting their scarcity and enduring value.
Mr. Bhansali also highlighted India and Qatar’s significant cultural and economic links, with bilateral trade expected to reach $18.77 billion in 2022-23. He advocated for further collaboration in the gem and jewelry industry, citing India’s world-class production capabilities and Qatar’s expanding luxury market.