At the recently held St. Petersburg International Economic Forum (SPIEF), India’s diamond sector took centre stage as the Gem & Jewellery Export Promotion Council (GJEPC) made a strong pitch for sustainable and responsible growth.

Representing the Indian industry were Kirit Bhansali, Chairman, GJEPC, and Ajesh Mehta, Convener, Diamond Panel, GJEPC. The delegation used the global platform to highlight India’s growing role not only as the world’s leading manufacturing hub for cut and polished diamonds, but increasingly as a major consumer market as well.

Bhansali pointed out that India’s diamond and jewellery consumption is now valued at $85 billion, with $8.5 billion attributed to diamonds. By 2030, this figure is expected to rise to over $17 billion, reflecting a shift in domestic buying patterns and increased consumer aspiration.

In his roundtable address, Bhansali stressed that new-generation buyers—especially millennials and Gen Z—are demanding more than just brilliance. “They want accountability, transparency, and sustainability. Natural diamonds, with their ability to store carbon and their strong environmental credentials, can lead the conversation on carbon-conscious luxury,” he said.

He also emphasised that sustainability isn’t just a global talking point but a key component of India’s industry narrative. “Our diamond sector supports over a million jobs and contributes significantly to both families and the export economy. These are social and economic strengths that need visibility,” Bhansali said.

The GJEPC also met with ALROSA CEO Pavel Marinychev to explore new partnerships and avenues for trade collaboration.