GJEPC see higher exports over next three years
The Indian gem and jewellery segment’s untapped potential is $30 bn
Mumbai: The Gem and Jewellery Export Promotion Council (GJEPC) is looking at achieving the export target of $7 billion to $15 billion in the next three years from SEZs. It is estimated that the Indian gem and jewellery segment's untapped potential is $30 billion.
The diamond industry will soon open India's own common facilitation centre (CFC) in Seepz, MIDC -Mumbai, falling on the lines of such units in Bangkok and in Turkey where small and medium
enterprises have access to resources, machinery and research.
The DESH (Development of Enterprise and Service Hubs) Bill is currently going through the consultation phase of the parliamentary committee, will be critical to the SEZ ecosystem.
Talking to Bizz Buzz, Colin Shah, Chairman, GJEPC, says, "The DESH bill has come in a timely fashion to make Seepz future ready with the infrastructure upgrade and mega CFC."
Centres like CFC would allow for sharing of technology, promote collaboration for cutting-edge research and would encourage hosting of seminars and training programmes, he said. SEZs currently contribute around 18 per cent to India's total gem & jewellery exports.
Shyam Jagannathan, Zonal Development Commissioner, Seepz, Mumbai, said, "The industry has the potential to reach $100 billion in future." He added that India needed to move up the value chain and concentrate on cutting and polishing high-value diamonds instead of just focusing on volumes.
According to Suvankar Sen, Convener, SEZ Sub-Committee, GJEPC, "Our goal is to take this to USD 15 billion in the next three years."
Lab-grown diamonds (LGDs) are another sunrise segment that seems to be a clear winner as they could be relatively eco-friendly, easy on the wallet, and the margins are great. Collaborative efforts in manufacturing between SEZs can be another enabler for growing exports. The skilling and upskilling of artisans is essential as they are the backbone of the industry. Going forward, we could see a hybrid model of making jewellery. Once we deliver quality products, one can demand quality price and that leads to the birth of a brand. There's no shortcut to establishing a brand; it requires investing in research, thinking out of the box to develop high design. Unless the design is innovative, high technology will add no value to it.