Economy India

Gems & Jewellery sector is expected to achieve export target of $40 Billion this year: Piyush Goyal

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The Minister for Commerce & Industry, Textiles, Consumer Affairs and Food & Public Distribution Piyush Goyal today said the Gems & Jewellery sector is expected to achieve export target of $40 Billion this year. He said the sector is expected to register growth of 6.5% over the pre-Covid levels. Goyal was addressing the Inaugural Ceremony of India International Jewellery Show (IIJS) Signature 2022, organised by the Gem and Jewellery Export Promotion Council (GJEPC).

Goyal said the G&J sector is a strong pillar of the Indian economy.

“Our Gold and Diamond trade contributes about 7% to our GDP and employs over 50 Lakh persons. The exports already stand at $32 bn this year until January,” said Goyal in his address through video conferencing.

Goyal said, under leadership of Prime Minister Narendra Modi, India wants to make its G&J sector self-reliant i.e. Aatmanirbhar & the Government has declared the G&J sector as a focus area for export promotion.

Goyal said the Budget 2022 has paved the road for the sector to grow & expand India’s footprint in Global G&J trade:

  • Reduction in import duty on cut & polished diamonds from 7% to 5%
  • Extension of Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs up to March 2023. (Over 90% of units in G&J sector are MSMEs)
  • Acceptance of personal surety bonds in place of bank guarantee for import of gold
    Replacement of SEZ Act with a new SEZ regime
  • Simplified regulatory framework for e-commerce in the next few months will facilitate G&J exports through e-commerce, ensuring that small retailers are able to ship their products overseas

Goyal said the G&J sector is a prime example of the potential of Make In India and Brand India.

“I am happy to note that GJEPC, with the support of the Ministry of Commerce & Industry, has been setting up Common Facility Centres to improve Productivity & Quality of G&J products. CFCs are operational at Amreli, Palanpur, Junagadh, Visnagar, Coimbatore, Kolkata, Hyderabad and Rajkot. This will go a long way to help realize the goal of Make in India for the world,” he said.

Goyal encouraged the G&J Industry to aim to be a Global Champion by taking up bigger & bolder targets, – in domestic production as well as overseas sales.

“Today evening there will be another reason for this sector to celebrate. It will be a gift that will ensure an expedited growth of this sector for many decades to come,” he said, referring to the India-UAE Comprehensive Economic Partnership Agreement.

Goyal said the IIJS Signature has become the Signature event of Indian Jewellery sector and showcases India’s prowess to the entire world.

About 850 exhibitors have displayed products in over 1,450 booths during the IIJS Signature 2022 exhibition. The show has drawn over 14,000 pre-registered visitors including more than 400 international visitors, buyers and delegations from the US, UAE, Egypt, Nepal and Uzbekistan.

Goyal said the IIJS Signature is an important jewellery show of the calendar, which caters to the sourcing needs of Gem & Jewellery retailers and wholesalers from across the world.

“Despite disruptions due to COVID-19, GJEPC has channelled its entrepreneurial spirit to convert a crisis into an opportunity. GJEPC organized virtual trade events like Buyer-Seller Meets, e-International Gems & Jewellery Show, India Global Connect, Webinars etc,” he said.

Goyal said these initiatives have helped the industry to bounce back quickly and gave a push both to domestic sales & exports. (PIB)