Mr. Kirit Bhansali, Vice Chairman, GJEPC, delivered a keynote speech at the inaugural session of the Doha International Diamond & Gem Conference, addressing industry leaders and stakeholders. He outlined the pressing challenges facing the natural diamond industry and proposed strategic solutions to ensure its sustainable growth.
Highlighting key global concerns, Mr. Bhansali noted:
- Declining demand in China, a major diamond and jewellery market after the USA.
- Global supply chain disruptions caused by the Russia-Ukraine conflict.
- Increasing competition from lab-grown diamonds in key consuming regions.
“In these unprecedented times, I urge all stakeholders in the diamond industry to rise above differences, unite as one, and take bold measures,” he stated. He emphasized three crucial steps to strengthen the natural diamond market:
- Establishing a distinct and unique brand positioning for natural diamonds.
- Investing in aggressive marketing and promotion to enhance consumer awareness.
- Positioning natural diamonds as an exclusive luxury commodity, emphasizing their rarity and timeless value.
Mr. Bhansali also highlighted the deep-rooted cultural and economic ties between India and Qatar, with bilateral trade reaching $18.77 billion in 2022-23. He called for greater collaboration in the gem and jewellery sector, leveraging India’s world-class manufacturing capabilities and Qatar’s growing luxury market.
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