Piyush confident of India achieving $2 trillion exports in the next few years

“The onus is on all stakeholders to grasp the opportunity and take the forward step. I'm sure that your entrepreneurial spirit driven by innovation, new ideas and new ways of budgeting your product and brand, designing new products using technology -- lab-grown diamonds being a case in point – will collectively unleash the true potential of the gem and jewellery sector.”

The country has sets its eyes on achieving $two trillion of exports in the next few years from the present $770 billion.

Union Minister for Commerce & Industry Piyush Goyal has said that the exporters have achieved a remarkable feat by generating $770 billion in exports during the most challenging times. He opined that this was because of diligence and resilience of all stakeholders involved in it.

According to Goyal, “The gem and jewellery industry should leverage its rich heritage of design and craftsmanship to propel itself to new heights in the global market.”

He was addressing the 49th India Gem & Jewellery Awards (IGJA) ceremony, under the aegis of Gem & Jewellery Export Promotion Council (GJEPC), in association with GIA and ECGC, in Mumbai.

To mark the occasion, Goyal felicitated 27 top gem and jewellery exporters during the award ceremony.

Gracing the occasion were Frank Geerkens, Consul General of Belgium in Mumbai, Vipul Shah, Chairman, GJPEC, and Kirit Bhansali, Nilesh Kothari, and Sabyasachi Ray (all fromGJPEC).

The Minister said, “Time reflects technology, innovation, modernity and entrepreneurship. The onus is on all stakeholders to grasp the opportunity and take the forward step. I'm sure that your entrepreneurial spirit driven by innovation, new ideas and new ways of budgeting your product and brand, designing new products using technology -- lab-grown diamonds being a case in point – will collectively unleash the true potential of the gem and jewellery sector.”

Speaking about the exports in FY 2022-23, Vipul Shah, said, “Our growth is thanks to the India UAE CEPA Agreement, which has resulted in multifold increase in gold jewellery exports to the Middle East. To mark the one year of the CEPA, GJEPC will be opening India jewellery expositions or IJEX Dubai, from May 5.”

Shah further added, “India is the world leader in diamond and diamond jewellery manufacturing and exports. To maintain this leadership position, it is important that the Union Government facilitates import and sale of rough diamonds from SNZs in India. They should also allow diamond cutting and polishing and exports under MOOWR scheme and FTP reintroduces the para on diamond imprest license to provide a level-playing field.”

India should also take the advantage through policies like robust property transfer policy at SEZ, reverse job work policy for SEZ, a robust job work policy, ship facility for manufacturers in

SEZ, which will see more investments from foreign jewellery manufacturing companies. I urge the government to introduce an FDI policy for the sector so that firms which are investing in Vietnam or Cambodia can also look at India as a destination, he said.

Kirit Bhansali said, “The Jewellery Park in Mumbai will be like the manufacturing clusters in Tukumcuyk in Turkey, Shenghen in China and DMCC in Dubai. Applicants will be handover premises by 2025-26. We have already got bookings of 166,000 sq. feet of built up space.”

Sriram Natarajan, Managing Director of GIA India, said, “We are proud to greet Anoop Mehta for being conferred the Lifetime Achievement Award, which stands testimony to his invaluable contributions to the industry.”

For the FY 2022-23, the overall gem & jewellery exports grew 2.48 per cent to Rs 300462.52 crore as compared Rs 293193.19 crore for the same period previous year. In terms of US dollars, the overall gem & jewellery exports accounted for $ 37468.66 million as compared $ 39331.71 million for the same period last year.

Exporters who were conferred awards at the 49th IGJA included Hasmukh Parekh Jewellers, Modern Impex, Ashok Jewels, Gold Star Jewellery Renaissance Global, HK Designs (India) LLP, H K Jewels, Kiran Gems, Dhanera Diamonds, Kumbh Gems, Renaissance Global, Ashok Jewellers, Amrapali Exports, RMC GEMS INDIA, Cupid Diamonds, Laxmi Diamonds

Private Limited, Emerald Jewels Industry India Limited, Unique Designs, Kiran Exports (Hong Kong), Kiran Exports (NV), SJW Shivam Jewels and Fortuna Retail. Ambika Burman of Goldsikka Limited and Devika Kapoor of Kashi Jewellers were the ‘Woman Entrepreneurs of the Year’. Indusind Bank won the ‘Best Bank Financing the Industry’ (Highest growth of limit sanctioned with minimum base of Rs 500 crore).

Greenlab Diamonds was feted by IGJA 2022 for their exceptional growth in LGD industry.

Durgesh Salunkhe, Joint Commissioner SIB, Sanjeev Chetule, Deputyy Commissioner of Customs, and Mahendra Rathod, Assistant Commissioner of Customs, were praised for their contributions to the field.

GJEPC established IGJA in 1975 to recognize top gem and jewellery exporters. The selection criteria revolve around on export performance, value addition, job creation, and financial year investments in R&D, among others.

To keep pace with the changing business landscape, the 49th edition featured awards in new categories like maximum number of clients, lab-grown diamonds, and innovation in the field of technology, new business model, service sector, patent, digital and e-commerce.