The future of India’s gem and jewellery industry came alive at the launch of InnovNXT 40 Under 40 in Mumbai on 25th June 2025 — a dynamic initiative by the Gem & Jewellery Export Promotion Council (GJEPC), the apex body for the gem and Jewellery industry in India, aimed at recognising and empowering its next generation of leaders. With the World Gold Council as Presenting Partner, Godrej as Associate Partner, and DSP Mutual Fund as Co-Partner, the event brought together trailblazers, changemakers, and thinkers under one roof for a day of insight, inspiration, and exchange.
The InnovNXT 40 Under 40 conference featured a power-packed agenda that kept the momentum going throughout the day. Sessions explored a wide range of topics — from the strategic journey of IPOs and wealth creation, to the growing influence of women in the jewellery sector. Discussions dived into pressing themes like the surge in gold prices, building a lab-grown diamond brand, and scaling tech businesses with a bootstrapped mindset. With each panel offering fresh perspectives and actionable insights, the event created an environment that is both thought-provoking and energising for the next generation of industry leaders.
InnovNXT 40 Under 40 was inaugurated by Chief Guest Smt. Aditi Sunil Tatkare, Hon’ble Minister for Women and Child Development, Government of Maharashtra, along with Shri Kirit Bhansali, Chairman, GJEPC; Smt. Khushboo Ranawat, Regional Chairman (WR), GJEPC; Shri Sachin Jain, Regional CEO – India, World Gold Council; and Shri Nirav Bhansali, Convener – National Exhibitions, GJEPC, in the presence of distinguished industry leaders and participants.
Applauding the 40 Under 40 initiative, Smt Tatkare said, “I truly commend GJEPC for envisioning and organising the 40 Under 40 conference — it reflects foresight and deep commitment to nurturing the next generation. Every era brings innovation, but it’s equally important to honour tradition. Young leaders must carry forward their legacy with honesty and fresh ideas. Events like this are not just celebrations, but platforms of growth, dialogue, and responsibility.”
Mr. Govind Dholakia, Hon’ble Member of Parliament (Rajya Sabha), joined virtually with a heartfelt video message that reflected on the importance of values-led leadership and resilience.
Mr. Dholakia noted, “For the youngsters here, InnovNXT isn’t just a platform — it’s an opportunity. A space to share bold, exciting ideas and learn from one another. If you’ve inherited a business legacy, nurture it with passion. It’s your responsibility to carry it forward with care and vision. Also, many diamantaires are actively involved in impactful CSR initiatives — showing that success isn’t just about business growth, but also about giving back. Because real progress begins when we tackle real problems. If you are in the comfort zone, you will not progress.”
Delivering the welcome address, Mr. Kirit Bhansali, Chairman, GJEPC, praised the ambition and energy of the young leaders in the room.
Mr. Kirit Bhansali said, “You are not only the future; you are already the architects of change. In an industry shaped by tradition, it’s your fresh thinking, your values, and your willingness to embrace innovation that will define what comes next. Sustainability, transparency, and ethical business are no longer optional—they are essential. As we navigate a rapidly evolving global market, it’s your energy and ideas that will keep India at the forefront.”
Mr. Nirav Bhansali, Convener – National Exhibitions, GJEPC, set the context with an engaging and relatable message to the audience. “InnovNXT isn’t just another seminar—it’s a signal that the industry is ready for something new. You’re not here to follow an existing path, but to shape a new one. The next decade belongs to those who challenge, question, and reimagine. Whether it’s AI in design or circular economy models, the pace of change is real—and you are leading it. So be present, be curious, be bold. This platform is your launchpad. Because the future will not wait—and neither should you.”
Session 1
From Brand Building to Wealth Creation: The Strategic IPO Journey
Moderator: Ms. Anisha Jain – Former Senior Anchor & Head of Research, ET Now & CNBC Group
Speakers:
Mr. Sandipan Roy – Director & Chief Investment Officer, Motilal Oswal Private Wealth
Mr. Saurabh Gadgil – Chairman & Managing Director, PNG Jewellers
Mr. Tehmasp Printer – Managing Director, IGI
Key Takeaways
✅ An IPO isn’t just about raising funds — it’s about purpose, preparation, and long-term vision.
✅ Legacy isn’t enough; brands need scale, strategy, and solid compliance to win investor trust.
✅ Transparency and education are critical — especially when explaining India’s unique jewellery ecosystem to global investors.
✅ The biggest challenge? Shifting from a family-run mindset to a boardroom-ready business model.
Session 2
Women in Jewellery – Breaking Barriers, Building Legacy
Speakers:
Ms. Khushboo Ranawat – Director, Swarnship Chains & Jewellery Pvt. Ltd.
Ms. Richa Singh – Managing Director, India & Middle East, Natural Diamond Council
Ms. Varuna D. Jani – Founder & Creative Head, Varuna D. Jani Fine Jewellery Pvt. Ltd.
Moderator:
Mr. Nirav Bhansali – Convener, National Exhibitions, GJEPC
Key Takeaways
✅ Women today back themselves — and each other — as they lead with confidence and clarity.
✅ Intuition and empathy give women a natural edge in understanding both business and design.
✅ Behind every successful woman is a strong support system — at home and at work.
✅ The industry is still male-led, but women are steadily rewriting the script.
✅ Passionate women designers have helped shift mindsets. The narrative has changed — jewellery is no longer just about aesthetics, it’s about creating meaning and desire.
✅ Who better than a woman to understand and empower another woman? Female-led design brings depth, sensitivity, and strength. But true success lies in balance — the yin and yang.
Session 3
Gold as a Safe Haven: Decoding the Current Price Rise
Speaker:
Mr. Sachin Jain, Regional CEO India, World Gold Council set the tone for the panel discussion as he explored gold’s role as a catalyst for growth.
Key Takeaways
✅ India is a gold powerhouse with 800 tonnes in annual demand, 2% of GDP, 15% of exports — with over 25,000 tonnes sitting in Indian households.
✅ Gold is outperforming. In 2024, gold beat most major asset classes in INR terms, reinforcing its role as a safe haven.
✅ The World Gold Council is future-facing. Swarnim Udaan 2047 aims to elevate gold’s role across retail, investment, policy, and design in line with India@100.
✅ India must lead in innovation, not just tradition. The Global Gold Innovation Centre will focus on design, payments, logistics, and digital retail to modernise the value chain.
✅ Artisan empowerment is key. Training, social security, and world-class infrastructure are critical to uplifting the 3 million+ employed in the sector.
Panel Discussion Takeaways
Moderator:
Ms. Manisha Gupta, Group Commodities Editor, CNBC TV18
Speakers:
Mr. Sachin Jain, Regional CEO India, World Gold Council
Mr. K Srinivasan, Chairman and MD, Emerald Group
Mr. Darpan Anand, MD, Punjab Jewels
Mr. Shekhar Bhandari, President & Business Head of SME Banking, Kotak Mahindra Bank
✅ High gold prices are a “good problem”. A 30% rise in the gold price is more manageable than a 30% crash. Demand has shifted, but value and margins have grown sharply.
✅ For Gen Z and millennials, jewellery must be meaningful, wearable, and stylish — not just traditional.
✅ Margins are up despite lower volumes. Manufacturers are leveraging technology and design to stay profitable, even as gold prices test consumer limits.
✅ Innovation is the need of the hour. Lighter weights, better tech, CNC tools — manufacturers are investing heavily in efficiency and creativity.
✅ Tokenisation, traceability & digital gold are gaining ground. Fractional ownership, blockchain-based authenticity, and transparency are becoming key to winning trust.
✅ India leads in gold jewellery consumption globally. In 2024, India surpassed China as the No. 1 market — a milestone driven by emotion, aspiration, and scale.
✅ Gold demand has a strong GDP link. Every 1% rise in GDP leads to a 0.9% rise in gold jewellery demand — showing its deep economic relevance.
✅ The future is fusion: finance + jewellery. As gold becomes more digital and transparent, its overlap with the financial world will only deepen.
✅ Legacy meets new ambition. Next-gen jewellers are entering the trade with fresh vision and embracing change — a promising shift for the industry.
Session 4
Beyond The Shine: Uncovering Challenges In Business & Investing
Speaker:
Mr. Kalpen Parekh, Managing Director & CEO, DSP Asset Managers Pvt. Ltd.
Key Takeaways
✅ Money doesn’t grow with activity, it grows with clarity. Wealth creation is about patience, understanding risk, and avoiding the trap of short-term noise.
✅ Your screen time is someone else’s revenue. Data from Meta, Alphabet, and Amazon shows how we passively fund these giants — the question is: are we investing back into them?
✅ Even small, consistent investments grow into serious wealth. ₹10L invested at 12% annually becomes ₹3 crore in 30 years — or ₹490 crore in 75 years. It’s not fiction, it’s compounding.
✅ Don’t underestimate boring, low-cost strategies. Liquid funds and disciplined investing — even over weekends — can outperform flashy bets in the long run.
✅ Avoid being a “sleeping partner” in your own finances. Too many business owners ignore their own wealth planning. Active business focus must be matched with active personal investing.
✅ Most wealth is built after 50 — not by chasing, but by staying. The power of time, reinvestment, and disciplined holding was reinforced with real-world examples.
✅ The biggest risk is not understanding what you’re investing in. Avoiding blind spots and emotional biases is key — behaviour trumps knowledge in wealth creation.
✅ Everyone reads the headline, few read the fine print. A live exercise on following instructions highlighted how easily we skim through details — the same applies to investing.
Session 5
How to Build a Profitable Lab-Grown Diamond Brand
Moderator:
Ms. Manisha Gupta, Group Commodities Editor, CNBC TV18
Panellists:
Mr. Ricky Vasandani, CEO, Solitario Diamonds
Mr. Parag Agarwal, Co-Founder, Fiona Diamonds
Ms. Pooja Madhavan Sheth, Founder & MD, Limelight Diamonds
Mr. Adit Bhansali, Co-Founder, Firefly Diamonds
Key Takeaways:
✅ Lab-grown and natural diamonds can coexist. The future is not “either-or” — both categories have distinct audiences, with lab-grown offering access, affordability, and experimentation.
✅ The market has shifted from education to competition. What began as a niche category is now a fast-growing, highly fragmented space. Competition validates the category, but fragmentation makes branding and pricing tougher.
✅ Scaling depends on positioning, not just product. Profitability isn’t just about margins — it hinges on brand trust, narrative, and perceived value. Some brands are scaling rapidly via franchise models by building consumer belief.
✅ Customers buy emotion, not just value. While resale remains a challenge, brands are leaning into emotional storytelling and design innovation to make lab-grown a lifestyle choice — not just a price-driven purchase.
✅ The pitch has matured. Consumers are responding less to technical comparisons and more to meaningful experiences, aesthetics, and sustainability-led stories.
✅ There’s no central industry body yet — and maybe that’s okay. Panellists argued that, like fashion or watches, lab-grown success will come from brand-led narratives, not commodity-level marketing.
✅ Challenges persist — pricing pressure, fragmentation, and perception gaps. Brands must focus on retention, innovation, and storytelling to avoid commoditisation and keep consumers emotionally engaged.
✅ Sustainability is a strong differentiator — when backed by credibility. Environmental consciousness is a growing hook, but needs to be paired with transparency and trust to truly influence behaviour.
✅ Long-term survival depends on constant evolution. The brands that win will be those who keep adapting to customer expectations, strengthen loyalty, and stay relevant — not just affordable.
Session 6
Building With Balance: Scaling A Funded Tech Company With A Bootstrapped Mindset
Speakers:
Atik Shah & Ashin Shah of MProfit
Key Takeaways:
✅ Solve real problems first, funding later. MProfit focused on product-market fit and customer pain points for 13 years before raising any capital.
✅ Stay grounded—even after raising funds. Scaling with a bootstrapped mindset means being cost-conscious, purpose-driven, and focused on long-term sustainability.
✅ Customer feedback beats assumptions. Building based on real user insight—not trends—was core to MProfit’s evolution and tech pivots.
✅ Choose investors like you choose co-founders. Aligning with like-minded capital partners is as important as the money itself.
✅ Empowering HNIs and family offices with clarity. MProfit helps users track all assets—from PMS to AIFs—via automated onboarding, performance insights, and seamless tax reporting.
✅ Profitability over hype. The team prioritised efficiency, accountability, and product depth—proving that slow and steady can still win in tech.
Session 7
Speaker:
Amit Barve of Rayzon Solar
Key Takeaways:
✅ Solar energy is abundant, clean, and decentralised. Solar is omnipresent, emission-free, low-maintenance, and one of the fastest-deploying power sources globally.
✅ Rayzon Solar’s rapid scale-up reflects India’s green energy ambitions. From 40 MW in 2018 to 6000 MW by 2024, with further expansion underway — the company’s exponential growth aligns with India’s renewable targets.
✅ Policy tailwinds are accelerating solar adoption. Govt schemes like PLI, RECs, and PM Surya Ghar Yojna are creating strong incentives for domestic manufacturing and clean energy adoption.
✅ Vertical integration is the next frontier. Rayzon is now building capacity in solar cells, aluminium extrusion, and anodising — aiming for full-scale control of its supply chain.
✅ India’s 2030 solar target of 270 GW is driving massive industry opportunities. Companies aligned with sustainability and scale are well-positioned for global relevance.