Union Minister Piyush Goyal stated on Thursday that the government is eager to broaden the scope of the ecgc and invited prominent figures in the gem and jewelry industry to establish a committee aimed at assisting exporters operating in the industry. ecgc (previously known as Export Credit) has been awarded.
guarantee Corporation of India) cover the entire turnover. We are eager to grow, so I ask the industry leaders to explore ways for industry, ecgc, and government to collaborate so that the past can be forgotten. I am confident that we can examine individual policies for individual exports if the government and the industry collaborate, Goyal declared during the opening speech of the four-day IIJS India International Jewellery Show: An Invitational Gem and Jewellery Trade Exhibition 2024.
In order to help the industry get over its current obstacles and begin providing exporters with credit cover, the minister of commerce and industry proposed the formation of a committee made up of representatives from the government, the ecgc, and the GJEPC.
According to him, India has the capacity to emerge as the center of the world’s gem and jewelry industry, thanks to its comprehensive ecosystem that includes a wide range of components and elements. He continued, Huge investments are being made to create a world-class infrastructure, including a common facility center in SEEPZ Mumbai and the 20-acre India Jewellery Park in Navi Mumbai.
In order to help India become a destination for weddings and to support the domestic textile, gem and jewelry, tourism, and hospitality industries, the minister also urged the industry to promote Wed for India.
The next great opportunity for economic value addition in India will be destination weddings, especially for the travel and hospitality, gem and jewelry, and textile industries. I will strongly advise everyone to promote the ‘Wed in India’ idea, as it has the potential to greatly benefit our enterprise and the domestic gold jewelry market, which has experienced a 20% growth this year, Goyal declared.
According to Vipul Shah, chairman of the Gem Jewellery Export Promotion Council (GJEPC), India is currently a leader in the domestic gem and jewelry market and in the manufacturing of jewelry. Following the signing of the bilateral trade agreement between India and the UAE (CEPA), the industry is anticipating trade agreements with the UK, EU, Canada, and the GCC. Furthermore, by 2030, we will increase India’s percentage of global gem and jewelry exports from 4.6% to over 10%, he continued.
Over the next five years, the gem and jewellery industry will need to invest over Rs 2 lakh crore to build world-class infrastructure. We are making significant infrastructure investments using funds exclusively from trade members. Examples of this include the opening of the biggest diamond exchanges in the world, such as the India Jewellery Park in Mumbai, the largest jewelry park in the world, the Gem Bourse in Jaipur, and the Bharat Diamond Bourse in Mumbai and Surat Diamond Bourse.
He stated. According to Shah, the government is also making investments to build a massive Common Facility Centre (CFC) at SEEPZ, NEST 1, and NEST 2. He continued, saying that the government’s strong participation in all of these facilities will aid in luring back Indian gem and jewelry traders who have left for Belgium, the United Arab Emirates, Thailand, the United States, and other nations.
Over 32,000 visitors (including foreign buyers) from 800 Indian cities and 60 countries are anticipated for the 16th edition of GJEPC’s IIJS Signature, which will also feature over 1,500 exhibitors manning 3,000 stalls. According to Nirav Bhansali, Convener of GJEPC’s National Exhibitions, the IIJS Signature show alone is expected to generate an incredible Rs 35,000 crore in revenue. Taking into account the combined influence of all three IIJS shows, an astounding Rs 1.25 lakh crore will be generated in total business. He continued, This solidifies the IIJS as a genuinely unmatched platform within the global gems and jewelry industry.