It is with profound sadness that the Gem & Jewellery Export Promotion Council (GJEPC) mourns the sudden passing of Mr. Vasant Mehta, former Chairman of the Council (2008-10), and a respected leader of the world diamond industry and stalwart of India’s diamond and gem & jewellery industry.

Mr. Mehta devoted several decades to the growth and development of the industry and to the work of GJEPC. He served two terms as Vice Chairman, from 1991–92 and 2006–08, before being elected Chairman in October 2008. He was associated with the Council’s committees for more than two decades and served for many years as Convenor of the Banking, Insurance and Taxation Committee. He was Convenor of Promotion, Marketing & Business Development (PMBD) sub-committee as well.

During his chairmanship, Mr. Mehta was closely involved in taking the industry’s concerns to senior government authorities, including the Commerce Ministry, DGFT and RBI. His tenure coincided with the global financial crisis, when exporters faced severe challenges around gold supply, duty drawback, banking and liquidity. He participated in discussions with government and financial institutions on these issues and convened a meeting with selected banks in Mumbai in February 2009 to address the banking difficulties faced by the industry. In 2011, he was appointed as part-time Director on the board of Export Credit Guarantee Corporation (ECGC) of India by Ministry of Commerce, Govt. of India.

A second-generation diamantaire, Mr. Mehta was the Founder and Senior Partner of M/s V. Rameshchandra & Co., Mumbai, and had been involved in the family business for over five decades. After graduating from Calcutta University, he moved to Mumbai in 1966 and joined the city’s emerging diamond-cutting industry. His family business, which dates back to the early decades of the 20th century, had supplied gemstones to Indian royalty, manufactured rose-cut diamonds and exported coloured gemstones to international markets.

His contribution extended well beyond India. Mr. Mehta represented the Indian diamond industry at several international forums, including the World Diamond Council (WDC), World Federation of Diamond Bourses (WFDB), International Diamond Manufacturers Association (IDMA), CIBJO and the Kimberley Process. He served as Vice President of IDMA and played an active role in the development and implementation of the Kimberley Process, as well as in strengthening AML compliance for the Indian industry. He also served on the Bharat Diamond Bourse committee and advised its Legal Committee, besides being associated with the Mumbai Diamond Merchants Association.

His wisdom, commitment, integrity and deep understanding of the industry earned him the respect of colleagues in India and across the global diamond community. His sudden demise is an immense loss to the fraternity.

GJEPC extends its heartfelt condolences to his family, friends and colleagues. May his soul rest in peace, and may his family find strength and solace during this difficult time.