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27 Dec 2023

Vipul Shah in Prestigious Rapaport List of 'Individuals who Shaped the Diamond Industry' in 2023

Vipul P. Shah, Chairman GJEPC, was named in a prestigious list of six “People of the Year” who shaped the global diamond industry in 2023, alongside Indian Prime Minister Narendra Modi, and a number of other well-known individuals from across the pipeline: Gina Drosos, CEO, Signet Jewelers; Feriel Zerouki, president, World Diamond Council (WDC); Mokgweetsi Masisi, president, Botswana; and Gabi Tolkowsky, renowned Belgian diamond cutter. The list has been prepared by The Rapaport Group and published on its website.

According to the Rapaport editorial team, the list reflects “the broad range of challenges affecting the trade — and some of the solutions”. They added that it was compiled based on the assessment of each individual’s “influence on the diamond industry and/or presence in the headlines”.

In its citation, elaborating on the why Vipulbhai was included on the list, the website wrote:

“The GJEPC holds a monthly online forum with representatives of the industry to discuss trends and concerns. In September of this year, with polished prices tumbling amid weak retail sales and an oversupply, the Indian trade body decided the situation warranted a broader, physical gathering. The attendees came to a unanimous conclusion: India needed a voluntary pause in rough-diamond imports to stop inventories from getting out of control. The industry implemented this freeze for two months, from October 15 to December 15, taking the pressure off the sector and enabling the market to stabilize.

“Insiders at the GJEPC say it was an industry-wide call for an import moratorium and that the country has made similar moves in past crises. However, it was the GJEPC that brought people together and managed the process following the crunch meeting. Vipul Shah, its chairman, was at the forefront.”