B20 spotlight on Surat: Diamond industry leaders discuss valuable insights to foster economic growth

The recently concluded B20 the official G20 dialogue forum with the global business community, organised by the Confederation of Indian Industry (CII) on 1st July 2023 at the Diamond city of India- Surat, saw a host of sparkling stalwarts sharing their thoughts, insights and views at the closed door event

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The Round Table Discussion on the 'Future of Diamond Industry in India in 2030' explored and addressed the significant issues that will shape the trajectory of the diamond industry in India over the next decade. The key stakeholders including the industry leaders, policymakers, and experts had an in-depth and comprehensive conversation generating valuable insights and recommendations.

According to the De Beers Diamond Insight Report, India has the third-largest consumer demand for diamonds in the world at approximately $2.35Bn. According to data published by the GJEPC, 14 out of 15 diamonds used in jewellery around the world are processed in India, where the diamond industry directly employs 1.5 million people. With a value of $22 billion, cut and polished diamond exports alone accounted for roughly 5% of India's total merchandise exports in FY 22-23.

Participating in the Round Table were Tom Moses - Executive Vice President - Gemological Institute of America, Vipul Shah - Chairman - The Gem & Jewellery Export Promotion Council, Shreyans Dholakia - Brand Custodian - SRK, Bijayananda Pattanayak - Executive Vice President & Head - Global Diamond & Jewellery Group, Brijesh Dholakia - Junior Chief Executive Officer - HK, Ajoy Chawla - CEO - Jewellery Division - Titan Ltd, Janak Mistry - Managing Director and Group CEO - Lexus Softmac, Parag Shah - Executive Director - K Giridharilal International Pvt Ltd, Nirav Jogani - Partner - Suresh Sarana & Associates LLP and Richa Singh Managing Director India & Middle East Natural Diamond Council.