India’s diamond industry made a notable mark at the 28th St. Petersburg International Economic Forum (SPIEF), where a high-level delegation from the Gem & Jewellery Export Promotion Council (GJEPC) advanced conversations around diamond sustainability, carbon neutrality, and global cooperation.
Representing India at the event on June 19 were Kirit Bhansali, Chairman, GJEPC, and Ajesh Mehta, Convener, Diamond Panel, GJEPC. The delegation also held meetings with Pavel Marinychev, CEO of ALROSA, signalling potential avenues for deeper collaboration between India and Russia’s diamond sectors.
Bhansali, speaking at a roundtable on “The Evolution of Conscious Consumption: Emerging Trends in the Global Diamond Market,” congratulated ALROSA for achieving TUV AUSTRIA certification for carbon neutrality on its rough diamonds. “This is a big achievement,” he said. “It demonstrates strong commitment to sustainability and environmental stewardship.”
He also shared insights into India’s growing consumer strength, noting that India’s diamond and jewellery consumption is currently valued at $85 billion, with $8.5 billion from diamonds alone. That number is expected to double to $17 billion by 2030, a shift that could make India one of the largest diamond-consuming markets globally.
Touching on evolving market preferences, Bhansali highlighted the growing influence of millennial and Gen Z consumers. “Transparency, accountability, and environmental value are becoming non-negotiables,” he said. Positioning natural diamonds as “carbon-conscious luxury” could offer a competitive edge over lab-grown alternatives, particularly in value-driven markets.
Bhansali also urged the industry to rethink how value is defined. “Traditionally, we’ve spoken of the 4 Cs—Cut, Clarity, Colour, and Carat. But today, a fifth C— ‘carbon neutral’— is emerging. Sustainability is becoming a new standard of value.”
Jim Vimadalal, Director, Alrosa India, added, "This landmark validation is a proud moment not just for ALROSA, but for the global diamond industry. I am thrilled to witness science reaffirm what nature has always quietly done, make diamonds not just rare and beautiful, but now verifiably carbon-neutral. India has long valued authenticity, sustainability and legacy. This breakthrough aligns perfectly with our values, offering consumers and partners a diamond that’s not only timeless, but also future-proof. It’s a compelling step forward for those of us who believe that luxury and responsibility can, and must, go hand in hand."
The GJEPC message was clear: natural diamonds must be recognised not only for their beauty, but also for the millions of jobs they support, the communities they sustain, and the responsible practices now reshaping the sector.
