Exports of Gems and Jewellery double to $ 23.62 bn in first 7 months this FY as compared to last year

· Surat one of fastest growing cities in the world and has the potential to become the jewellery manufacturing hub of the world

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Mr. Piyush Goyal on 27 November, 2021 said India can emerge as the largest diamond trading hub in the world. In a video message during the Inauguration Ceremony of Gems & Jewellery Manufacturing Show - 2021”, organised by the Surat Jewellery Manufacturing Association (SJMA), Mr. Goyal said the Government has declared the Gems & Jewellery sector as a focus area for export promotion.

“We have established ourselves as the largest player in diamond cutting & polishing, we can become the largest international diamond trading hub,” he said.

Exports of gems and jewellery this FY in the first 7 months upto October’ 21 was $ 23.62 bn, as compared to $ 11.69 bn (+102.09%) for the same period previous year.

Mr. Goyal said the Government has taken various measures to promote investment for growth of the sector, - Revamped Gold Monetisation Scheme, Reduction in import duty of gold and mandatory hallmarking.

Mr. Goyal laid out four points to make India’s Gems & Jewellery a pioneer industry in the world:

1. Focus on Design (creation of patented designs) in order to increase value add of our products and make our manufacturing more profitable.

2. Diversification of export products: Emphasis on products like pearls, silver, platinum, synthetic stones, artificial diamonds, fashion jewellery, non-gold jeweller, etc.

3. Collaboration with other nations for cost-effective methods to enhance production of fusion jewellery.

4. Promote Lab-Grown Diamond: They are environment friendly & affordable and will contribute to India’s export as well as generate employment.

Mr. Goyal said Surat is, perhaps, one of the fastest growing cities in the world and is home to more than 450 organised jewellery manufacturers, importers & exporters. It has the potential to become the jewellery manufacturing hub of the world, he added.

“I visited the Diamond Bourse in September on the day of the Honourable Prime Minister’s birthday and I was impressed by the efforts put to create the world's largest office building which will serve as the hub of all Diamond trading activities.

The Minister said, the SJMA, since its inception in 2016, has championed the cause of improving the jewellery industry in Surat. “Their ‘Make in Surat’ programme has facilitated innovation & promoted skill development to build a robust jewellery manufacturing ecosystem.”

Stating that India’s Gems & Jewellery sector is known all over the world for its Charm & Cost Effectiveness, Mr. Goyal said this sector embodies the spirit of New India, contributing about 7% of India’s total GDP & employing more than 50 lakh workers. “Our jewellers have mastered the art of diamond manufacturing & jewellery making and have made it a shining example of ‘Make in India’,” he said.