Diamond baron Vipul Shah takes charge as the new chairman of GJEPC
Shah will be joined by Kirit Bhansali of Smital Gems as the new Vice Chairman of GJEPC.
Sharing his thoughts on the vision of the Gems and Jewellery (G&J) industry in India, Vipul Shah, chairman of GJEPC said, “I feel privileged and energised to return to the role of GJEPC Chairman in these exciting times! The Indian gem and jewellery industry is at the start of yet another growth phase and is set to achieve the Government’s export target of US$ 45.7 billion in FY 2022-23”
“There are tremendous opportunities for growth ahead of us. The landmark trade agreements signed with the UAE (CEPA) and Australia (ECTA) have provided a competitive edge to the plain gold jewellery exporters in the UAE. In addition, the forthcoming DESH Act will give a boost to the SEZ ecosystem and drive up export numbers. I take this opportunity to thank the Govt. for continued support to the industry through a series of trade-friendly measures.”
According to Shah, India must move up the value chain by focusing on larger, high-value goods, and at the same time continue to support generic diamond promotions. Another sector that has gained momentum is silver jewellery, which is a major focus area for GJEPC. “We will continue to strengthen the diamond and coloured gemstone segment with initiatives like the India Rough Gemstones Sourcing Show (IRGSS) for facilitating direct rough sourcing from miners. India has also taken the lead in the sunrise sector of lab-grown diamonds, whose exports are expected to skyrocket to $8 billion soon.”
Vipul Shah has been the chairman of GJEPC for the tenure 2012-2015. Under his leadership, the Council was successful in driving the export demand and strengthening ties with mining companies and diamond trade bodies. Among the many important milestones, he was instrumental in organising GJEPC’s first World Diamond Conference that was attended by Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. At the Council level, he implemented the policy to have members on a rotation policy so that new people come on board to bring in a fresh perspective and new energy levels.
Kirit Bhansali, the newly elected Vice Chairman of GJEPC, said, “I am honoured to get the opportunity to serve the industry as Vice Chairman of this great organisation built with years of toil by my predecessors. We have put the turbulent two years behind us, and as we emerge into the new era post the pandemic, GJEPC, through its continued leadership, will help take this industry into a new phase of growth, dynamism, and prosperity. The steadfast Government support towards infrastructure development projects like the state-of-the-art Mega CFC in SEEPZ and the upcoming world-class India Jewellery Park Mumbai will nurture an export-friendly ecosystem that underpins the industry’s growth ambitions.”