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India’s prowess in GJ exports set to boost

IIJS signature

During the inaugural ceremony of IIJS Signature 2019, organised by the Gem and Jewellery Export Promotion Council (GJEPC), there was great sense of anticipation from the Council as well as from the Government that India’s gem and jewellery sector is poised for more growth and can become one of the biggest export revenue earners for the country.

Sharing the Council’s vision in transforming the entire jewellery ecosystem, Pramod Agrawal, Chairman, GJEPC said, “We have been global leaders in the diamond industry for many years and our focus now is on becoming the leading jewellery manufacturer of the world as well. We are targeting the creation of nearly 3 million new jobs and aiming to take our export turnover to US$ 75 billion over the next 4-5 years,” he said. At present, the total GJ industry export from India is US$ 42 billion.

Highlighting the steps taken by the Council to achieve the targeted growth and to modernise and broaden India’s jewellery manufacturing base, he added, “GJEPC has set up Common Facility Centres (CFCs) at Amreli, Visnagar, Palanpur and Junagadh and Government has sanctioned more CFCs in Rajkot, Kolkata, Jaipur and Hyderabad. All in all, we will set up 160 CFCs across India. GJEPC has hired NCAER to do a cluster mapping survey. GJEPC is going to upgrade GJEPC run laboratories with world class facilities to follow the highest standards. The Jewellery Park in Navi Mumbai envisages an estimated investment of Rs. 13,800 crore from the Industry and will help add one lakh jobs in the sector.” He added that the Council has had discussions with the Rajasthan Government to set up first-of-its-kind world class Gem Bourse in Jaipur similar to the Bharat Diamond Bourse in Mumbai.

But what is so special about the GJ industry? In his speech, the guest of Honour Dr. Subodh Agarwal, Additional Chief Secretary-Industry, Government of Rajasthan State, pointed out the strengths of the GJ Sector. He said that the GJ industry creates a large number of jobs, it is not capital-intensive, it is a non-polluting industry and it is equitable, in that it can flourish even in backward areas.

While mentioning the new measures that the Rajasthan Governments’ will take in further developing the industry he said, “The Rajasthan State Government is now in the process of creating a new Industrial policy where the law will abolish all existing laws. For MSMEs, we want to encourage self-regulation and waiver of all rules for 3 years. The state government is assisting in the setting up of a Gem Bourse, the first of its kind in the world, in Jaipur at the earliest.  We want to make Jaipur the gemstone and jewellery capital of the world.” He added that technology is growing exponentially and is the key to innovate and stay ahead of the curve.

The optimism was further heightened by the message of the Chief Guest Dr. Suresh Prabhu, Hon. Union Minister for Commerce & Industry, Govt. of India. In a video message, he said that formation of the first ever Domestic Council and an integrated Gold Policy will lead to more and more growth for gem and jewellery industry. He also said that the GJ exports result in value addition and create huge global opportunities for business and employment.”

While the trade is having high expectations from the 12th edition of IIJS Signature in reviving the business sentiments, the support from the Government, coupled with GJEPC’s effort to boost manufacturing efficiencies and productivity, is putting the gem and jewellery industry on a growth path that will drive India’s overall exports in the years to come.

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