PM Modi Dazzle as “Diamond Movers” in Rapaport Group 2023 Industry Report

Surat : Prime Minister Narendra Modi and Gems and Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah have been named “movers and shakers” of the diamond industry in 2023 by the prestigious Rapaport Group. Their inclusion in the group’s “People of the Year” report, titled “The Individuals Who Shaped The Diamond Industry in 2023,” highlights their significant influence on the global diamond market.

Prime Minister Modi’s impact stems from his direct engagement with the industry throughout the year. From inaugurating the Surat Diamond Bourse in December to his eyebrow-raising term “green diamonds” for lab-grown stones, Modi’s actions sparked conversation and debate.

But it was his audacious gift of a 7.5-carat lab-grown diamond to US First Lady Jill Biden during a state visit that truly captured the world’s attention. This symbolic gesture, commemorating India’s 75th year of independence, instantly thrust lab-grown diamonds into the spotlight and fueled the ongoing debate about their place in the market.

“The rise of lab-grown diamonds in the US, and the resulting impact on demand for naturals, was one of the biggest themes of 2023,” Rapaport Group noted in the report. “Without even using words, Modi may have done more to publicize the product than years of marketing could have managed.”

Vipul Shah, meanwhile, earned recognition for his leadership in navigating a turbulent year for the diamond industry. Facing plummeting polished prices and a glut of rough diamonds, the GJEPC, under Shah’s guidance, took decisive action. In September, they facilitated a crucial industry-wide meeting that resulted in a two-month voluntary pause on rough-diamond imports. This unprecedented move, hailed by insiders as a critical step in stabilizing the market, showcased Shah’s ability to unite and guide the Indian diamond trade through challenging times.

“It was an industry-wide call for an import moratorium,” GJEPC insiders told Rapaport Group. “Vipul Shah was at the forefront, bringing people together and managing the process following the crunch meeting.”

Modi and Shah’s inclusion in the “People of the Year” report underscores the significant role India continues to play in the global diamond industry. Their actions and leadership have not only shaped the industry’s trajectory in 2023 but also sparked crucial conversations about the future of diamonds in a world increasingly embracing sustainable and ethical practices.