Gems & Jewellery sector expected to achieve export target of $40 billion this year: Piyush Goyal
New Delhi/IBNS: Gems & Jewellery sector is expected to achieve export target of $40 billion this year with exports expected to grow 6.5 percent over the pre-Covid levels, Commerce and Industry Minister Piyush Goyal said Friday.
Goyal was addressing the Inaugural Ceremony of India International Jewellery Show (IIJS) Signature 2022, organised by the Gem and Jewellery Export Promotion Council (GJEPC).
“Our Gold and Diamond trade contributes about 7 percent to our GDP and employs over 50 Lakh persons. The exports already stand at $32 bn this year until January,” said Goyal in his address through video conferencing.
He underscored that the government has declared the G&J sector as a focus area for export promotion in order to make it self-reliant.
“I am happy to note that GJEPC, with the support of the Ministry of Commerce & Industry, has been setting up Common Facility Centres to improve Productivity & Quality of G&J products. CFCs are operational at Amreli, Palanpur, Junagadh, Visnagar, Coimbatore, Kolkata, Hyderabad and Rajkot. This will go a long way to help realize the goal of Make in India for the world,” he said.
He underscored that the India-UAE Comprehensive Economic Partnership Agreement signed on Friday will be a major fillip to the Gold and Diamond export.
“Today evening there will be another reason for this sector to celebrate. It will be a gift that will ensure an expedited growth of this sector for many decades to come,” he said.
Goyal said the IIJS Signature has become the Signature event of Indian Jewellery sector and showcases India’s prowess to the entire world.
About 850 exhibitors have displayed products in over 1,450 booths during the IIJS Signature 2022 exhibition. The show has drawn over 14,000 pre-registered visitors including more than 400 international visitors, buyers and delegations from the US, UAE, Egypt, Nepal and Uzbekistan.
Shri Goyal said the IIJS Signature is an important jewellery show of the calendar, which caters to the sourcing needs of Gem & Jewellery retailers and wholesalers from across the world.
“Despite disruptions due to COVID-19, GJEPC has channelled its entrepreneurial spirit to convert a crisis into an opportunity. GJEPC organized virtual trade events like Buyer-Seller Meets, e-International Gems & Jewellery Show, India Global Connect, Webinars etc,” he said.
Goyal said these initiatives have helped the industry to bounce back quickly and gave a push both to domestic sales & exports.