"The time is to Make in India, to design in India, to innovate in India, and export from India to provide newer and better products to the world," said Union Minister Piyush Goyal at the 49th edition of the India Gem & Jewellery Awards in Mumbai on April 23. The Minister felicitated 28 top exporters and facilitators during the award ceremony. The event was organised by the Gem & Jewellery Export Promotion Council (GJEPC).
India's gem and jewellery sector is one of the country's oldest and most significant industries. The industry’s market size was approximately USD 78.50 billion in FY21. Moreover, for FY 2022–23, the overall gem and jewellery exports grew 2.48% to Rs. 3,00,462.52 crores as compared to Rs. 2,93,193.19 crores for the same period last year. Another important factor is that the industry is highly diversified, offering a wide range of products ranging from traditional gold and silver jewellery to contemporary diamond and platinum jewellery.
Speaking on the occasion, the Minister complimented the industry for leaving its mark all around the globe and for achieving good results despite an unfavourable global economic climate. He further pointed out that this is one industry that shows promise, has skilled artisans and craftsmen, and has talent spread across the length and breadth of the country. India is known for its expertise in cutting and polishing diamonds. In addition, the country is also a leading manufacturer of gold and silver jewellery, with a wide range of designs targeting both domestic and international markets.
India taking several measures to support the growth of the industry
At the event, Vipul Shah, Chairman, GJEPC, expressed gratitude to the Government for India’s Comprehensive Economic Partnership Agreement (CEPA) with the UAE and the India-Australia Economic Cooperation and Trade Agreement. The Chairman further expressed hope that the free trade agreements with the U.K., Canada, and the EU, which are being negotiated, will help exporters reach the USD 1 trillion mark in exports.
The government has also undertaken various measures with the aim of promoting investment and upgrading technology in the industry. Permitting 100% FDI in the sector under the automatic route is also a major step in this direction. Furthermore, GJEPC Chairman Vipul Shah highlighted that the mega common facility centre (CFC) that is coming up in SEEPZ, Mumbai, with an investment of Rs. 100 crore from the government will help to modernise the sector and provide medium- and small-scale units with the latest technology.
The Gem and Jewellery Export Promotion Council (GJEPC)
The GJEPC is the apex body of the gems and jewellery industry, comprising around 9000 members in the sector. Since its inception in 1966, GJEPC has emerged as one of the most active Export Promotion Councils (EPC). It is headquartered in Mumbai and has regional offices in New Delhi, Kolkata, Chennai, Surat, and Jaipur, all of which are major centres for the industry.