GJEPC’s InnovNXT Summit held in Mumbai

Forty Under 40 Leadership to lure GenZ customers  

Part 1: Indian diamond jewellery market will grow to US$ 17 bn by 2031 out of India's total gem & jewellery market of US$ 120 bn from $ 79 bn in 2021. 2024 is likely to be a record year for gold mine production and jewellery demand will be firm but vulnerable to gold prices. 

These interesting nuggets were revealed through several compelling sessions at InnovNXT, Forty Under 40, a next generation leadership Summit, an IIJS Initiative organized by the GJEPC (the apex body for gem and jewellery trade in India). 

The art of storytelling, symbolism & creative narratives in designer jewellery creations is a must learn for jewellers to take consumers away from price and value towards, priceless and invaluable. Jewellery trade can embrace customer-centric digital to achieve rapid scale and deeper penetration.  

Jewellers can tap WhatsApp’s potential for growing, engaging, retaining, and monetising customers in 2024. Today GenZ and Millennials don't trust advertising and can only be tapped via Branded Content strategies. These key aspects were discussed & deliberated during the day-long sessions of InnovNXT, Forty Under 40 leadership Summit.  

InnovNXT, Forty Under 40 leadership Summit had a full-day knowledge-sharing session comprising learning; igniting innovation, embracing change; and shaping the future. GJEPC curated an exciting line up of speakers and topics that challenged new thinking; sparked new ideas; and inspired action. 

World Gold Council was the presenting partner for this extraordinary event. Associate Partners are Swarn Shilp, Godrej, and S K Seth Jewellers. Hospitality Partner was ChainNChains. Badge Partner - Quick Sell. Partners - IDT, Mukti Gold, Sky Gold, Shine Shilpi and Unique Chains. 

The unveiling of InnovNXT Forty Under 40 commenced on a grand note in the gracious presence of  Vipul Shah, Chairman of GJEPC, Nirav Bhansali, Convener of National Exhibitions at GJEPC, Sabyasachi Ray, Executive Director of GJEPC, Ghanshyam Dholakia, Managing Director, Hari Krishna Exports Pvt Ltd, and  Members of National Exhibition Subcommittee. 

All the sessions were moderated by fellow 40 Under 40 achievers such as Khusbhoo Ranawat, Swarnashilp Jewellers; Shivangi Surana of Surraya Jewels; Karan Garodia of Sanskriti Jewels; Ankit Birawat of Chain n Chains; Ridhi Gala of Kashi Jewellers; Anand Ranawat of Dhanrupji Devaji & Co; Ankit Shah of Ankit Gems.  

Speaking at the inaugural, Vipul Shah, Chairman, GJEPC, said, “GJEPC's InnovNXT Forty Under 40, a next Generation leadership summit, is aimed at shaping the future of our industry. This initiative is not just about recognition; it is about nurturing talent, fostering collaboration, and creating opportunities for growth. 

It's about ensuring that the industry continues to thrive and evolve, and that our future leaders are equipped with the knowledge and skills they need to succeed. Our aim is to achieve USD 75 billion by 2030 and with the talent, drive, and determination I see the youngsters here today, I am confident that we can not only meet but exceed this goal. Your energy, enthusiasm, and passion are what drives our industry forward. Together, let's innovate, let's collaborate, and let's shape the future of our industry.”

Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change.

Today, we are surrounded by the brightest minds and the most promising talents of our industry. This gathering is not just a celebration of achievements; it is a testament to the boundless potential that resides within each and every one of you.  

We see the architects of our industry's future. You are the innovators, the trailblazers, and the visionaries who will shape the landscape of gems and jewellery for generations to come. Your energy, your passion, and your commitment to excellence serve as beacon of hope and inspiration in an ever-evolving world. Through collaboration, not competition, we will truly unlock the full potential of our industry.”  

Milan Chokshi, Convener, Promotions & Marketing, GJEPC, and Founder of a couture jewellery brand Moksh, said, "The idea of story-telling is not new to Indian jewellery - our jewels have always been imbued with symbolic values, meaning and narratives.  

They have just looked much more traditional in design. Now with the rise of design-led jewellers, story-telling is being pushed into a new realm. The beauty of jewellery as a whole is that any interesting piece / design will end up being a conversation starter. The storytelling of a single piece of jewellery is not just in the inspiration or reverence of a piece from the designer, but the personal story and personal meanings the owner has with it.”