India has the potential to become the world’s largest gems and jewellery exporter, according to commerce and industry minister Piyush Goyal. Speaking at the inaugural event of the five-day India International Jewellery Show, Goyal highlighted the country’s ability to be a proficient lab-grown diamond maker, impeccable design centre, and technologically advanced machinery manufacturer.
Goyal said, “It’s time we embark on the journey to realise our true potential and show our prowess to the world”.
The India International Jewellery Show, which features about 1,500 exhibitors and 3,000 stalls, comes amid a consistent surge in gold prices in the domestic market and a sluggish exports market.
Commenting on the market outlook, Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council, said gold prices are set to further skyrocket due to a combination of factors, with the “de-dollarisation trend” being the most important one. Shah added that geopolitical factors will also contribute to the prices going up further.
On the other hand, exports have witnessed a decline of 20-22% year-on-year in the first nine months of this financial year and are predicted to end the fiscal year with an almost 25% decline year-on-year, Shah said.
Goyal also revealed that massive investments are currently being made to create a world-class infrastructure in the industry. These investments include the establishment of the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai equipped with modern machinery and equipment. He stated that this infrastructure impetus can empower micro, small, and medium enterprises in the gems and jewellery industry to build global competitiveness and expand their business in a modern and efficient environment.
Additionally, Goyal mentioned the government’s plans to open a new India Exposition Centre in Hong Kong. This move is aimed at gradually spreading India’s wings to capture world markets, following the success in Dubai after the India-UAE Comprehensive Economic Partnership Agreement.
Please note: This article was originally published on The Economic Times website.
