Kirit Bhansali, Chairman of GJEPC, Joins Union Minister Piyush Goyal in High-Level Indian Business Delegation to Israel

Shri Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), participated in the high-level Indian business delegation led by Shri Piyush Goyal, Union Minister of Commerce & Industry, during the India–Israel CEO Forum held in Tel Aviv on 20 November 2025. The visit marks the first trip to Israel by an Indian Commerce Minister in many years, signalling renewed energy in bilateral cooperation—especially in gems and jewellery, a key pillar of India–Israel economic ties.

The Forum was inaugurated by Shri Goyal and Israel’s Minister of Economy & Industry, Mr. Nir Barkat, who described the moment as the beginning of “a new era of friendship and opportunity” for both nations.

During the visit, Shri Bhansali also met Minister Barkat to explore ways to boost collaboration in responsible diamond sourcing, innovation-driven manufacturing, and digitalising the gemstone and jewellery value chain.

Speaking on the significance of the visit, Shri Bhansali said, “Shri Piyush Goyal’s historic visit has created new possibilities for cooperation in trade, technology, and investment. His emphasis on trust and innovation strongly aligns with our industry’s priorities. India’s gem and jewellery sector is committed to strengthening our enduring partnership with Israel to build a transparent, technologically advanced, and future-ready supply chain.”

He added that the Minister’s dialogue with Israeli leaders and businesses is expected to accelerate investment flows, foster cross-border innovation, and reinforce India’s position as a global centre for diamonds, jewellery, and precision manufacturing.

Addressing the India–Israel CEO Forum, Shri Bhansali highlighted the long-standing, complementary partnership between the two nations in the diamond trade, noting that Israel’s technological prowess and India’s large-scale manufacturing create a highly respected global value chain.

Reaffirming GJEPC’s commitment to ethical and transparent practices, he emphasised India’s expectation for Israel’s continued constructive involvement in the Kimberley Process (KP) to uphold global standards of responsible sourcing. He reiterated Israel’s reputation as a longstanding pillar of the global diamond industry, known for its innovation and integrity—qualities essential for the sector’s growth.

Traditionally, bilateral gemstone and jewellery trade has centred around diamonds, with India importing rough stones from Israel and exporting polished diamonds in return. Recently, the trade basket has begun to diversify, driven by strong growth in India’s gold jewellery exports to Israel. Although India’s overall gem and jewellery exports had eased from over USD 1 billion to around USD 600–700 million in recent years, signs of recovery are emerging: India’s imports from Israel rose by more than 60% between April and September 2025, while gold jewellery exports jumped over 200% to exceed USD 25 million. This renewed momentum and early signs of stabilisation point to a more balanced and resilient partnership ahead.

GJEPC believes that this revitalised engagement—underscored by Minister Goyal’s visit—comes at a decisive moment for the global diamond and jewellery industry. Building trust, driving innovation, and strengthening responsible sourcing frameworks will be essential to shaping a future-ready sector.