GJEPC joined Crisil Ratings’ webinar, “Cutting Through Uncertainty”, on 26 October 2026, to examine the challenges facing India’s diamond industry and the strategies needed to strengthen demand, profitability and financial resilience.
Sabyasachi Ray, Executive Director, GJEPC, participated in the panel discussion alongside Vashistha Patel, Promoter, Samarth Diamond, and Prakash Rath, Head – Community Gems & Jewellery, IndusInd Bank Ltd. The session addressed subdued global demand, tariff-related uncertainties, changing consumer preferences, the growing acceptance of lab-grown diamonds and persistent margin pressures affecting manufacturers and polishers.
Ray highlighted the opportunities presented by India’s expanding domestic jewellery market, particularly the growing potential for diamond-studded jewellery beyond major metropolitan centres. GJEPC’s retailer outreach initiatives, trade shows and regional programmes are helping manufacturers connect with retailers across Tier 2, Tier 3 and Tier 4 markets, where traditional gold buyers are increasingly being introduced to diamond jewellery.
“Manufacturers, retailers, brands and industry bodies need to work together to develop products, reach new audiences and communicate more effectively with consumers,” Ray noted.
He also outlined the importance of moving beyond contract manufacturing towards design-led production and higher-value studded jewellery. A study commissioned by GJEPC and conducted by Boston Consulting Group has outlined a roadmap to increase India’s gems and jewellery exports from approximately US$29 billion in 2024 to more than US$100 billion by 2040. Greater ownership of design and product development could help Indian manufacturers improve value realisation and capture a larger share of the global jewellery market.
The webinar examined how businesses are responding to current pressures through inventory rationalisation, calibrated capacity utilisation, geographic diversification and expansion into the lab-grown diamond segment. Participants also discussed export trends, revenue and profitability expectations, funding requirements and measures to strengthen credit profiles.
The session concluded with an interactive question-and-answer segment, giving industry stakeholders and finance professionals an opportunity to discuss the risks and opportunities shaping the sector’s outlook.
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