In the current fiscal year, India’s gem and jewelry exports are estimated to hit $40 billion. Mr. Piyush Goyal, speaking at the opening ceremony of the India International Jewelry Show (IIJS) signature 2022, organized by the gem and jewelry export promotion council (GJEPC), predicted that gem and jewelry exports would rise to 6.5 percent in 2021-22, compared to pre-covid levels.
“Our gold and diamond trades account for around 7% of our GDP and employ more than 50 lakh people.” addressing over video conferencing, Goyal said. According to the minister, the government intends to make the gems and jewelry industry self-sufficient and has designated it as a priority for export development. The budget for 2022, he added, has set the ground for the industry to flourish and enhance India’s influence in the global gems and jewelry trade.
The government has promoted the gems and jewelry industry, including lowering the import tariff on cut and polished diamonds from 7% to 5% and extending the emergency credit line guarantee scheme (ECLGS) for MSMEs until March 2024. MSMEs account for approximately 90% of the gem and jewelry industry. Acceptance of personal surety bonds in place of bank guarantees for gold imports, replacement of the SEZ act with a new SEZ regime, and a simplified regulatory authority for e-commerce in the coming months will facilitate G&J exports via e-commerce, ensuring that small retailers will be able to export their products internationally are other significant elements to support this sector.
The G&J industry, according to Mr. Piyush Goyal, is a perfect example of the potential of make in India and brand in India.
GJEPC is establishing common facility centers with the cooperation of the Ministry of Commerce and Industry to increase the productivity and quality of G&J goods. “This will go a long way toward realizing the Make in India to the World ambition,” he remarked. The minister urged the G&J industry to strive to
be a worldwide leader by pursuing greater and bolder goals in both home and international manufacturing.
According to him, the India-UAE Comprehensive Partnership will help the industry develop even faster. During the IIJS Signature 2022 show, about 850 exhibitors presented their products in over 1,450 booths. Over 14,000 pre-registered guests attended the event, including more than 400 overseas visitors, purchasers, and delegations from the United States, the United Arab Emirates, Egypt, Nepal, and Uzbekistan.
The India-UAE Free Trade Agreement (FTA), signed today by Prime Minister Narendra Modi and UAE King Mohammed bin Salman, is likely to aid the gem and jewelry sector in increasing exports of plain gold and gold studded jewelry to the UAE.
“The United Arab Emirates accounts for 80% of India’s plain gold jewelry exports and 20% of studded jewelry exports. The India-UAE Free Trade Agreement comes at a good time. UAE is a gateway to the whole Middle East area, “According to GJPEC. During the epidemic, these goods’ exports were severely harmed.
Edited by- Subbuthai Padma
Published by- Radhika. N
