GJEPC Champions Diamond Sustainability at St. Petersburg International Economic Forum in Russia
GEPC made a strong statement on diamond sustainability and global collaboration at the 28th St. Petersburg International Economic Forum (SPIEF) held in Russia on 19 June. Representing India at the forum were Mr. Kirit Bhansali, Chairman, GJEPC; and Mr. Ajesh Mehta, Convener, Diamond Panel, GJEPC. The GUEPC delegation also met with Mr. Pavel Marinychev, CEO of ALROSA, to explore avenues for deeper cooperation between the Indian and Russian diamond sectors.
Mr. Bhansali was a featured speaker at the roundable titled ‘The Evolution of Conscious Consumption: Emerging Trends in the Global Diamond Market, where industry leaders discussed carbon neutrality, ethical sourcing, and future market trends. In his address, Mr. Bhansali congratulated ALROSA for achieving a carbon neutrality certification from TUV AUSTRIA for its rough diamonds. “This is a big achievement. It demonstrates the company’s strong commitment to sustainability and environmental stewardship,” he said.
Highlighting India’s growing role not just as a supplier but as a consumer of diamonds, he noted, “India’s diamond and jewellery consumption stands at $85 billion, with $8.5 billion from diamonds alone. By 2030, this figure is set to double to over $17 billion, making India a major diamond jewellery consuming market.”
He noted that global consumption patterns are shifting rapidly, driven by millennial and Gen Z consumers who expect transparency and accountability from the brands they support. “Positioning natural diamonds as carbon-conscious luxury-highlighting their environmental value and ability to capture carbon-will help distinguish them from lab-grown alternatives and support category growth,” he said.
Mr. Bhansali pointed to the broader contributions of the natural diamond industry, stating, “India’s diamond sector supports over a million jobs, strengthens families, builds communities, and significantly contributes to our export economy. These social and economic benefits must be recognised as part of the industry’s sustainability story.”
On the marketing front, he reinforced GJEPC’s long-standing support for promoting natural diamonds. “Industry marketing funds should inform consumers about how diamonds are doing good-not just economically, but environmentally too,” he said Mr. Bhansali concluded with a thought-provoking message: “The value of a diamond has always been defined by the 4 Cs-Cut, Clarity, Colour, and Carat. But today, a fifth ‘C’ is rising: “Carbon Neutral’. Sustainability is fast becoming a new standard of value. Maybe it’s time the world accepts ‘Carbon Neutral’ as the new C in diamonds.”
