Piyush Goyal says India can be global diamond trade hub as exports double this fiscal year

Observing that the export of gems and jewellery has doubled during this financial year, Union Minister of Commerce and Industry of Piyush Goyal on Saturday said that India can emerge as the largest diamond trading hub in the world.

"In the first seven months, up to October 2021, the export was 23.62billion dollars, as compared to 11.69 billion dollars (+102.09 per cent) tor the same period in the previous year," Goyal said in a video message during the Inauguration Ceremony of Gems and Jewellery Manufacturing Show-2021.

He informed that the government has declared the Gems and Jewellery sector as a focus area for export promotion.

Goyal envisions India as largest global diamond trading hub

Commerce and Industry Minister Piyush Goyal said that India has established its stand as the largest player in the diamond cutting and polishing industry and said, "We can become the largest international diamond trading hub."

He praised manufacturers in India for maintaining excellent quality products. "Superior quality of our manufacturers has enabled us to penetrate markets like Dubai-UAE, USA, Russia, Singapore, Hong Kong, and Latin America," he noted. 

The Union Minister said that the government has taken several measures to expedite investment opportunities for the growth of the sector. He highlighted schemes like Revamped Gold Monetisation Scheme, Reduction in import duty of gold, and mandatory hallmarking.

Piyush Goyal appreciates artisans

Goyal praised Indian artisans for their mastery in designing and crafting. He said there is a need for artisans to develop creatively and skillfully.

"We have the best artisan force for designing and crafting in the world, there is a need to focus on strengthening creativity and systematic skill development of artisans," Goyal said.

"India should make its products a benchmark of quality to further expand in new markets and deepen presence in existing ones," he added.

Indian Gems sector can achieve 'Make in India for the World' goal: Piyush Goyal

Hailing India's Gems and Jewellery sector for its worldwide recognition due to its charm and cost-effectiveness, Goyal said that the sector embodies the spirit of New India, contributing about 7 per cent of India's total Gross Domestic Product (GDP) while it has been instrumental in employing more than 50 lakh workers.

"Our jewellers have mastered the art of diamond manufacturing and jewelry making and have made it a shining example of 'Make in India'," Goyal said while asserting that the sector has the potential to realise the goal of "local Goes Global and Make in India for the World" and become the driving force of New India," The Commerce and Industry Minister Piyush Goyal said.

Inputs: ANI

Image: PTI