De Beers, a prominent player in the diamond industry, predicts substantial growth for India's diamond jewellery market, foreseeing it to soar to $17 billion by 2031. This projection, shared at the GJEPC’s InnovNXT, Forty Under 40 Leadership Summit, marks a significant uptick from its $79 billion valuation in 2021 within India's broader gem and jewellery sector, expected to hit $120 billion.
The summit highlighted pivotal trends and strategies shaping the industry, stressing the significance of storytelling, symbolism, and digital innovation in captivating jewellery consumers. Discussions explored the potential of customer-centric digital approaches, utilizing platforms like WhatsApp for engagement and monetization, and employing branded content strategies to resonate with Gen Z and Millennial consumers.
Moreover, sessions delved into global and India-specific trends in gold and diamond demand, foreseeing a record year for gold mine production and steady jewellery demand despite fluctuating gold prices. The event also honored young talent and innovation in the jewellery sector through the Forty Under 40 initiative.
Covering a wide array of topics, from the digital payment revolution to success narratives of industry disruptors like CaratLane and Pharmeasy, the summit provided insights from industry leaders emphasizing the importance of innovation, collaboration, and storytelling in navigating the ever-evolving landscape of the gem and jewellery sector.
Ultimately, the InnovNXT Leadership Summit served as a hub for industry stakeholders to exchange ideas, foster collaboration, and envision the future trajectory of the jewellery industry.
