Gem & Jewelery Should Reach Target of USD 75 BN Faster: Piyush Goyal

The Indian gem and jewellery sector is the global hub of jewellery and contributes to around 7% of the country’s GDP and 15% to India’s total merchandise exports. Appreciating the work being done in the sector Commerce and Industry & Railway Minister, Piyush Goyal urged those in this sector to now achieve the target of USD 75 billion from 40 billion much faster. He was speaking on the occasion of the 46^th India Gem & Jewellery awards 2019 held in New Delhi on 18 December 2019.

Commerce and Industry Minister further stated that the Indian gem and jewellery sector has a huge potential to grow in the trade and in creation of more jobs and he assured that the Ministry of Commerce and Industry will extend all help to the sector to achieve its target of USD 75 billion.

He urged entrepreneurs in the sector to make full use of the soon to be launched NIRVIK Scheme of ECGC that will ease the lending process and enhance loan availability for exporters. It will also make foreign exchange loans available at much cheaper rates not only for large export houses but also small exporters.

Commerce and Industry Minister informed that there are 4 Common Facility Centers being set-up in the country apart from the 4 that are already in use at present and the sector must make full use of them to get jewellery tested and certified.

Those in the gem and jewellery sector must also address the issue of unnecessary import of gold, he further urged those associated with the sector to device a scheme that will help the Government of India to unlock this asset that is lying locked up in personal vaults of the citizens which will help to reduce the burden on India’s FOREX reserves added the Minister.

Members of this sector may also explore the possibility of creating jewellery parks on the lines of the gold souk in Dubai to attract buyers from the domestic market and also overseas said Piyush Goyal.

Out of the 15 diamonds mined in the world 14 are cut and polished in India therefore it is very essential that the diamond sector help in training talent and scale up skilling to get more value for its products added Piyush Goyal. He urged the diamond industry to set up more skilling centres and get more skilled manpower into this sector.

Piyush Goyal appreciated the work being done by this sector in the fields of education especially children in tribal areas through the ekal vidyalayas and he urged the sector to now establish awards in categories like units giving highest worker’s benefits like health insurance and education of children and spend more CSR funds on the 5 million employees, and their families, engaged in this sector.

Commerce and Industry Minister gave away awards in recognition of the business excellence in the sector that is helping to strengthen Brand India. Awards in various categories of metal jewellery, Cut & Polished Coloured Gemstones, Diamonds, highest taxpayer company, Most Socially Responsible Company, Woman Entrepreneur of the Year, best digital initiative and company with the highest employment on the roll were given away at the hands of the Commerce and Industry Minister.

A Lifetime achievement award was also received by Vasant Mehta, at the hands of the Minister of Commerce and Industry, for his role in transforming the Indian diamond manufacturing industry into a global jewellery manufacturing hub that boasts of quality and design oriented jewellery.